Sagence Blog 4 Ways NLP Accelerates Contract Data Extraction

Accurate and targeted extraction of data from completed contracts is one of the main aims of any Contract Lifecycle Management platform. Unfortunately many current solutions, including Optical Character Recognition (OCR) and manual input screens require complex initial configuration as well as many resources devoted to data entry, review and/or correction. Natural Language Processing (NLP) is a technique that uses grammar and a predetermined dictionary of rules and structures to identify and extract data from documents. NLP as a discipline is a branch of Artificial Intelligence (AI) and can be utilized to automate complex tasks related to content identification and extraction from documents.