Contract Logix Enhances Contract AI Analysis and Data Extraction: What AI Means for Your Contract Management

Sep 4th, 2024

Managing contracts effectively is more critical than ever. Contracts are not just agreements; they are valuable assets containing key information that can drive strategic decisions, mitigate risk, and uncover new opportunities. However, the challenge for many organizations lies in efficiently extracting (i.e. harnessing and capturing) and analyzing this information.  

Contract Logix, a leader in data-driven contract management solutions, has recently rolled out powerful new contract AI features designed to streamline contract analysis and data extraction. These enhancements transform how businesses manage their contracts, providing them with the tools they need to accelerate contract reviews, gain actionable insights, and maintain compliance. 

Key Takeaways: 

• Contract AI enables faster contract reviews with automated contract analysis of contract language for key terms and clauses, allowing organizations to run reports and perform analytics on any aspect of contract data or language. 

• Automatically extract legal language and contract data from contracts, eliminating manual entry, reducing errors, and ensuring quick access to vital contract information. 

• Organizations can quickly and easily maximize resources to boost efficiency, identify potential risk within contracts and maintain a clear, searchable record of all contract data, supporting proactive risk management and ensuring compliance. 

The Growing Importance of AI in Contract Management 

The adoption of contract lifecycle management (CLM) systems is rapidly becoming a necessity for legal and business teams. Analysts predict that by 2030, CLM systems will be a standard feature in legal departments, serving as a central repository for all contracts. However, despite the increasing adoption, organizations are only realizing 30% of the potential benefits from their CLM investments. 

One of the major hurdles is the time-consuming process of data migration and manual entry of contract data into CLM systems. Contract Logix’s latest contract AI enhancements are designed to address these challenges head-on. 

What’s New with Contract Logix’s Contract AI Capabilities? 

1. AI-Driven Contract Analysis:
The new AI Contract Analysis feature enables organizations to analyze contract language for key terms and clauses, such as auto-renewal provisions or insurance requirements, and capture in the software if that language is present in the contract. This capability allows users to run detailed reports and perform in-depth analytics on any aspect of their contracts.

The result? All contract data becomes reportable for business intelligence, empowering teams to make informed decisions based on accurate and comprehensive contract insights. For example, “show me all my MSAs by vendor or customer that include a limitation of liability clause.”

2. Enhanced AI Data Extraction:
With contract AI, Contract Logix has significantly upgraded its data extraction capabilities, allowing businesses to automatically pull out virtually any information from their contracts and populate it directly into the Contract Logix system. With 60+ standard data extraction fields available out-of-the-box, and the ability to create unlimited customized fields, organizations can tailor the system to their specific needs. This eliminates the need for manual data entry, saving time, reducing errors, and ensuring that critical contract information is easily accessible. For example, “what is aggregate insurance amount for this MSA.”

3. Seamless Reprocessing of Existing Contracts:
For current Contract Logix users, the new contract AI features offer the ability to quickly and easily reprocess existing contracts within the system. This means organizations can bring older contracts up to the same standard as new ones, ensuring that all contracts are analyzed and stored with the same level of detail and accuracy. This is very helpful for organizations that want to start tracking and reporting on new information about contracts that they hadn’t previously captured.

Why This Matters for Your Business 

These contract AI enhancements are more than just technological upgrades; they are strategic enablers that can transform how your business operates. By leveraging contract AI to automate and enhance contract analysis and data extraction, your organization can: 

• Accelerate Contract Reviews: Speed up the review process by automatically identifying and analyzing critical contract terms, allowing your legal and business teams to focus on high-value tasks. 

• Gain Actionable Insights: Transform raw contract data into actionable business intelligence, enabling you to make data-driven decisions that align with your strategic goals. 

• Mitigate Risk: Identify potential risk hidden in contract language and take proactive steps to address it before it becomes an issue. 

• Ensure Compliance: Maintain a clear, organized, and searchable record of all contract data, helping your organization stay compliant with legal and regulatory requirements. 

Make Your Contracts Work for You with Contract Logix 

Incorporating contract AI tools into your contract management process is not just about keeping up with technology—it’s about gaining a competitive edge. Contract Logix’s latest enhancements are designed to help organizations like yours maximize the value of their contracts, save time, reduce costs, and improve overall business outcomes. 

If your business is ready to take the next step in contract management, now is the time to explore how these new contract AI capabilities from Contract Logix can help you achieve your goals. 

Request a personalized demo to see how our platform can streamline your contract management and optimize resources. 

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