Contract Logix enhances AI toolkit with advanced contract analysis features

Contract Logix has announced enhancements to its artificial intelligence toolkit including new contract analysis functionality and enhanced, customisable data extraction capabilities. These additions join Contract Logix’s existing suite of contract intelligence and advanced analytics tools, giving organisations even deeper insights to inform 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, organisations are only capturing 30% of the potential benefit of their CLM investments.
• Contract Logix’s platform helps remove the barriers to the adoption of contract management software – data migration and the manual data entry of existing contracts into a CLM system.
• 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 organisations to automatically extract legal language and contract data and populates it into Contract Logix. The AI Data Extraction is now enhanced to be fully customisable, allowing organisations 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 reprocess these existing contracts using the AI. This is incredibly helpful if an organisation 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 centralising and organising 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.

“Contract Logix continues to invest in our platform, enhancing and expanding features that are designed to help our valued current and future customers save time and resources regardless of where they are on their CLM journey. Our customers have helped us shape our product requirements and user experience, and our new platform enhancements will help them get more value out of their contracts as well as accelerating contract reviews and exposing and mitigating risks.” said Karen Meyer, the chief executive officer at Contract Logix

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