AI-Powered Data Extraction: Fast-Track Your Digital Contract Transformation
Nov 7th, 2022
Legal teams understand the value of digital transformation but may lack the time or resources to devote to this strategic initiative. If it takes a ton of manual labor to reach this nirvana of insights, it’s no surprise you’re stuck in the slow (or breakdown) lane.
Do you have hundreds, thousands, or tens of thousands of contracts and supporting documents in various formats, such as PDF, JPG, and Word files? Is this information is scattered across shared drives, local machines, and being tracked with spreadsheets or email? Anyone in this situation knows it’s a risky approach to contract management that’s inefficient, lacks visibility, and frankly, the antithesis of digital transformation.
So, what’s the solution? Step one is to centralize all your contracts and supporting documents with contract management software where you can store them in a secure, searchable, reportable, and properly accessible digital repository. But where do you start and how do you do get your mountain of contracts into the software without hours, days, or even weeks of time-consuming and error-prone manual data entry?
If your legal and contracting teams face either of these scenarios, you’ll want to keep reading:
- A desire to adopt contract management software but saddled with a mountain of legacy contracts with no time to manually create digital records in the system for each one.
- Incoming third-party paper from vendors that continuously feed the backlog of contracts that remain outside your CLM system.
AI-Powered Data Extraction and NLP: Your Ticket to the Fast Lane
Contract Logix helps legal and contracting teams centralize their contract data in its contract management software with tremendous speed and without the manual lifting. Our Artificial intelligence (AI)-powered data extraction and natural language processing (NLP) technology automates the administrative work of recreating hundreds of existing contracts and their associated records—in bulk, quickly, and accurately. With this colossal roadblock cleared, your legal and contracting team can use this same method to manage incoming third-paper contracts from vendors.
Instead of manually typing in all the contract properties—company names and addresses, effective and expiration dates, contract terms, and signatory names to name just a few— our CLM software does it for you.
Accelerate Your Digital Transformation
How it Works
AI covers a range of technologies that rely on data to make decisions, with NLP being one. Contract Logix uses NLP to analyze each contract imported into our application, using learning algorithms to identify the key information about each contract. We extract this important data automatically to quickly populate and create contract records without manual effort. This method is highly accurate and reduces the risk of errors introduced through manual data entry.
Here’s how data extraction and NLP help digitally transform the way you manage contracts:
- Within Contract Logix, you simply select or drag and drop the contracts from your file drive. When you import contracts in bulk, the application automatically identifies the contract type (e.g., MSA, NDA, CDA).
- Using OCR technology, contracts are scanned and indexed so that you can quickly find, search, manage, and report on them.
- Next, the application extracts key data from each contract such as names, dates, terms, addresses, and more to automatically create and populate contract records in the software. You can view the list of processed contracts while the application continues to import, index, and extract data on the remaining set.
- Once a contract is processed, you quickly verify and approve the data populated in the contract record. You’ll get a side-by-side view of the extracted data properties and the associated record(s).
Figure 1: Contract Data Auto-Extracted and Populated using AI and NLP
Figure 2: Key contractual information to be extracted is highlighted
Figure 3: Contract type, names, dates, terms, values, and more are auto-populated in Contract Logix
Accelerate the Value of CLM and Digital Transformation
Quickly, efficiently, and accurately centralizing all your contracts and data in Contract Logix using AI-powered data extraction with NLP is just the beginning of your digital contract transformation. Once you’ve taken this important step, you’ll not only gain efficiencies and automation in your routine activities, but you’ll also begin to harness the wealth of data in your contracts—capturing the true value that digital transformation delivers.
That’s because Contract Logix’s AI-powered data extraction is part of its robust suite of contract intelligence and advanced analytics tools, that includes:
- OCR and cognitive search capabilities to automatically index, locate, and report on all contract language and information.
- Collaboration Room technology to speed up reviews and negotiations by up to 90% with PDF to DOCX conversion, concurrent editing and messaging, automated versioning e-signature integration.
- Metrics Manager with advanced analytics to provide real-time insights on contract and process performance to optimize the business, track KPIs, and mitigate risk.
With these capabilities, you can report on and analyze your contracts in real-time and with complete visibility, speed up internal and external negotiations, uncover risk, and mine your contracts for business insights.
Contract Logix’s AI and data extraction technology will digitally transform the way you manage contracts with speed and accuracy. Then, once your contracts are centralized in our digital contract repository, you’ll be able to leverage a robust set of modern CLM capabilities including advanced analytics, automation, security, and more.
If you’re ready to complete your team’s journey to digital contract transformation, Contact Contract Logix today!
Looking for more articles about Contract Management? Check out our previous article “What Is Contract Data and How Can it Help You Mitigate Risk?“.
Accelerate Your Digital Transformation With Contract Logix
Download our Data Extraction Product Brief to learn how you can automate the hard work using artificial intelligence