Contract Analytics software provides insights from extracted contract data to help companies keep terms consistent throughout all of their contracts. This type of software uses a branch of artificial intelligence (AI), and natural language understanding, which is a subset of machine learning (ML), to quickly address any risks in contracts, which is otherwise a time-consuming, manual process. Subsequently, contract analytics software reduces the risks associated with human errors when reviewing and finalizing contracts. Companies utilize this type of software to capture contract information around contractual terms like expirations, terminations, and extensions.
Contract Analytics software can be used by diverse types of teams within a business, including sales teams, legal departments, and finance departments to reduce contract turnaround time, increase visibility into contract performance, and identify potential contract risks and relevant obligations. This software may utilize OCR software or optical character recognition software, to convert images of text into digital and searchable text. Contract analytics software often integrates with contract management software, contract lifecycle management software, and e-signature software.
To qualify for inclusion in the Contract Analytics category, a product must:
- Identify and organize contracts to eliminate duplicates
- Utilize AI and ML to extract and analyze contract information, like keywords, payment terms, and obligations
- Generate custom reports populated with extracted content
