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Time to value is the term used for the time between the moment you begin to use an application or software and when it starts to make you money. The longer the time to value is, the more difficult it will be to get the highest return from the software you purchase since you’re paying for the cost associated with the application for a prolonged period before the costs begin to pay for themselves. When you evaluate a software’s future time-to-value potential, make sure to pay attention to the platform’s optical character recognition (OCR) methods.
OCR can transform all the locked images and blurry PDFs into searchable text files, making it a valuable tool for managing contracts. However, the traditional OCR methods used in most software platforms have been notorious for making frequent errors that can cause delays to gain value. To know more about ContraSafe’s OCR, ensure that you follow this links https://www.contractsafe.com/
OCR is an asset for minimising time-to-value rather than a burden. Traditional OCR methods don’t have the capacity or precision to handle the complex legal teams must manage. Images that are less than a certain standard can either be converted in any way or end up mistranslated and leaving legal professionals with the task of manually sorting through scanned documents to spot and correct any mistakes.
How Does OCR Work?
OCR is a pretty idea, and it can do more than recognise the forms and texts within a document. In addition, it can also detect inconsistencies within the language used in your paper, as well as handwriting style and fonts.
Optimized OCR technology could recognise patterns or features detection, which helps your computer recognise various variations of a pattern. This includes the letter shapes. By detecting features, OCR can break down patterns, store the patterns with precision, and identify unique elements such as the handwritten signature.
Why Does Contract Management Need OCR?
The main reason for deciding to integrate contract management into your company is to streamline your operations by reducing time spent working on repetitive tasks, labour, and money. It will be easier to operate and better organise your files and manage the entire contract process with ease by digitising your processes.
OCR can allow the computer to search through all your documents quickly, assisting your employees in enhancing efficiency and productivity. Once your contract is digitised, searching for large amounts of data will be easy due to feature and pattern recognition. It also allows computers to read a variety of fields and documents, which will enable you to browse and modify information efficiently.
When it comes time to draft contract documents, precision is crucial. This is why OCR can aid in contract management and automate contract drafts. It allows you to include vital information within every contract, including renewal dates and, terms and conditions. This will enable you to keep track of points precisely, preventing the possibility of making mistakes and increasing the accuracy of your contract.
Benefits of Optical Character Recognition
Easily Add Records to Documents
The copy and paste features are handy when it comes to transferring information. If the document is based on images, it is impossible to copy text that isn’t available. This could be a problem when you need to add information quickly to create a contract management system record. The required information will be already in the document you attach to your record. A good example of what you can quickly copy and paste into your contract management system is the contact information for vendors or the contract’s value.
Once the document has been transformed into text, the data can be pasted and copied to help in the creation of records in the system. The information copied directly from a signed contract can assist in avoiding mistakes in typing when entering the information into the software. Copy and paste functions can eliminate errors in the transfer process and make it easier to type the entire data again.
Speed
When a repository for contracts is digitalised, contract administrators require the ability to search and sort through large volumes of information usually scanned from paper copies effectively. A sophisticated OCR tool allows computers to find and identify details, including party names and renewal dates, with the press of the button.
Agility
Contract systems are a mess. Protocols change with time. Hard drafts are updated as well as distributed. Moreover, various variations of the exact contract appear. Contract management software should be able to reliably interpret a variety of fields and documents (such as dates, names and boilerplate text) and different handwriting styles and fonts to ensure that contract administrators have access to the data they require in a standard and streamlined manner.
Final Words
OCR allows the software to monitor and read information more precisely than the most proficient contract administrator. Therefore, a must-have in any contract management software the company chooses to utilise. However, not every OCR is created equal. Some convert images into text with greater accuracy than others. If you’re looking into OCR technology as a part of your contract, be sure that it’s as precise as you can. From increasing accuracy to improving efficiency, There’s more to OCR than meets the eyes.
