Contract Data Extraction
MediumAutomatically pulling key terms and obligations from supplier contracts into structured data.
The Pain
Supplier contracts contain critical information: pricing, terms, obligations, renewal dates. This data is locked in documents rather than systems. Staff manually extract and enter contract details, with risk of errors and omissions.
What's Possible
AI can extract key contract terms and populate contract management systems automatically. Staff verify extracted data rather than typing it. Contract information becomes searchable and actionable without manual data entry.
Signals This Is Worth Exploring
Contract data is manually entered into systems
Key contract terms are hard to find across many documents
Errors in contract data cause operational issues
Contract review for specific terms requires reading documents
Impact
Automatic extraction of key contract terms
60 to 80 percent reduction in contract data entry time
Searchable contract data across supplier base
Fewer data entry errors in contract systems
Typical Approach
Assess
Define key fields to extract from contracts. Review current data entry processes.
Pilot
Test extraction on sample contracts. Validate accuracy.
Scale
Integrate into contract management workflow.
What to Watch Out For
Complex or unusual contract formats may reduce extraction accuracy
Extracted data needs verification for critical terms
Multiple contract versions or amendments add complexity
Integration with contract management systems needed
Questions to Think About
Before we talk, you might want to consider:
What contract data do you currently track in systems?
How much time is spent on contract data entry?
What contract management system do you use?
What formats are contracts typically received in?
Build On This
Once the basics are working, you can expand:
Obligation tracking
Flag contract obligations approaching due dates
Term comparison
Compare contract terms across supplier base
Renewal alerts
Proactive notification of upcoming contract renewals
Want to explore if this fits your organization?
Book a 30-minute call to discuss your situation and whether this use case makes sense for you.
Book a 30 min call