Contract data can be found in every company, including yours. They are the contents or parameters or metadata of your contracts. This includes data such as the type of contract, the subject matter of the contract or the contracting parties.
A modern contract data management system reads your documents automatically and displays the recognised data clearly. Manual input of all data is no longer necessary. With PACTA contract data you minimise both the workload for reporting tasks and your error rates.
The problem with contract data
Searching for specific contract topics or information requires a lot of effort due to the large number of different clauses within a contract. This is particularly annoying for trivial tasks such as compiling contract data on specific contracting parties, order or invoice numbers or transactions.
People without a legal background also rarely find their way through the supposed thicket of technical terms and convoluted clauses. For example, preparing audit reports that rely on contract data ties up a lot of resources, working time and staff.
When the right clause with the required information is finally found, it may have to be cross-checked with other clauses to ensure a valid and error-free basis for further processing of the information. Again, a lawyer needs working time for this. For an employee in a specialised department such as sales, purchasing or human resources, this is often an impossible task.
The simplification - contract data management
The solution to this problem has supposedly existed for many years. After all, contract data management is nothing new.
Such software offers you a tabular presentation of individual contents and parameters of your contracts and documents. You can access the data independently of time and place and carry out your planning and reporting processes in a structured and efficient manner.
No time for manual contract data maintenance
The problem with many current solutions, however, is the manual maintenance of data. Someone in your company has to read the contract texts, mentally extract relevant information and enter it into the software. The advantage of such software only comes into play after this high initial effort, when it structures the entered data thematically and presents it clearly.
There is also the question of responsibilities. Who is responsible for manual data maintenance in the first place - the specialist department, the legal department or the management? The relevant employees also always need direct and up-to-date access to all contracts.
In the end, manual contract data maintenance in no way reduces human error sources. On the contrary, it may spread the typing error or number mistake across the entire company in seconds or even worse into downstream process steps and connection software.
The actual solution - Automated contract data extraction
Manual input was yesterday. With PACTA contract data, you let a neural network (artificial intelligence) do the work for you. It automatically finds relevant contract data in your documents and extracts them into our contract data overview. Here you can then access all the benefits of data-driven monitoring and searching of your contract information. Your staff only need to search the contract texts of your documents when they really want to.
PACTA offers these benefits not only for digital documents. With the help of our automatic text recognition (OCR) software, you can also turn all your paper documents into machine-readable PDF documents, which our AI can then read out automatically.
The elimination of manual data maintenance not only reduces the amount of work required to produce audit reports by an average of 31%, but also reduces all sources of error in this context. Your staff can focus more intensively on other activities such as organisational or accounting tasks. With the help of PACTA contract data, you can transfer your contract content to third-party systems such as controlling systems for further processing.
For those intrigued - the technology behind the scenes.
You are now wondering how we extract your contract data from your documents? In the first step, our software transforms each word of your contract texts into a numerical code. We have trained our neural network to use the numerical representations to identify relationships, such as a date or contracting parties, and separate them from the rest of the text.
When do you use the advantages of intelligent contract data management?
If you too would like to extract and manage your contract data automatically, contact our sales department and test PACTA without obligation as well as free of charge for 14 days.