Additions to the Intelligent Contract Management Platform help organizations accelerate contract reviews, gain actionable contract insights, and mitigate risk.
LOWELL, Mass., September 26, 2024 /PRNewswire-PRWeb/ — Contract Logix, a leading provider of data-driven solutions contract management softwaretoday announced major enhancements to its AI toolkit, including new contract analytics functionality and significantly improved, fully customizable data mining capabilities. These additions join Contract Logix’s existing suite of contract intelligence and advanced analytics tools, providing organizations with even deeper insights to inform strategic business decisions and support enterprise-wide goals. This allows them to track and report on the contract data most meaningful to their business, mitigate risks, identify new opportunities and help ensure compliance.
Key facts:
- Analysts predict that Contract lifecycle management (CLM) systems will become a universal feature of legal servicesproviding a central source of truth for all contracts, by 2030. At the same time, organizations are only capturing 30% of potential profit of their CLM investments.
- Contract Logix’s platform helps remove the biggest barriers to successful adoption of contract management software: data migration and manual entry of existing contract data into a CLM system.
- The new AI Contract Analysis examines all language in a contract for key terms and clauses and indicates whether or not that information is in the document. This allows users to generate reports and perform analysis on any aspect of data or contract language and answer critical questions about what terms are or are not part of an agreement.
- The AI Data Extraction feature allows organizations to automatically extract legal language and contract data and populate it into Contract Logix. 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 custom fields, the platform provides many standard data extraction fields ready to use. Examples include names, key dates, contact information, important terms, etc.
- Another important feature is the ability for users to apply contract analysis and AI data extraction to contracts already stored in Contract Logix. They can quickly and easily reprocess these existing contracts using AI. This is extremely useful if an organization decides to start capturing and reporting on new information related to a contract type.
- Contract Logix’s suite of AI contracting tools saves enormous amounts of time and resources and significantly reduces the risk of human error. By centralizing and organizing all contract data in the Contract Logix platform, clients 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, gain actionable insights, and expose all risks to the business.
Management Comments:
- “Contract Logix continues to invest in our platform, improving and expanding features designed to help our current and future valued customers save time and resources, no matter where they are in their CLM journey. Our customers have helped us shape our product requirements and our users. experience, and new enhancements to our platform will help them derive more value from their contracts, while speeding up contract reviews and exposing and mitigating risk. – Karen MeyerPresident and CEO, Contract Logix
- “Contract Logix is committed to our customers, and over the past 15 years we have evolved our platform to help them solve their most complex contract management needs. Whether an organization has hundreds or hundreds of thousands of contracts, our goal is to help them. leverage the most important data from their contracts to mitigate risks, identify opportunities and save time and resources. The new enhancements will enable our customers to continue transforming their contracts into valuable digital assets. – Tim DonaghyDirector of Technology, Contract Logix
Additional Information:
About Contract Logix:
Contract Logix is a long-standing leading provider of smart and data-driven contract lifecycle management software. The company’s software enables legal, administrative, IT, procurement, finance and sales professionals to simplify how they draft, negotiate, approve, execute and manage contracts digitally. Hundreds of brands have partnered with Contract Logix to streamline and automate their contracting processes while minimizing risk, increasing compliance, and completing business faster. For more information about Contract Logix, visit https://www.contractlogix.com and follow us LinkedIn.
Media contact
DAVID PARKSLogix Contract, 9786747095, (email protected), https://www.contractlogix.com/
SOURCE Logix Contract
