OCR contract management refers to the process of using optical character recognition (OCR) technology to digitize and manage contracts.
OCR technology identifies and interprets text in images and scanned documents and converts them into machine-readable data that can be edited and searched. While OCR can be used for all types of documents, one of its key use cases is contracts.
When applied to contract management, OCR can convert paper contracts into digital documents and data, making it faster to find specific clauses, terms, or other information. OCR can also extract the key details that you want, which can then be input into a contract management system and efficiently organized, processed, and analyzed. This enables companies to automate a portion of the contract management process that takes up a lot of time, reduce manual data entry, and improve information accessibility.