Contract Logix, a leading provider of data-driven contract management software, unveiled a major addition to its artificial intelligence functionality named Bulk Data Extraction. Bulk Data Extraction joins Contract Logix’s existing data extraction tools and robust suite of intelligence and advanced analytics to remove one of the biggest barriers to the successful adoption of contract management software – the manual data entry of existing contracts into a CLM system.
The new Bulk Data Extraction capability empowers businesses with hundreds or even thousands of contracts to quickly digitize these agreements and related documents and automatically populate the metadata associated with them in Contract Logix. This is an ideal solution for organizations just getting started with contract management software because it enables them to get up and running fast and efficiently.
Bulk 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 Logix platform. This eliminates the risk of human error while significantly reducing a customer’s implementation time and expense.
- 84% of organizations are experiencing pressure for contract simplification, and 81% of organizations have plans to implement contract automation. While contract lifecycle management (CLM) software can help by streamlining the entire contract lifecycle, organizations are only capturing 30% of the potential benefit of their CLM investments.
- Organizations looking to adopt CLM often cite the data migration process as their biggest challenge as they attempt to digitize and automate contracting efforts.
- Contract Logix’s platform addresses this challenge with AI-powered data extraction tools for organizations at all stages of their CLM journey. Whether an organization has many existing contracts to import, manages an ongoing stream of third-party agreements, or has the need to import one contract at a time, the software eliminates the need and risk associated with manual data entry.
- For businesses starting their CLM process, Bulk Data Extraction can import thousands of contracts at a time into the system with optional verification for the user. Organizations that are already up and running with CLM software can also leverage Contract Logix’s data extraction to onboard contracts from new divisions, customers, vendors, and acquisitions.
- By centralizing and organizing all contract data in the Contract Logix platform, customers can easily manage, search, report on, and analyze their legal agreements for business intelligence and compliance purposes.