Migrating from one technology to another is one of those things many enterprise organization’s dread. For whatever reason, your organization has decided to change technologies. This inevitable process of training new resources and migrating data over to the new tool brings the of long term gain from (hopefully) temporary pain.
One of the biggest challenges in migrating Contract Lifecycle Management (CLM) tools is migrating all the data that organizations have captured over the years within their previous tools. For some organizations, they have captured tens of key data points across thousands of contracts. This can be everything from termination clauses to discount percentages. This can be a mountain of data points that show the outcome of every redlining process.
This mountain of data can be a burden to migrate to a new tool. First, the migration process from one CLM tool to another can be mean inevitable changes to the structure of this data, as several CLMs manage this data in different ways. The techniques span a wide spectrum, from tagging clauses for identification to storing clauses as pure text for each differentiation. The data can further be stored differently between variations of your standard contracts versus third-party paper. The process of migration can be burdensome and expensive.
The second issue is that the previous system only has the data that you have previously recorded. When switching CLM tools, organizations take the opportunity to update their requirements. This results in additional data points, clauses, or frameworks they seek to capture. This can result in having to go through thousands of documents to find new pieces of data and manually record them. That can be an expensive process to undergo, taking hundreds of man hours to cycle through every contract an organization has ever signed.
This is where Clearlaw’s Natural Language Processing (NLP) engine can help. In the case of migration from one technology to another, it solves both underlying issues. Our tool does not rely on templates or previously developed structures. Our technology reads the contracts, both one’s standard documents and third-party paper, and transforms the content into structured data. Clearlaw can either augment or replace the data migration process, as as engine can extract that data over again and provide it to your new tool. Second, Clearlaw can capture any data or field that one’s organization hasn’t captured previously and can do so again in the future if an additional data field is required.
With nearly 150 clauses and data points that we extract (and growing), Clearlaw the most robust Contract Intelligence tool on that marketplace. Let us help you transform your contract process with data.