Contract Insights

As contract complexity and volume grow for evolving businesses, managing contracts efficiently is more critical than ever. Thanks to almost lightspeed developments in artificial intelligence (AI) and optical character recognition (OCR), contract management software has taken a giant leap forward. AI-powered OCR technology is revolutionizing how companies read, extract, and manage data from their contract documents. This article explores the tremendous and positive impact of AI and OCR systems in contract management - highlighting how these technologies streamline processes, enhance accuracy, and save valuable time when extracting data from digital texts.

When reading magazines, advertisements, or even this blog post our brain begins the process of recognizing the patterns that make up the characters.  Our computer is able to do the exact same thing. Image-based documents can be converted into a language the computer understands for it to be able to read the document we need it to. This is where the Optical Character Recognition (OCR) tool comes into play. An OCR tool should be simple to use within a business software system that, in the long run, can save a company time.