Advanced OCR CLM: Discover Cost-Usability Gains Across Legal Departments
Legal departments across a wide variety of industries are increasingly relying on contract lifecycle management (CLM) solutions for their needs. With the introduction of new technologies such as AI-enabled optical character recognition (OCR), CLM solutions have expanded to support a broad spectrum of document operations such as drafting, negotiation, redlining, execution, tracking of obligations and storage and retrieval of contracts. OCR is the backbone that facilitates all of these aspects and as the legal world embraces the value that OCR brings to contract lifecycle management, LinkSquares is leading the way with its suite of AI-enabled intelligent CLM solutions.
LinkSquares’ OCR Solution
LinkSquares’ advanced OCR solution offers AI-enabled accuracy and the benefits of a sophisticated contract management system with the ability to easily convert images into regular computer text files such as Word documents or PDFs. Despite the advancements in office productivity tools such as Microsoft OCR, they are unable to recognize specialized legal terms or locate wet signatures which, if missed, can cause costly delays. With LinkSquares’ solution, contract managers can rest easy knowing that their contracts are being processed accurately and quickly.
LinkSquares’ OCR solution is part of a larger suite of features dedicated to helping contract managers reduce time-to-value for their contracts. Their Analyze solution is an AI-enabled contract analysis platform that offers data insights to help identify risk factors, such as uneven payment terms or unapproved amendments, that would otherwise be spotted too late. As part of this solution, LinkSquares also offers a customizable algorithm builder to make data exploration easier and more efficient.
Cost Savings and Improved Efficiency
By using an advanced CLM solution, companies can benefit from improved efficiency in managing the contract lifecycle and realize cost savings from improved accuracy. LinkSquares’ OCR solutions can make the document review process faster, more accurate and less tedious by automatically matching contract numbers and treaty titles, creating a more efficient and cost-effective workflow. In addition to saving time and money, companies using LinkSquares’ CLM have seen an overall increase in performance due to improved flexibility and scalability in their contracts.
A Leader in CLM Solutions
LinkSquares is positioned as a leader in the field of CLM solutions, offering powerful OCR technology that is easy to use and tailored toward the legal world. Their solutions bridge the gap between paper and digital by incorporating automated contract operations into a robust contract management platform. By harnessing the power of AI-enabled optical character recognition, LinkSquares is helping legal teams overcome the obstacles presented in document processing and allowing them to manage the lifecycle of contracts from start to finish.