How OCR can help in better contract management

Ganesh_oscar26 Aug, 2020Business

How are contracts mostly handled Contracts are an integral part of the business in any organization. Depending on the type of the company and how long the company existed there are several ways contracts would have been created and managed. However, whatever the contract management process that an organization might be adopting to, there will be a lot of active contracts that are still written on paper or signed / scanned and stored across document repositories or network drives or any existing contract management systems. Just having these legacy contracts on your systems does not help the organization much as these are non-searchable and hence have incredibly low visibility and also prone to operational risk Apart from the legacy contracts there are other cases where the contracts are executed outside the organization (for example, executed on third party paper) and are scanned and emailed back to your organization. These contracts are just uploaded into your existing document.