There is no doubt that working efficiently and effectively is a sure path to success in any company. But the issue arises when individual tasks, particularly those having to do contracting, take up too much time and effort.
Consider the amount of time it takes to go through contracts and related documents, looking for a certain date or keyword. According to a Gartner survey, by 2023, 40% of I&O teams will use AI-augmented automation in large enterprises, resulting in higher IT productivity with greater agility and scalability. So clearly, increasing productivity is a top priority for the legal industry. And that’s when a quick cognitive search comes in handy, especially when it comes to those more lengthy contracts.
WHAT IS COGNITIVE SEARCH?
By far, cognitive search is the most effective way to find key clauses and better understand your contractual obligations. With the help of artificial intelligence (AI) and natural language processing (NLP), this advanced technology filters out text and data in the hundreds – if not thousands – of contracts contained in your repository. It is an essential part of the latest contract lifecycle management (CLM) systems. Also, just imagine having a tool that finds exactly what you need and provides search results almost instantly.
Make a decision to manage contracts early for a growing company. More specifically, cognitive search offers:
- Improved speed and productivity
- A user-friendly experience
- OCR Technology
IMPROVED SPEED AND PRODUCTIVITY
The use of a cognitive search allows companies to streamline their contracting processes and increase the productivity of legal departments. It is especially helpful in times of crisis, such as the COVID-19 (coronavirus) pandemic. It is ideal for teams with legal staff now working from home (WFH) or remotely. So, all thanks to advanced tracking technology, the tool increases the searchability of legal content across different locations.
USER-FRIENDLY EXPERIENCE WITH COGNITIVE SEARCH
As stated above, the AI-powered cognitive search reduces the amount of time it takes to read contracts and related documents. It eliminates the stress associated with going through lengthy contracts manually. But it is entirely user-friendly, too. And that is due in part to the machine learning algorithms in an AI-based CLM.
A good CLM system, with features like cognitive search, should be easy for legal teams to use. After all, learning a new system takes time away from more strategic legal tasks.
AI in contract management systems helps with the ‘first pass’ snapshot of contracts. In particular, cognitive search technology translates contracts into a multitude of languages. This way, any contract can be converted into the language of your choice, and keywords and important points can be searchable throughout the agreement. Of course, although technology can make lawyers’ lives easier, some words in the translated contract may still need to be double-checked for accuracy (Such is life!)
OCR TECHNOLOGY
OCR technology stands for “optical character recognition.” It allows you to search through digital documents, filtering out lengthier text to save you a whole lot of time. Basically, it makes PDFs completely searchable. The advanced OCR technology lets users find the information that they need without having to review the entire document, and search through large databases.
IMPLEMENT YOUR OWN SOLUTION
So, the manual review of contracts no longer has to be one of those inconvenient legal tasks. Recently, ContractPodAi launched its newest Cognitive Search Datasheet. Powered by Microsoft Azure and enhanced by our own AI algorithm, it helps your legal team search through lengthy, unstructured contracts with accuracy and speed. It is the simplest way to understand all of your contractual obligations.
Find out more by downloading our Cognitive Search Datasheet today.
