An Introduction to ContraxSuite’s Contract Analytics

ContraxSuite is a powerful tool for legal professionals, and is the leading open-source contract analytics and legal document analysis platform. It identifies legal material, extracts information, and visualizes, organizes, analyzes, and de-duplicates documents.

The list of things ContraxSuite can do is long, but everything it does is based off of one simple principle.

Documents are the currency of any legal organization. Solo practitioners, mid-sized law firms, in-house departments at Fortune 500 companies; they all have large repositories of contracts, agreements, and other documents. Legal professionals don’t always know what’s in their documents, though. Or if they do, that information is often difficult to locate and organize.

Document analysis used to just mean one or several people perusing paper copies of documents, extracting information by hand, either writing it down or typing it up. When the first computers came along, analysis became a little faster, but offered few other benefits. A little more time went by and then we got to things like keyword search. Then, the rise of the internet made research even easier. Now we have cloud storage to keep our documents organized and accessible, tools like natural language processing (NLP) to segment and analyze clauses, and machine learning algorithms that can crunch the numbers document analysis compiles.

What is Contract Analytics?

Contract analytics is a newer term in the wider tech tool landscape. It describes legal document-specific analysis, and the tools and techniques that a legal professional can use to query contracts and receive an actionable response. Contract Analytics allows a legal professional to answer questions like the following: “In what jurisdiction do I have more than $10M of contracts in place?”, or “What contracts are subject to GDPR data governance restrictions?”. Contract analytics covers a wide range of functionality, but whatever form it takes, it is intended to help users find the answers to their questions.

ContraxSuite brings all of these tools together, in one place, accomplishing document analysis tasks the thoroughness and dimensionality of which far surpass what used to be the province of people sitting under bright lamps collating and underlining all day.

Why Your Organization Needs ContraxSuite

A goal of every organization, and the goal of every legal organization, is to manage risk. But without a contract management platform, your organization may be exposing itself to even greater risk. We all know there is risk inherent in dealing with vast amounts of contracts and other documents that may at best only be organized along a small handful of dimensions. But have you ever stopped to consider how much risk exists anytime a document or group of documents have contents that are not fully known?

At this juncture, the question of whether the legal profession needs contract analytics has been answered. Once you’ve decided your organization needs contract analytics, the next question to answer is which platform you will use. ContraxSuite is innovative, on the cutting edge of legal technology, user-friendly, and its open source framework makes it more flexible than any other product out there. Legal tech, like all tech, must be able to evolve and scale for any organization, and this fact is built into the core of ContraxSuite.

Whether you have one hundred documents, or one million, you need to be able to search, categorize, and extract data, and use that data to plan your organization’s investments, compliance strategy, and market predictions. At this point in the conversation, you might be exhausted by buzzwords and phrases like “Big Data” and “Analytics”. The truth is even simpler than buzzwords.

You need to know your data. You need to know what you have, and how to find what you need, when you need it. And ContraxSuite is here to help.

ContraxSuite has been around for a while, but we are rolling out a new and improved version in the coming months. Contact LexPredict to learn more about ContraxSuite today!

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