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Organizations continuously struggle to efficiently extract data from different SaaS agreements and contracts. IT teams have become tediously busy extracting specific data like renewal dates and auto-renewal clauses from SaaS licenses and contracts. Sometimes, the contract just sits in a drawer, with the hours spent negotiating it going to waste.
Manual extraction from contracts is slow, error-prone, and inefficient. It faces challenges like scalability issues and interpretation discrepancies. The manual process is time-consuming, which ties up IT teams for longer periods and lowers productivity. But what if it could be done automatically, in just minutes, and with accuracy?
That's where Artificial Intelligence (AI) enabled data extraction comes in. Using CloudEagle’s AI-powered metadata extraction, IT teams can effortlessly retrieve essential information from SaaS contracts and invoices with a single click.
To know more about how this AI extraction can enhance productivity within your organization, continue reading.
Challenges with existing metadata extraction approaches?
If you are still extracting the SaaS contracts metadata manually, you are dealing with:
Time-consuming process: You can’t really extract metadata from SaaS contracts manually especially when dealing with large volumes of data. This is not feasible, as it is time-consuming and will require our IT team to engage in this task for longer periods, diverting their focus from other strategic tasks.
Error-prone & scalability issues: If there's an error in extracting the SaaS contract, you might miss renewal dates or encounter SaaS mismanagement issues. This can reduce productivity and create discrepancies, particularly when dealing with growing data volumes or changing business needs.
Inefficiency: Manual extraction methods are inefficient and require significant human effort. This can overwhelm your IT teams and sometimes lead to data processing delays. For larger SaaS contract extraction needs, you might need dedicated individuals to handle the process.
Varied interpretations: Different individuals may interpret contract language differently. This can lead to inconsistencies in metadata extraction if the designated extractor's understanding does not align with the data.
How does CloudEale help automate metadata extraction?
For faster and more accurate data extraction, use CloudEagle's AI extraction feature. CloudEagle automates contract extraction for accuracy, providing comprehensive visibility into SaaS contracts. The tool offers automated alerts for renewal dates and dynamic license tracking to optimize license counts.
CloudEagle has,
AI extraction capabilities: CloudEagle's AI capabilities help IT teams automatically extract relevant information from contracts. This process offers greater accuracy and consistency than manually keeping track of the SaaS license data, usage, and renewal date.
Contract management at vendor and application level: This tool gives you comprehensive SaaS visibility in your tech stack. You can manage contracts at both the vendor and application levels and analyze agreements with varying levels of granularity from a centralized dashboard.
Renewal date management: Use CloudEagle's automated alerts to manage contract renewals proactively. The tool extracts contract metadata as you upload it generates renewal calendars based on renewal dates and sends automatic reminders until contracts are renewed. With advanced workflows, set alerts up to 90 days in advance.
License count management: With CloudEagle's dynamic license tracking, you can monitor license counts, even with frequent additions. Real-time updates ensure accurate tracking and availability of usage data.
With this data, you can effectively manage your licenses by deciding which ones to keep, retire, or free up based on their usage within the organization. Additionally, you can reclaim underutilized licenses through license reclamation workflows.
Scalability and flexibility: The solution can effortlessly handle a significant volume of SaaS contracts and associated data, making it scalable for organizations with diverse contract portfolios.
What are the steps to access this AI extraction feature?
To use CloudEagle AI metadata extraction, do the following:
Step 1: Accessing the document module
Log in to CloudEagle, and click on the documents module.
Step 2: Uploading documents
You can upload all your SaaS-related documents by clicking the "Uploaded Documents" tab or using the "Bulk Upload" button to upload multiple documents.
Step 3: Extracting the document individually
Upload documents, then choose between bulk or individual extraction. Open each document and select its type (e.g., contract) by clicking "Edit."
Step 4: Initiating extraction
Click "Extract Data" to start extraction. The AI extraction process will begin, and you'll see the status as "In Progress." Either wait for it to finish or proceed to extract data from other documents.
Step 5: Reviewing and publishing the document
Click "Edit" to review, ensure completeness, and add missing fields. Then, save or publish the data.
Note: Drag and drop PDFs or click "Choose Files" for files under 4.5 MB. AI extraction is limited to contracts or invoices, not other documents like MSCS or tax forms without subscription details.
Metadata extraction complete: What's next with the extracted data? Here’s the best part. The tool not only does automated data extraction of metadata, but the processed data aids in transforming your license management and helps you set the best renewal management practices for you.
License management: CloudEagle elevates license management to new heights. You can view your purchased licenses comprehensively and easily track their respective usage.
You can set up customized workflows to detect when license usage falls below a specific threshold. At that point, you can decide whether to maintain, retire, or renew licenses.
You can also create workflows to automatically revoke the user's license, freeing it up for reallocation to someone else who requires it. To reclaim unused or underutilized licenses, you can utilize license reclamation workflows. You can harvest these licenses for later usage when required by someone else.
Renewal management: The SaaS licensing model presents a major challenge in terms of contract renewals. Manually tracking license renewals through spreadsheets is time-consuming and hectic for IT teams.
If any specific date is missed, resources might be wasted, and opportunities to upgrade or downgrade the license might be missed. This is where you can use CloudEagle's contract management module to its full potential.
CloudEagle lets you set up customized renewal workflows for improved SaaS contract management. Once you set up the workflows, CloudEagle will automatically send renewal reminders via Slack 90 days before the deadline.
When setting up the workflow, you can create a Slack channel alongside it. You will get notifications through Slack until someone from the stakeholders takes action to renew the contract.
With this proactive approach, you will stay ahead of renewals, and can prevent unnecessary auto-renewals that could increase spending.
How can you take advantage of this AI extraction feature?
Using CloudEagle's AI extraction, you can streamline your organization's metadata extraction from various SaaS contracts. Previously, if your IT teams had to manually visit each contract to extract the data, CloudEagle's assistance makes the process easier and more efficient.
This feature saves time and ensures accuracy in the data extraction process by consolidating SaaS contracts and invoices in one platform.
The tool lets you,
- Utilize bulk extraction for simultaneous data extraction from multiple documents.
- Bulk upload SaaS contracts, eliminate manual effort, and save time.
- Repeat the extraction process if you want a second check about accuracy.
- Have human oversight and do quick edits using its user-friendly dashboard.
Schedule a demo with CloudEagle to learn how AI extraction can enhance your organization's data extraction process.
