When implementing contract management software, organisations tend to have copious amounts of contract data that needs to be mined, analysed and populated into the new system.
Data extraction is a tedious task that can be time-consuming and overwhelming for contract management professionals. Leaving this task to software professionals familiar with data extraction and the use of AI to streamline processes, will lead to better, faster extraction. Here are five reasons why your organisation should choose automated contract data extraction services:
1. Streamlined processes by contract software professionals
Contract software professionals use their hard-gained expertise to streamline data extraction. If you let your software provider manage this task, you’ll quickly complete the implementation process and optimise your data so that your system is ready to use.
2. Identify and mitigate contract risk
Risk mitigation is key in the digital age and contract risk is no different. When managing agreements and other legal documents, contract risk should be on your radar. By extracting and sorting data within your contract management system, you’ll be able to easily identify and mitigate any risk associated with your contracts. If you select the keywords and phrases that might be risky within your contracts you can set up an alert for your users when they are found.
3. Let AI save you time and energy
AI can do the work for you by automatically pulling in critical contract data from your documents and identifying the correct data fields. Once the data has been properly extracted and set up within your contract management software, the best software uses machine learning to monitor data for high-risk keywords and phrases, alerting users when action needs to be taken.
4. Faster implementation for fast ROI
Getting your system ready for your team to use should be high priority. You want to see a return on your investment asap, and choosing data extraction services for your myriad contracts and agreements will help you get there fast.
5. Take full advantage of all the functionality of your contract management software
Leading contract management solutions have advanced functionality to give their users with greater transparency and better governance over their contracts. By using data extraction services, you can ensure your system is set up correctly for the use of advanced functionality like AI and ML, searching and ad-hoc reports, contract templates, phrase libraries and more.
Contract Insight from Four Business Solutions
Contract Insight supports data extraction by helping you identify and mitigate contract risk, and easily search and identify specific keywords and contract documents within your system.
About Four
Four helps small and multi-national organisations enrich the way they work. From supply chain to procurement and contract management, we have decades of experience helping companies forge ahead in the global market. If you’d like a demo of Contract Insight or simply to find out more about what we do, please call John O’Brien at Four Business Solutions on 0800 6250 025.
John O’Brien is the CEO at Four Business Solutions, global business consultants and software integrators providing business processes improvements in Finance, Supply Chain and Operations, across a broad range of industries.