AI Metadata Labelling for Simplified Contract Management

Published:

Mar 19, 2024

Managing and keeping up-to-date with your  contracts, especially at scale, in today's fast-paced business environment efficiently is crucial for gaining a competitive edge in your operational efficiency, whilst help your business expand. 

Here is where automated metadata labelling can simplify your contract management.

Manual metadata labelling is a long, laborious process - which involves sifting through hundreds or even thousands of documents - a process that we all know is not only time-consuming but also prone to errors.

So, let's find out how you can save time and reduce errors and costs by utilising the power of AI with your contracts.

Benefits of AI Metadata Tagging Contracts

Using AI to metadata your contracts has many benefits, such as:

☑ AI can process and label vast amounts of contract data at a speed unattainable by humans. 

☑ It can consistently apply the same labelling criteria across all documents, ensuring that metadata is extracted accurately and as you expect it.

☑ AI-enhanced metadata labelling can make it easier and quicker to find specific clauses, terms, or contracts by searching for relevant metadata.

☑ With structured metadata, organisations can perform advanced data analytics on your contract repositories. 

☑ More contracts are not a problem. AI systems can quickly scale up to handle increases in contract volume - making them well-suited for businesses experiencing growth or dealing with seasonal fluctuations

☑ Automating the process of metadata labelling can significantly reduce the costs associated with manual contract review and management, including labour costs and the opportunity costs of slow processing times.

☑ AI models can be trained to recognise and label metadata to custom conditions and with custom labels based on your organisation's specific needs and criteria on mass.

Table of Contents

  • What Is Contract Metadata Tagging?

  • The Challenges of Manual Contract Management

  • Pocketlaw’s AI-Powered Metadata Tagging Solution

  • Benefits of a Simplified View of Your Contracts

  • Real-world Applications of AI Metadata Labelling

  • AI Metadata Labelling for Simplified Contract Management Final Thoughts

What Is Contract Metadata Tagging?

Contract Metadata Tagging is a process that involves labelling specific information within contracts to help you and your teams search, analyse, and manage your contracts.

This could consist of 1 or many tags per contract.

For instance, a small sample of metadata that can be applied could consist of for instance:

  • Name of people / parties involved in the contract

  • Contract Dates expiration and renewal dates

  • Conditions related to payments, fees, and penalties.

  • The legal jurisdiction governing the contract.

  • Confidentiality clauses in place

  • Termination clauses in place

  • Duties & Obligations

  • Any liability limitations

  • Intellectual Property Rights, use and ownership

  • Conditions under which the contract can be renewed

  • Any other data you want to label your contracts as to help you and your team

It is entirely customisable to you and your organisation.

The Challenges of Manual Contract Management

Manual contract management, as you will know, tends to be fraught with challenges that can significantly slow down your business operations.

Extensive Manual Labour

The traditional process involves extensive manual labour, including the sorting, filing, and updating of contracts, which can lead to inaccuracies and inefficiencies. As anyone will know when, contract deadlines have been missed, not renewed, or payments not chased up, to name a few areas.

Difficult to Quickly Locate Specific Contracts

Traditional methods also make it difficult to quickly locate specific contracts or essential details within them - slowing down your decision-making and increasing the risk of non-compliance with any contractual obligations or regulatory requirements that may be contained within them.

Lacks the Ability to Analyse Easily

Additionally, manual management needs the ability to analyse contract data quickly for insights, thereby missing opportunities to optimise your business strategies and identify areas of improvement in future deals.

Traditional Filing & Storage Problems

Furthermore, traditional contract management tends to mean you will have filing cabinets full of paper contracts, adding to storage costs, but, more importantly, what will occur if the building were to catch on fire, and how are these contracts backed up if an event like that did occur?

Pocketlaw’s AI-Powered Metadata Tagging Solution

In response to these challenges, Pocketlaw has introduced an automated metadata labelling solution, powered by AI. .

Scale at Will

This automation allows you at scale to categorise and organise your contracts and documents in a way that simplifies their retrieval and analysis by your team.

Backdate Contracts with New Metadata

Not tagged a contract when you uploaded it, and now you need to add new metadata? No problem, as with Pocketlaw's AI-powered metadata tagging, you just let PLAI (our AI-powered assistant) know the criteria you want to tag the contracts to, and it will automatically backdate any agreement or document with your new tag to your criteria in seconds for you.

Reduces Errors

By automating the process of handling hundreds to tens of thousands and more documents, this AI-powered solution not only reduces the manual workload your organisation needs to go through but also significantly enhances your team's accuracy and efficiency simultaneously.

Learn More

Book a free demo today to see how our AI-powered contract metadata solution can help you automate your legal contracts with ease.

Benefits of a Simplified View of Your Contracts

With the introduction of AI when it comes to labelling metadata, especially this brings you and your organisation many benefits for your contract management strategy.

For instance, these can consist of:

Improved Organisational Efficiency

Automated tagging and organisation of your contracts enables you to manage your documents more effectively - reducing the time spent on administrative tasks and allowing you and your teams to focus more on strategic activities.

Increased Accuracy

By minimising human intervention, the likelihood of errors in document handling is significantly reduced, ensuring that contract management becomes both reliable and precise.

Valuable Insights and Analytics

AI metadata labelling helps you and your teams extract and analyse the data from contracts. 

In turn, this provides the broader business with actionable insights that can inform your decision-making and strategy development as a result.

Advanced Universal Search Capabilities

Consequently, our PLAI AI-powered contact management assistant includes a powerful search feature that allows you and your users to quickly find specific contracts or information within them, speeding up your findability.

Real-World Applications of AI Metadata Labelling

The practical benefits of AI metadata labelling can be illustrated through several real-world scenarios, such as:

Keeping Up To Date With Changes in Regulation

We all know the pain points that can come with changes in regulations and updating extensive processes and contracts to be legally compliant with the new regulations.

This becomes even more complex if you have hundreds or thousands of contracts that now all need to be updated to comply with the new law. How do you even go about finding which ones are affected?

With contract metadata tagging powered by AI, you can let AI do all the heavy lifting for you. 

By giving it your criteria to look up, it will go and tag all the contracts that need to be immediately reviewed for you within minutes. 

Filtering by Renewal Date

We have all experienced that time when contracts have lapsed, a payment has yet to be followed up, or a service has stopped due to missed renewal dates.

Consequently, let contract metadata handle that for you. By automatically filtering your contracts by their renewal dates or payment terms, it ensures you can find and keep yourself up-to-date in a timely manner with all the renegotiations or terminations that need to action.

This feature is invaluable for maintaining favourable terms and preventing unwanted auto-renewals from reoccurring.

Finding a Contract From 2004

With advanced search capabilities, locating a specific contract from years ago, such as one from 2004, becomes a matter of seconds, not hours.

This findability not only demonstrates the system’s efficiency but also its value in managing long-term record-keeping.

AI Metadata Labelling for Simplified Contract Management Final Thoughts

AI-powered metadata labelling, as with our PLAI Assistant, shows you how significant advancements in contract management can change how your business handles and manages your contracts.

By automating the process of document handling and bringing the power of AI into your organisation, your business can finally start to analyse while enjoying improved efficiency, accuracy, and insights with your contracts.

Book a free demo today to see how our AI-powered contract metadata solution can help you automate your legal contracts with ease.

Disclaimer:
Please note: Pocketlaw is not a substitute for an attorney or law firm. So, should you have any legal questions on the content of this page, please get in touch with a qualified legal professional.

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