Part of Clearlaw’s evangelism for the contract intelligence space is advocating that contractual data should be freed from the depths of contracts to better support enterprise legal teams and their business partners. A deeper understanding of one’s terms or clauses can inform an organization of risk but also lead to business insights and opportunities. Sounds great right?
Let’s be honest, as digital technology continues to evolve, the volume of digital tools in the marketplace continues to grow and has becoming overwhelming to the average person. Busy legal teams and business units have enough on their plate before having to learn new software. If a technology player is going to add value to an organization and quickly, it needs to plug into existing processes and tools, adding value while employees and professionals go about their daily work.
This is where Clearlaw distinguishes itself as the industry’ first Headless Contracting Intelligence platform. Our API-driven approach plugs into existing tools to evaluate contract data and deliver that information to the appropriate location.
Many in-house legal teams have an existing Contract Lifecycle Management (CLM) solution, but lack the robust NLP features that Clearlaw provides. With Clearlaw, an organization would not need to change their CLM to realize benefits of contracting intelligence.
Through our headless approach, when a new document is uploaded to the CLM system, Clearlaw’s NLP engine can extract the key data points to inform legal of what’s in the contract, where are the risks, what are the key terms, and where are those terms in the document. This data is presented back to the legal team not in a new system, but within the existing systems they already use, such as Microsoft Word, or their existing CLM.
The same can be done to support other business units. Sales, marketing, customer support, and accounting all need key data points from within contracts to do their jobs, including pricing, logo usage, acceptance clauses, and payment terms. As Clearlaw’s system extracts that data automatically when the contract is analyzed, data can be sent to each business unit’s appropriate system. This empowers business users with contractual data while continuing to work in context of their existing business tools and processes, and without ever having to open and read a contract.
Have a challenge democratizing contractual data? Ask us how we can help.