According to Gartner, 90 percent of legal teams are concerned that their operations slow down the functioning of their wider organizations. With legal departments under growing pressure to do more with limited resources, improving efficiency is essential to maintain pace. This is particularly true when it comes to contract work, in which fast and accurate processing is critical to achieving business outcomes. At LawVu, our mission is to accelerate the work of in-house legal teams. To help our customers streamline their contract processes and in response to feedback, we’ve made significant improvements to our AI contract data extraction functionality. By introducing new, safe, secure, and reliable AI capabilities into LawVu’s legal workspace, we’re helping legal teams save valuable time throughout the contract lifecycle, decreasing cycle times and enabling critical efficiencies for those who work with contracts.
Quickly identify key clauses to speed up contract review
LawVu’s enhanced AI contract data extraction does the heavy lifting for you – by analyzing contracts and extracting key provisions, it allows you to identify and manage risks, negotiate terms, and progress review cycles faster than ever before. This is particularly useful when you’re dealing with third party contracts or lengthy documents, as it speeds up contract turnaround times, increases the ROI of your LawVu CLM, and frees up more time to focus on higher value work – all of which helps to accelerate commercial gains and improve wider business outcomes.
“We’ve reduced our contract review time by five days.” Scott Millea – Associate Counsel at Northern Tool
Save valuable time and find the information you need, fast
When you are dealing with lengthy contracts, sifting through pages to find the information you need can be cumbersome and time consuming. With AI contract data extraction, you can jump straight to the AI-extracted clauses highlighted in the document – and find pertinent information quickly and easily.
Easily customize AI to fit your needs
Not every contract is the same – and the types of data you want to extract may change depending on what you’re working on.
Because LawVu’s AI allows you to configure data extraction to suit the needs of any given contract, it is always fit for purpose. All you have to do is choose what you want to extract from your contract based on its types. To make this easy, LawVu has an extensive library of AI fields to choose from that cover a wide range of agreements, ensuring that the extracted data and insights stay relevant to your work.
Create a richer contract data repository with less effort
A comprehensive, centralized repository makes it easier for your legal team to view, access, and manage contracts, all in one place. But the task of entering and updating data is time consuming, and often falls to the bottom of the priority list. AI contract data extraction streamlines this process by automating extraction when a contract reaches the executed stage in LawVu. This allows you to speed up data entry, create a richer data repository, and stay on top of your contractual obligations with ease.
“If I didn’t have AI, there would be a ton of data points that I would not be collecting… Other departments struggled to get that data in the past and now we can have it in a simple report, update it easily, and they can all have the data they need at their fingertips.” – Bob McClintock, Associate General Counsel, CTDI
A safe, reliable AI you can trust
At LawVu, we understand that the data we store and process for our customers can be highly sensitive, and requires the most stringent information security and privacy protection. Our AI services are hosted within our existing Microsoft Azure ecosystem, which is IS O27001, SOC1, SOC2, HIPAA, and GDPR compliant. Customer data is segregated, and is not used to train public models. Click here to read more about AI privacy and security.
Ready to accelerate business outcomes and speed up contract turnaround times?
Speed up your contracting process to provide better service to the business and accelerate outcomes with LawVu’s AI-powered contract data extraction. Click here to learn more about LawVu’s AI – or book a personalized demo to see how it could work for your organization.