Minimizing Time to Value: The Importance of OCR Processes in Contract Management Software

By LinkSquares Team

golden-coins-and-hourglass-clock-return-on-investm-MM5JG2CTime to value is the term for the length of time between when you adopt a software solution, and when that solution starts to save you money or make you money. The longer your time to value, the harder it is to enjoy a large return on your software investment because you're incurring the costs of the software for a long time before those costs start to pay off. When evaluating a software solution’s potential time to value, pay special attention to the platform’s optical character recognition (OCR) processes.

OCR makes it possible to convert all those locked scanned PDFs and blurry smartphone images into searchable text files, making it an invaluable tool in contract management. But traditional OCR processes in many major software platforms are known to make consistent errors that tend to prolong time to value.

OCR should be an asset to minimizing time to value, not a liability. Traditional OCR processes simply do not have the power or accuracy to deal with the volume and complexity of documentation that legal teams manage. Images below a certain quality either can’t be converted at all, or they end up painfully mistranslated, leaving legal teams with the chore of manually sifting through scanned documents to identify and correct errors.

➜ Download our eBook on the importance of reliable OCR processes 

These are not the kind of processes you need. Errors made by traditional OCR are entirely counterproductive to your goal of increased efficiency, and software that continually makes these errors is a bad investment.

The OCR processes your legal team actually needs from contract management software will have advanced character recognition capabilities, a wealth of training on legal contracts and specific language, and a back-up plan for occasional errors that doesn’t involve consuming your team’s valuable time and attention.

Want to hear more about what an advanced OCR solution would look like? Check out this video about LinkSquares Smart OCR and how it can make your processes more reliable and efficient. 

Topics: OCR