In today's fast-paced business world, legal teams are faced with 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 capturing key data whenever a contract is signed. This eliminates the need for manual data entry and frees up the legal team to focus on more important tasks.
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 at the end of their lifecycle stage.
This ensures all 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:
Set up contract AI data extraction
In order to extract key data from executed contracts, LawVu Administrators first need to enable this feature for their organization.
To do so, navigate to Settings > Contract Management > Contract AI data extraction
Toggle the 'Contract AI data extraction' option and decide for which contract types you want this feature made available.
From now on, whenever a contract of this type is moved to Executed, it will be automatically sent for extraction.
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, a notification on the right-hand side of the screen will let you know that the extraction is in progress and notify you when it is 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 to 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 image of all the information in one view.
The location of the extracted data is highlighted within the document. Clicking inside the file will highlight the field in the data review modal. 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 hours of time by easy access to extracted information in the document without endless scrolling
If needed, use the 'Copy to Clipboard' option to copy the information from the Extracted data model to the LawVu Panel 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.
Automatic clause extraction works for all executed contracts, no matter how they were created (via LawVu, Wizard, Outlook plug-in, etc), or who they were created by (e.g. Standard User, Contract Contributor, etc).
Also, The AI extracted data field panel can surface values that may not have a corresponding LawVu field yet.