Do you have many contracts to extract data from and organize within a centralized, web-enabled contract management software suite? Extracting contract data with a manual process - especially from hundreds or thousands of legacy contracts - can seem overwhelming and time-consuming. However, it doesn’t have to be. Read on to learn how CobbleStone's automated contract data extraction can help streamline your contract data extraction process in three easy steps.
What Is Contract Data Extraction?
Contract data extraction is the process of identifying and pulling information from legal documents - including legacy contracts - that can include key data points such as key dates, conditions, key terms, and provisions. Robust data extraction services combine legal data extraction professionals with contract intelligence-backed contract extraction software technology to extract data from contracts and maximize its use within a centralized CLM software suite.
Step #1 – Collect Contract Documents & Identify Data Fields
Extracting data without knowing how many important contracts you have and where they are located can prove difficult. Hopefully, you already have an organization system in place that can make gathering these documents manageable. Once you gather your legal documents, you’ll need to determine which data you would like to extract, including key terms and clauses via contract metadata extraction.
Step #2 – Send to CLM Software Provider for Contract Data Extraction
After collecting your contract documents and identifying data fields, send your documents – electronic and contract information , if applicable, paper-based – to your contract lifecycle management software provider for processing. Once received, your CLM Software provider can coordinate services to thoroughly extract structured data – including expiration dates, effective dates, addresses, counterparty names, counterparty types, contract types, payment terms, and key clauses - in bulk.
Step #3 – Maximize Extracted Data Within Your CLM Software Suite
Once your data has been successfully extracted by your CLM software provider, you can leverage it within your CLM software suite to:
- Simplify contract drafting with your pre-approved contract language library – including clauses.
- Run reports on past and active contracts with the help of graphical dashboards.
- Create new contract records and receive real-time, time-sensitive alerts.
- Manage contract risk with artificial intelligence with machine learning, optical character recognition (OCR), and a graphical risk assessment matrix.
- Retain end-to-end contract lifecycle management oversight.
Fast Data Extraction for Implementation ROI With CobbleStone Software
Don’t waste unnecessary time with bulk contract data extraction. By following the three easy steps above, CobbleStone Software can provide the services you need to extract your data in record time and help maximize your contract lifecycle management within CobbleStone Contract Insight® CLM software. Whether you have one hundred or one hundred thousand contracts, CobbleStone Software can make contract data extraction as easy as one, two, three!
CobbleStone’s trusted, award-winning, fully integrated contract management software streamlines the contract management process with optimal governance, reduced friction, and high flexibility from contract requests to renewals. CobbleStone Contract Insight has been a visionary leader in CLM software for over twenty years and is trusted by thousands of contract managers to improve contracting processes. CobbleStone’s user-friendly, robust, and scalable contract management solution seamlessly integrates with mission-critical applications, including MS Word and MS Outlook, for unified and seamless contract management.
*CobbleStone Software offers contract data extraction as a professional service and can be priced upon request - based on requirements. Please contact your CobbleStone Account Manager to learn more.
Contract data extraction services are not legal advice.
This article was originally published on November 12, 2021 and updated on September 29, 2023.