Have you ever heard of creating structured data from contract documents piled on your desk or digital documents available in a shared drive? With 80-90% of enterprise data being unstructured and expanding 3X faster compared to structured data, the value within these documents often remains unused.
Have you realized the value of those documents without opening each one and looking through the important information inside?
Have you ever evaluated or believed in AI-powered tools that can convert/transform those documents,representing the information in a structured and more visual way?
If your answer is NO to any of the above questions, then this information is for you.
Forsys’ Approach to Unstructured Data Extraction
At Forsys, we have built a framework to convert unstructured documents into more meaningful structured data, which can bring quick value by identifying the key terms from those documents using GenAI tools. The framework can incorporate unstructured data from legacy contract documents into a more structured data model, creating visually appealing reports and dashboards in a matter of minutes. This huge leap in solving legacy data extraction and insertion into an applicable Contract Lifecycle Management (CLM) tool has put Forsys way ahead of its competition.
Key Benefits of Extracting Unstructured Data from Legacy Contracts
Improved Accessibility and Compliance
Converting unstructured data into a structured format makes it easier to search, retrieve, and analyze information, enhancing overall accessibility. By identifying and extracting critical terms, clauses, and obligations, organizations can ensure better compliance with regulatory requirements, reducing risks associated with non-compliance.
Informed Decision-Making and Cost Savings
Access to key data points enables more informed decision-making regarding contract renewals, negotiations, obligations, and risk management. Streamlining contract management processes can reduce the time and resources spent on manual review and management, leading to significant cost savings.
Improved Risk Management with Data-Driven Insights
Extracting data allows organizations to identify potential risks or unfavorable contract terms, enabling proactive risk mitigation strategies. Analyzing extracted data can uncover trends and insights that drive strategic business decisions, such as identifying opportunities for negotiation, overdue obligations, or understanding vendor performance.
Historical Analysis Integrating with Modern Tools
Access to historical contract data allows organizations to learn from past agreements, improving future contract negotiations and strategies. Extracted data can be integrated into advanced contract management systems and analytics tools, enhancing functionality and improving overall efficiency. Without integrating extracted data into modern-day tools, there is no value-add for customers to see that data or run reports or dashboards on that data.
Scalability, Collaboration, and Transparency
As businesses grow, having a structured dataset from legacy contracts allows for easier scalability in contract management processes, accommodating increased volumes of contracts without significant overhead. Structured data facilitates better collaboration among teams by providing a clear and organized view of contract details, fostering transparency and communication.
| WITHOUT FORSYS SOLUTION |  | WITH FORSYS SOLUTION |
No Visibility into Unstructured Contracts Data |
Structured Data in Reports/Dashboards | |
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Conclusion
Overall, extracting unstructured data from legacy contracts can significantly enhance operational efficiency, compliance, and strategic decision-making within an organization. When the extraction of unstructured data is combined with insertion into modern-day CLM tools, it exponentially adds value from multiple facets.
Talk to our experts to deep dive and unleash the full potential of your contract data.
Author: Punit Baxi, Managing Director, Global Conga Practice, Forsys