Digitize Legacy Contracts
Learning Objectives
After completing this unit, you’ll be able to:
- Describe how to extract information from legacy contracts.
- Create digital contract records.
- List the benefits of digitizing legacy contracts.
Extract Contracts
Legacy contracts are often buried in file cabinets or lost in static digital files like scanned images and PDFs. Although many such contracts are crucial for ongoing business operations, accessing and using them is time-consuming and prone to errors.
Cloud Kicks is facing a similar challenge: It has tons of supplier contracts in old file cabinets, which it must check for compliance or specific payment terms. It needs a solution to efficiently digitize these documents and extract the relevant information for analysis and reporting.
That’s where Contracts AI steps in.
Contracts AI automates the identification and extraction of key data—supplier names, contract dates, and specific clauses—from legacy contract documents. Here’s how. In the Contracts AI app, Candace selects Get Started with Extraction, uploads the file, and extracts predefined fields and clauses. She reviews and modifies the extracted data as needed to ensure everything is accurate and complete, and then saves it. This streamlined approach not only improves operational efficiency but also ensures that all relevant contract details are captured and managed effectively. The result? A more organized and productive process for Cloud Kicks, which saves time and effort. For more information, see Extract Contract Details and Clauses with Contracts AI.
Create Digital Records
After successful contract data extraction, the next step is to convert this data into digital contract records within Salesforce. This step is like giving your organization’s contract management system a turbo boost.
Here’s what Candace does to convert the extracted data into digital records.
She thoroughly reviews the extracted contract details for accuracy and completeness. She then maps the data to the corresponding fields in Salesforce, selects relevant contract types, and fills in key information such as contract terms, parties involved, and specific clauses. After filling in the necessary fields, she saves the record: it’s now a fully operational digital contract that’s ready for tracking, amendments, or approvals. For more information, see Create Contract Record.
Benefits of Contract Digitization
Time to go over the benefits of digitizing legacy contracts.
Benefit |
Description |
|---|---|
Efficiency and Accessibility |
No more manual sorting through files. Everything from old contracts is digitized, searchable, and accessible with just a few clicks. Contract managers at Cloud Kicks can quickly search for and retrieve specific contracts. |
Accuracy and Reliability |
The precision of Contracts AI reduces human error and ensures that every contract is processed uniformly. |
Enhanced Compliance |
With easier access to contract details, Cloud Kicks can better comply with industry regulations and standards. Automatic alerts for noncompliance issues keep the company ahead of potential legal troubles. |
Scalability |
As Cloud Kicks grows, so does its contract volume. Digitizing these documents ensures that scaling up doesn’t mean drowning in more paper. |
Data Analysis and Reporting |
Cloud Kicks can use the data in digital records to generate detailed reports on contract performance, identify emerging trends, gain insights into its contract management processes, and track contract renewals, terminations, and amendments. |
By digitizing legacy contracts and creating structured digital records, Candace has transformed the contract management processes at Cloud Kicks: manual effort is reduced, accuracy and consistency are up, and overall efficiency is enhanced.
Wrap Up
In this unit, you learned how to rescue your legacy contracts from the dusty depths of storage rooms and bring them into the digital age.
The data-driven approach of Contracts AI helps Cloud Kicks optimize its contract strategies and improve overall business outcomes, turning routine contract management into a strategic asset. In this module, you learned how Contracts AI makes it easy for you to draft and reuse clauses, keep your contracts compliant, and save time. So, go ahead and let Contracts AI do the heavy lifting while you enjoy the perks of streamlined, error-free contract management!