Bulk Data Extraction – Solving the Contract Software Data Migration Challenge
Aug 24th, 2023
84% of organizations are experiencing pressure for contract simplification, and 81% of organizations have plans to implement contract automation. While contract lifecycle management (CLM) software can help by streamlining the entire contract lifecycle, many organizations are only capturing 30% of the potential benefit of their CLM investments. In fact, some industry analysts estimate that 50% of CLM implementations will fail in the first 12-months.
But, why? What’s preventing them from successfully rolling out software that is proven in helping businesses digitize and automate contracting efforts?
The answer is surprisingly simple. The data migration or entry aspect of manually moving existing contracts into a CLM system can be extremely hard and inherently risky. Even organizations that have already made the decision (and understand the benefits) to centralize contracts and supporting documents struggle with how and where to start the data migration process.
Contract Logix has over 15 years of knowledge and experience developing and implementing CLM solutions and is expanding our AI-powered Data Extraction capabilities. Our new Bulk Data Extraction joins our existing Data Extraction and migration tools and robust suite of intelligence and advanced analytics. Our mission is to help customers rapidly automate and accelerate digital contract transformation and reduce risk due to human error.
Wherever an organization is on its CLM journey, Contract Logix has a data migration tool that can help. For organizations just getting started with contract management software that may have hundreds or even thousands of contracts to import, Bulk Data Extraction enables them to quickly digitize these agreements and related documents and automatically populate the metadata associated with them in our platform. It can import very high volumes of contracts at a time into the system with optional verification for the user.
Bulk Data Extraction uses natural language processing (NLP) with learning algorithms to intelligently identify and extract key information in existing contracts and documents such as important dates like expirations and renewals, contact information including addresses and names, contract terms, values, and other contractual data points and verifiably auto-populate them in the Contract Logix platform.
For organizations that have ongoing third-party agreements or the need to import one contract at a time, the software eliminates the need for — and risk of — human error associated with manual data entry. Once customers are up and running with Contract Logix, they can also leverage Data Extraction to onboard contracts from new divisions, customers, vendors, and acquisitions.
How It Works
Contract Logix’ Data Extraction methods are highly accurate and reduce the risk of errors introduced through manual data entry. They allow you to:
- Digitize and index your contracts for easy searching and reporting
Using OCR, we quickly scan your contracts (e.g., Word, PDF, JPG) and index the data so you can search and report on it. This can include types of contracts like MSAs, vendor agreements, specific legal language and clauses, NDAs, as well as dates, times, signatures, etc. Every single item in the contract is searchable.
- Automatically extract key information to populate fields in your contract records
With AI-powered NLP and learning algorithms, the platform identifies and extracts the key data in your contracts and then populates it in the software. It will even identify duplicate information or create new contract records if necessary.
- Present extracted contract data for you to review and verify in a side-by-side comparison
The platform can do this automatically or you can manually verify that the information extracted is correct before formally approving the creation of the record in Contract Logix.
The process of quickly and efficiently centralizing all contracts and data in Contract Logix is just the beginning of digital contract transformation. You can now easily manage, search, report on, and analyze legal agreements in real-time for business intelligence and compliance purposes.
Contract Logix’s new Bulk Data Extraction capability helps new and existing customers quickly transform their contracts into valuable digital assets. Once contracts are centralized, you can leverage a robust set of capabilities that allows you to 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.
Looking for more articles about Contract Management? Check out our previous article “8 Quick & Simple Steps to Contract Collaboration“.
Accelerate Your Digital Transformation With Contract Logix
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