In today's fast-paced business world, legal teams face a daunting challenge - managing an ever-growing number of contracts.
Fortunately, at LawVu, we use the power of artificial intelligence (AI) to save legal teams time by automatically analyzing and extracting key data whenever a contract is executed. This provides the legal team with a faster way to find important data and populate fields in LawVu without reading through contract pages.
We use the latest in machine learning technology to ensure our customers have a complete and accurate record of key data. Our AI technology automatically extracts data as contracts become executed in LawVu - either at upload or when they reach this lifecycle stage. We’ve partnered with Zuva, an industry leader in contract analysis, to ensure accuracy and reliability.
This ensures key contract data from executed contracts are recorded in LawVu and helps to eliminate the risk of missing important deadlines due to incomplete or inaccurate data.
In this article, learn how to:
Your LawVu Administrator must set up contract data extraction before data can be extracted. Check this article to see how.
How to extract key contract data in LawVu
Automatic key data extraction applies to all executed contracts in LawVu. To learn how to move a contract to executed, please check this article.
1. Once a contract is executed, an alert will appear on the right-hand side of your screen to let you know that the extraction is in progress and that we'll notify you when it is completed. Contract Administrators will also be notified when this has been completed.
2. Add the 'Data Review' attribute to your 'All Contracts' grid.
3. Filter the 'Data Review' column on 'Ready for Review' to see which contracts need your attention. For easy access, save this view under your saved views.
4. Click on the 'Ready for Review' button to bring up the data review modal. This modal displays the LawVu fields panel on the left, the contract document in the center, and the AI-extracted data on the right-hand side. This offers a comprehensive view of all the information in one place.
The 'AI Extracted data' panel displays the fields your Administrator has chosen to extract for this specific contract type.
The location of the extracted data is highlighted within the document. Clicking inside the contract will highlight the field in the AI-extracted data panel. This works both ways.
Once you click on a field in the AI-extracted data panel, this will highlight the area in the contract where that is selected. This saves time by allowing easy access to extracted information in the document without endless scrolling.
Use the 'Copy to Clipboard' option to copy the information from the AI Extracted data panel to the LawVu fields.
5. Once you are happy with the review, you can toggle the 'Complete review' button.
When a contract is marked as complete, the status in the grid will change to reflect that.
Efficiency - automatically extracts and highlights data from executed contracts on upload or when a contract reaches the executed stage in LawVu, saving you time from manually scrolling to find key contract data.
Improves accuracy - AI identifies and extracts common legal clauses, provisions, and data points from a variety of document types, with accuracy and speed.
Reduces risk - Critical contract data is captured in the AI-powered contract repository so you no longer miss deadlines or obligations.
1. Keep track of all extractions performed in your organization
Administrators can keep track of all the extractions that are performed by users in their organization if they have these notifications switched on their notification settings. When an extraction is completed, a notification will be sent to them by email, app, or both.
2. Speed up your contract review process
You can conveniently monitor the contracts you need to review by saving them in a saved view that you can pin as one of your Hub's widgets. Upon logging into LawVu, you'll find the saved view on your Home screen, eliminating the need to navigate to another page.
Access all the contracts from there to swiftly start reviewing them. To see a demonstration, refer to this animation:
For a breakdown of the steps:
a. Create your saved view for the contracts you need to review by filtering on 'Ready for review' in the Data Review column.
b. Add the newly created saved view to your Hub.
c. Easily access your contracts that need a review from your Hub.