Manually importing and analyzing contracts can be time-consuming, frustrating, and often results in lost documents or other mistakes. Having an expert handle data extraction for your organization can provide better results and a seamlessly organized contract repository. Artificial Intelligence (AI) can detect and prevent predicaments that cause your organization to be at risk. Learn from this real-world case study how a CobbleStone Software client utilized contract data extraction services and text mining smart tools, transforming their contract management process to be supported with data-driven strategy.
An Outgrown Contract Review Process, Now What?
CobbleStone’s client, referred to as Company Z, provides power generation equipment such as gasoline, diesel, oil, and natural gas generators. They offer products and services for their customers via formal agreements and have contracts with subcontractors and vendors. Company Z’s legal team was outgrowing their existing method of tracking and processing agreements, and they felt it was time to improve their process.
Company Z had a spreadsheet of customer and vendor contract data which included:
- Counterparty name
- Contract effective and expiration dates
- Contract owner (legal professional) name
Additionally, they had a file folder system on their network for managing and storing contract files. As the company grew, generating more business and contracts, it became difficult to identify specific contract documents and contract terms from their spreadsheet (data). They required a better way to locate the actual contract document file and review terms, conditions, clauses, and provisions in their agreements.
Company Z was seeking industry best practices for improving their contract and agreement management process. They contacted CobbleStone Software for help improving their enterprise contract management process. After a couple of demos and a free trial of the software, they decided to implement Contract Insight® as their contract database software repository. However, they needed help importing the overwhelming amount of data from the contract spreadsheet and associated contract files.
5 Steps to Successful Contract Analysis
A Contract Insight implementation specialist at CobbleStone extracted and cleansed the contract and counterparty metadata (field data) from Company Z's contract spreadsheet. This provided the basis for employee names, counterparty names, address, and basic contract metadata.
The implementer extracted unique customer and vendor data to the Contract Insight vendor and customer management tables. This helps with a solid counterparty database for vendor management and customer management.
Next, the contract software implementer cleansed and extracted the contract meta fields from the spreadsheet by adding other key data and imported the contract metadata to the contract repository as contract records in Contract Insight.
After structured data had been established in their Contract Insight system, Company Z needed files. The implementer used CobbleStone’s VISDOM℠ AI data mining, file-based text mining, and machine learning (based on the vendor and customer data fields) to associate files. This helps analyze text in the file with the data in the structured contract. VISDOM AI and Machine Learning can be configured by your organization or by retaining CobbleStone for this service. Our user-friendly software tools allow your organization to have improved contract oversight, proactive opportunity identification, and risk mitigation.
Contract Insight tools were used to OCR (Optical Character Recognition) the PDF files and text within the contract files. Contract Insight was used to match text from the metadata such as company name and other data to locate and associate the correct contract file. Then, Contract Insight matched and related the contract file(s) and associated documents, linking the files to the correct contract records.
Finally, the implementer configured a contract workflow that routes tasks for new contract requests. This way, Company Z's employees can easily submit new contract requests using an online contract request form and the system routes tasks to the appropriate legal reviewer using Contract Insight Workflows.
Although each contract data project poses unique challenges, following some basic steps and utilizing contract database software built for contract management can help. It also helps to work alongside a contract software provider with a track record of successful system implementations.
About CobbleStone Software
CobbleStone Software provides contract management software as a cloud-hosted (SaaS) or deployed (on-premise) solution. Cobblestone is used by thousands of legal, sales, and procurement professionals for their contract software needs. Contract lifecycle management software and associated solutions are our focus. Founded in 1995, CobbleStone was among the first and most experienced companies to offer a contract management software product, and we continue to be a leader with full contract lifecycle management.
Learn more today about Contract Insight Contract Management Software and our data extraction services.