Legal contracts contain valuable data and information that is crucial for making informed business decisions. However, manually retrieving data from contracts can be a time-consuming and lengthy process.
Fortunately, contract management software offers a streamlined solution that facilitates contract creation and management and provides powerful features to retrieve data quickly and efficiently. Data extraction is a vital tool for digital contracts to save businesses time and money.
In this article, we will explore ways contract management software can revolutionise the process of data retrieval from contracts.
3 advanced search features
Advanced search capabilities can significantly speed up the data retrieval process. This allows users to search for key terms to quickly locate relevant contracts.
The following are examples of ways businesses can quickly retrieve the data in their contracts.
1. Filter by key terms
Organising agreements in folders based on the terms they contain can help retrieve data from contracts. This allows users to search through documents to find exactly what they are looking for and gain valuable insights.
Faceted search with Legislate allows users to search through contracts by applying filters specific to their needs. They can filter through their contracts for a key clause or a specific contract type to support businesses with contract exploration and data extraction. For companies that create and manage a number of different contracts, it is vital they can track the data across each of them.
Semantic technologies aim to make data easy to understand and machine readable. These technologies are often used with graph databases to make the process of data retrieval much quicker and easier. Legislate’s patented knowledge graph aims to streamline the content creation process and aggregates data to quickly unlock valuable insights.
By categorising terms in a contract builds an ontology. Legislate is using ontologies to create semantic contracts and linking of data. The process of building an ontology can be time consuming and so using it with semantic technology can help the process of extracting data less tedious.
2. Search by key dates
By leveraging data from contract management softwares companies can manage risk by searching by key dates across the contract lifecycle. Legislate helps companies identify patterns and keep track of expiry and renewal dates to reduce the risk of delays and allow businesses to make better data-driven decisions.
3. Group by contract statuses
Grouping contracts by their status or the party responsible for signing can help companies better locate the information they require.
Contracts can be filtered by the information, signatures, terms, or parties they are pending in order to be completed. Understanding the status of a contract can help businesses avoid disputes and ensure that all parties have a clear understanding of their obligations.
The opinions on this page are for general information purposes only and do not constitute legal advice on which you should rely.