Part of Clearlaw’s evangelism of the contract intelligence space is advocating for the value and insights that can come from having a deep understanding of the content within one's contracts. Key data points such as client renewal dates, liability caps, or warranty information can empower businesses and provide opportunities for growth. While many companies understand this fact, recording this data as been a difficult process prior to the emergence of contract intelligence space.
Enterprise organizations were left with two choices, either manually record the data or simply don’t do it at all. For those willing to put the work in (and avoid the risks), a common workaround was to manually capture various data points or tag clauses when a contract is finalized, signed, and loaded into one’s contract repository. If there are deviations or redlines that have changed the contract from a corporate standard contract, these changes are now recorded for future use. This effort can increase ten-fold when leveraging third party paper, which entirely deviates from the corporate standard.
This manual recording process can be extremely tedious and time intensive. Clearlaw hears from clients and prospects that have become bogged down in contract data entry tasks every day. This results in highly paid staff being leveraged for basic data entry tasks, limiting their ability to respond to business needs.
This is not the only limitation. The data you have is dependent on your organization knowing ahead of time what data your organization requires. If the organization requests data that has not been previously tracked, an individual would have to go through every contract again to provide it. Again, this reallocates resources from other critical tasks.
These two use cases are areas that Clearlaw excels in. Our contracting intelligence platform analyzes the context and content within a contract, whether it follows your standard template or is third party paper. As a result, we can extract the data a client is looking for and push it to an organization’s CLM, ELM, or CRM tool for immediate use, eliminating the need for manual tagging or data entry. Furthermore, if a new clause or data point is required, our technology can go through your entire contract repository and extract that data for use within minutes. Leveraging Clearlaw empowers an organization by reducing legal management costs, empowers the business to self-service, and future proof’s an organization’s contract repository for a changing business world.