Getting accuracy from contract data extraction
Contracts are all structured and worded differently, attributes can be phrased in different ways, there can be ambiguities and data can be presented in various forms. Most contracts are in text form that is non-computer searchable. So, it needs to be put into a format that a computer can read. You will think of software to do that, or you will be re-entering all the data points. But software alone cannot parse out all the essential attributes and their nuances. In reality, the best software can only be 60-70% accurate, and that’s after multiple passes through the text copy.
How do get accurate and comprehensive results from extraction?
To get a comprehensive attribute set for your contract lifecycle management system you need human quality oversight at a professional level. Someone has to augment the software outputs with logical interpretations. You need this at every step in the process and there are multiple steps. Combining the software with professional quality oversight enables ambiguity correction, repair of errors (misread and otherwise), omission remedy, etc.
Accuracy and comprehensiveness are critical because even one attribute you miss could be the most critical one triggering a missed opportunity, incurring a penalty, or not meeting a deadline. The risk to your business is just too great for the outcome not to be as comprehensive and accurate as possible.