Does your organization have a high volume of contracts of ranging complexity? Do you need these contracts searched, have important contract data extracted, and be stored within an easily accessible contract data repository? Don't leave your team overwhelmed with manual contract data extraction and legal discovery processes. Instead, leverage intelligent contract data extraction with the help of powerful contract intelligence within a leading-edge contract management software system.
What Is a Data Extraction Tool?
A data extraction tool is used to scan documents and data – such as those for contracts – and categorize and store data for streamlined processes. For contract management, for instance, contract document data can be intelligently extracted, processed with NLP (natural language processing), clauses and potentially sensitive information can be categorized and protected, and risk response planning can occur.
Data Extraction From Documents
Data extraction from documents involves leveraging a manual process, OCR, or other tools to extract information from documents for enhanced business processes. For contract management, your organization can leverage contract intelligence to extract document data. Then, your contract AI can auto-fill information onto a centralized record page, extract clauses for storage, store information for machine learning, and more.
Contract Intelligence Streamlines Contract Data Extraction
The processes mentioned above are just the general “tip of the iceberg” regarding the powerful data extraction digital transformation your organization can experience with contract intelligence within a robust contract management software system. Below are some specific process-defining data extraction tools you can maximize.
Thanks to AI-powered contract management software, you can "drag and drop" contract documents into your CLM software system and automate and streamline contract data extraction and categorization.
For robust data extraction, leading contract intelligence supports natural language processing (NLP) for enhanced data pre-processing, automated data extraction, and auto-fill of critical contract data - such as contract key terms, sensitive data, and clauses. AI-based contract management software may also support the process of bulk data extraction and classification of legacy contracts - eliminating the headache of manually finding and storing historical data. In any case, your organization can trust that your contract documents and extracted contract are secured within your centralized contract repository.
AI-based contract lifecycle management software also supports highly configurable data field options. In addition to the myriad of out-of-the-box fields provided for a smooth CLM process, your authorized users can configure a virtually unlimited number of user-defined fields. This flexible configuration functionality empowers your team to leverage both out-of-the-box fields and your personally configured fields according to your needs. You can, therefore, effectively ensure that necessary contract data is captured and made available for searching and reporting purposes.
Data extraction flexibility applies to clause management as well. Thanks to automated document clause detection within AI-powered contract management software, your organization can compare the similarity percentage of introduced clauses to all of the clauses located within your organization's clause library. From there, positively transformative contract artificial intelligence allows you to seamlessly add those newly introduced clauses to your clause library or training data within your system.
Watch the video below to learn more about contract intelligence.
Leading-edge contract intelligence within powerful contract management software lets you configure rules for identifying and safeguarding sensitive contract and counterparty data points. Access, security, and data redaction measures can be configured for specific data points while said data points and categorized and stored. Thus, your organization can continue to save valuable time instead of slogging through tedious manual data import analysis.
Another benefit of implementing contract data extraction with the aid of a trusted contract management software platform supported by a contract intelligence engine with machine learning is that your organization can transform contract key term searching. Your organization can allow an intelligent data extraction interface to scan contracts and agreements for specific contract terms, legal phrases, conditions, and other crucial legal text. Additionally, intelligent fuzzy logic matching of legal phrases and terms can supercharge structured data recognition and legal operations.
Your contract management software system users can re-run the AI-powered contract data extraction process on previously introduced contract documents whenever your team sees fit. Your contract management system can allow your users to review newly identified information and apply required updates - providing robust oversight of all contract documents and contract data.
Get Started With a Better Contract Data Extraction Process Today!
With all of the tools, functionality, and process unity highlighted above, it is clear that the foremost solution for contract data extraction during the digital transformation era is robust and trusted contract lifecycle management software. More specifically, your organization can leverage all of the features listed above and more with CobbleStone Software.
CobbleStone Contract Insight® - the seamlessly integrated contract management, vendor management, eProcurement, and eSourcing software offered by CobbleStone® - features IntelliXtract. IntelliXtract is CobbleStone's powerful data extraction engine powered by their award-winning contract intelligence platform - VISDOM® AI.
IntelliXtract offers all of the tools mentioned above so that you have data extraction power and beyond right at your fingertips. Whether your organization needs to extract data on jurisdictions, force majeure clauses, confidentiality disclosures, key dates, fees, indemnification clauses, limitations on liability, warranties, or any of the other key data mentioned in this blog post - CobbleStone Software's IntelliXtract is the only solution that offers all of the features listed above. CobbleStone also supports full contract lifecycle management - from requests to renewals.
It’s no wonder why Forrester names CobbleStone a Leader in CLM software!
Learn why thousands of contract managers from a vast variety of industries trust CobbleStone with their data extraction processes, contract lifecycle management procedures, and virtually countless other processes. To learn more about CobbleStone Software’s unparalleled contract management software, book a free demo with a Contract Insight expert today!