Approximately 60% to 80% of business transactions are governed by contractual agreements. A typical Fortune 1000 company maintains 20K to 40K contracts. Manual contract review by legal professionals is expensive and time consuming. Gartner has predicted that by 2024 manual reviewing of contracts will be reduced by 50%. Deloitte estimates companies can achieve a 60% cost reduction by using intelligence contract analysis. Magellan Contract Analyzer is the process of extracting meaningful business insights from contract data. It is powered by a branch of Artificial Intelligence (AI) known as Natural Language Processing and can analyze thousands of documents in the time it would take a lawyer, procurement manager, or paralegal to review just a single contract.