Intelligent data extraction and natural language processing (NLP) enhancements facilitate rapid digitization and automation of contract lifecycle management
The new Contract Logix AI capabilities empower businesses to rapidly digitize their existing contracts and related documents by auto-extracting many key types of contract information and auto-populating it in the system. This enables organizations of all sizes and volume of contracts to easily and quickly harness the wealth of data in their legal agreements to deliver actionable business insights that mitigate risk, identify opportunities, and optimize processes.
Contract Logix AI data extraction enhances an already-robust suite of intelligence and advanced analytics currently available in its CLM platform. This 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 Word conversion, concurrent editing and messaging, automated versioning and 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.
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Our AI capabilities, coupled with our advanced analytics, help our customers quickly harness the most important data from their contracts to deliver the accurate and actionable insights they need to save time, money, and reduce risks. – Tim Donaghy, CTO, Contract Logix
Key Facts:
- The new Contract Logix AI 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 management system.
- The new data extraction enhancements are extremely valuable to companies using traditional methods to manage legal agreements such as shared folders or spreadsheets but want to modernize their efforts with contract management software. With NLP technology, they can easily upload all their existing contracts and related documents into the software without having to manually enter information. This saves a tremendous amount of time, resources, and eliminates the potential for human error. And, because all their contracts are now managed in the Contract Logix platform, all the data in their legal agreements is instantly searchable and reportable for business intelligence and compliance purposes.
- For existing Contract Logix customers who already have their contracts in the software, the data extraction capabilities make processing new agreements on third-party paper even easier, more efficient, and more accurate. This frees up in-house legal and other contract management personnel to focus on higher-value and more strategic activities.
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