Contract Logix, a leading provider of data-driven contract management software, announced major enhancements to its artificial intelligence toolkit including new contract analysis functionality and significantly enhanced, fully customizable, data extraction capabilities. These additions join Contract Logix’s existing suite of contract intelligence and advanced analytics tools, giving organizations even deeper insights to inform strategic business decisions and support enterprise-wide objectives. This allows them to track and report on the contract data most meaningful to their business, mitigating risk, identifying new opportunities, and helping ensure compliance.
Key Facts:
- Analysts predict that contract lifecycle management (CLM) systems will be a universal feature of legal departments, providing a central source of truth for all contracts, by 2030. At the same time, organizations are only capturing 30% of the potential benefit of their CLM investments.
- Contract Logix’s platform helps remove the biggest barriers to the successful adoption of contract management software – data migration and the manual data entry of existing contracts into a CLM system.
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- The new AI Contract Analysis reviews all language in a contract looking for key terms and clauses and flags whether or not that information is in the document. This allows users to run reports and perform analytics on any aspect of contract data or language and answer critical questions about what terms are or are not in an agreement.
- The AI Data Extraction functionality allows organizations to automatically extract legal language and contract data and populates it into Contract Logix. The AI Data Extraction is now enhanced to be fully customizable, allowing organizations to extract any information they want from a contract with unlimited fields. In addition, to the custom fields, the platform provides many standard Data Extraction fields out-of-the-box. Examples of this include names, key dates, contact information, important terms, and more.
- Another important capability is the option for users to apply AI Contract Analysis and Data Extraction to contracts already stored in Contract Logix. They can quickly and easily reprocess these existing contracts using the AI. This is incredibly helpful if an organization decides they want to begin capturing and reporting on new information related to a contract type.
- Contract Logix’s AI suite of contracting tools saves a tremendous amount of time and resources and significantly reduces the potential for human error. By centralizing and organizing all contract data in the Contract Logix platform, customers can easily manage, search, track, and report on their legal agreements for business intelligence and compliance purposes. This new level of detail and analysis will help accelerate contract reviews, get actionable insights and expose any risks to the business.
SOURCE: PRWeb