In the business field, contract management commonly involves a multi-stage process of preparing, executing, and documenting partnership arrangements between two or more parties. The practice of contract management involves various types of documents to process, resulting in a substantial amount of paperwork.
The thing is, managing large volumes of documents manually lacks efficiency. Inputting documents manually is slow and often causes delays. OCR (Optical Character Recognition) has given rise to automated document extraction, allowing companies to achieve faster data entry than ever before. OCR integration in contract management helps the legal team convert scanned documents into machine-encoded datasets. Its high accuracy level will also prevent prolonged time due to errors.
Why Is OCR Important in Contract Management?
Contract management is closely related to administrative work. A wide range of documents play an important role in the process. OCR, with its intelligent skills, streamlines contract management by automatically gathering essential data from legal agreements, invoice payments, and others. If efficient contract management is included in your goals, here is why you should consider investing in OCR tools.
- Timely Approval and Execution
Eliminate human error and speed up initial data entry by automating document extraction with OCR. No more back-to-back corrections, seamlessly route the data to the authorized parties for review and approval.
- Operational Efficiency
Set your routine data entry task on autopilot, allowing you to maximize work efficiency to the fullest. OCR not only speeds up data extraction but can also significantly reduce the need for hands-on handling and save operational costs.
- Accessible Data Repository
OCR cleanses, extracts, and converts physical documents into searchable and accessible data formats. This capability makes it easier to navigate the sea of information and assess specific data as needed.
Document Types in Contract Management That OCR Can Process
Instantly process any documents based on a predefined OCR template. Discover common documents used in contract management that OCR can process. However, the variety of documents can differ, tailored to the specific needs of each company.
- Service or Product Proposals
- Partnership Agreement
- Terms of Service
- Invoices and Receipts
- Contract Termination
- And there are still many more documents in contract management that OCR covers!
OCR Implementation in Contract Management
Without a capable tool, contract management could pose various difficulties over time. Using cutting-edge OCR technology, effortlessly extract contextual data from all types of documents. Learn how OCR can be implemented across multiple aspects of contract management.
- Contract Renewal
In the process of extending the partnership’s duration, OCR plays a role in swiftly deriving important information for contract validation. Ensuring that every change and update has been accurately documented in the renewed agreement efficiently helps timely contract renewals.
- Contract Amendments
Have specific terms in the existing contract that need to be changed? Whether one of the rules of the usage policy. OCR provides accessible datasets, making comparing and referencing previous versions and amendments easier.
- Payment Processing
Digitize invoices, receipts, and other transaction proofs in seconds. Verify if the payment complies with the pricing plan’s terms. OCR implementation facilitates accurate documentation and record-keeping, enabling easy tracking of financial activities.
Let Fintelite automate the document busywork for you
Fintelite’s OCR stands at the forefront of innovative document digitization. Experience instant data extraction at your fingertips. Upload, extract, and get all your required datasets ready just in seconds. The integration feature allows you to send the data from the OCR database to your management system. You are flexibly tailoring OCR templates for multiple purposes, including what data to extract and how you want to label them. There are more features available for you to explore. Sign up for a new account to get a 30-day free trial, or talk to our AI experts to discuss how our OCR can streamline your work.
