How does OCR work in Contract monitoring tools
The OCR process starts with scanning a document. Then, the OCR software transfers the image from just a single image that is made up of a single datum to a collection of data points, each point with multiple capabilities. Every letter, word, number, phrase, becomes a separate data point. OCR turns the same single datum image into hundreds or thousands of data points.
If your contract monitoring tools has OCR, then a hard copy of a contract or document can be scanned and read (using OCR). Then, these contracts and documents act like “live” files in your computer and in your contract monitoring tools. Live files can use the “search” and “filter” options in your contract monitoring tools to find either a short list of contracts or documents, or one specific contract or document.
Live files save each word or integer separately in a gigantic database, as part of your software system. Then, when a “search” or “filter” of all documents and contracts is performed in your contract monitoring tools, the AI tools scour your entire database to find which contracts or documents include each individual word and integer in your search criteria. Next, ORC sorts all your files into two categories, files with the search criteria, and files without the search criteria. The files that include your search criteria are listed on your contract monitoring tools interface in seconds. Then, you can narrow your search even further, or read each document knowing that it is relevant to your search purposes. Further refinement can isolate a single contract or document with a longer or more detailed search phrase that matches your needs.
