The new Contract Logix AI data extraction uses natural language processing (NLP) with learning algorithms to intelligently identify and extract key information.
Lowell, MA – Contract Logix, a leading provider of data-driven contract management software, announced new artificial intelligence in contracts functionality including support for data extraction which gives businesses the ability to digitally transform their contract lifecycle management (CLM) with tremendous speed, accuracy, and automation.
The new Contract Logix artificial intelligence in contracts capabilities empowers 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 DOCX 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.
- 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.
“At Contract Logix, we have always taken a very data-driven approach to contract lifecycle management, and our new data extraction capabilities are another great example of our commitment to that strategy. The new and innovative AI capabilities, coupled with our advanced analytics and collaboration functionality, 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
“Our customers are digitally transforming the way they manage contracts using our software and these latest enhancements make that process even easier and faster. And for new customers just getting started, the new features and capabilities that we have announced over the past month help them jump start their digital transformation programs with confidence, speed, and efficiency so that they can better compete in today’s new operating environment.”
-Karen Meyer, CEO, Contract Logix
About Contract Logix
Contract Logix is a longtime leader, innovator, and provider of intelligent and data-driven contract lifecycle management software. The company’s software empowers legal, administration, IT, procurement, finance, and sales professionals across dozens of industries to digitally draft, negotiate, approve, execute, and manage their contracts. Hundreds of brands have partnered with Contract Logix to automate, simplify, and streamline their contracting processes while minimizing risk, increasing compliance, and driving profitability. For more information about Contract Logix, visit https://www.contractlogix.com and follow us on LinkedIn.