ContractWorks announced significant product enhancements that will make it easier than ever to manage contracts. Like everything in the ContractWorks system, all of these new features were developed in-house by a team of engineers who are continuously innovating to improve the user experience.
Highlights of the product enhancements include Artificial Intelligence (AI) and Annotations, two features that will save users valuable time during both the implementation and the ongoing contract management processes, a hallmark of the ContractWorks platform.
Artificial Intelligence
ContractWorks’ AI Auto-Tagging automates a process that would typically require extensive employee time searching through legal documents to find and tag key data points. ContractWorks gives users the ability to bulk upload large volumes of contracts at once, and the new AI feature automatically tags key pieces of information in each contract, including agreement type, parties involved, effective date, termination date, and more.
“We looked into how our customers were using the software and identified the information users were manually tagging most frequently,” said Will Reynolds, CEO of ContractWorks. “Our Engineering team was able to use those insights to create a tool that would do much of that work automatically, saving hours of manual data entry and allowing customers to more quickly realize the value of the software.”
Another use of the AI feature is enhanced Optical Character Recognition (OCR) and Contract Outline. When users upload contracts, the software is able to read and analyze text in the agreement and create a linear outline from the section headers, giving users a snapshot of all the contents within a contract and the ability to easily navigate to and review specific sections.
Unlike other contract management software with artificial intelligence, ContractWorks’ AI feature was built entirely in-house. This allows for ongoing feature and functionality improvements based on feedback from customers who are using the product on a regular basis. Additionally, ContractWorks’ customer documents are not exposed to third-party providers, removing unnecessary security risks and creating a more secure environment for storing and sharing confidential information.
Annotations
ContractWorks’ new Annotations feature allows users to highlight sections of an agreement using a variety of colors, and perform actions based on the highlighting that has been applied. Custom tags can be created linking to specific highlighted sections of a document, and users can run reports based on highlight colors, allowing for quick and easy review of key details of an agreement. The highlighting tool can also be used like a digital sticky note, bookmarking important information to be reviewed by others or revisited during contract review.
“AI Auto-Tagging and Annotations are real game-changers for customers, and the feedback we’ve received to date confirms that,” said Reynolds. “These are features that not only allow legal teams to get up and running with our software faster but can save hours of manual work and free up critical resources so companies can focus on growing their business rather than wasting time with overly-complicated software. Our in-house engineering team has poured their time and energy into developing a more robust platform with exciting new features that will be incredibly meaningful for our users.”