Learning how to extract data from Microsoft Word can be a game-changer for both small and mid-sized tech startups and their legal teams. Time is gold and manual work is the ghost that haunts contract management, especially in B2B software sales. But all is not lost, in this post we’ll have a look at some ways to effortlessly extract data from Microsoft Word documents. It’s a must-have skill for startups, empowering them to navigate contract negotiations seamlessly with Contract Sent, a tool designed to speed up your sales and streamline their contract management processes post signature.
Before we jump into the extraction process. Let’s reiterate the challenges faced by tech startups when it comes to contract management. Lengthy negotiations, difficulties in managing legal teams, lack of senior leaders’ oversight and the aftermath of signed contracts trapped in inaccessible Word documents or PDFs are common pain points. Contract Sent has been built as the solution with its array of features designed to address these issues effectively.
Understanding the Need for Data Extraction
When was the last time you sat with a member of the legal team and been stepped through a contract line by line and shown all of the changes that have been made so that you can decide if they are appropriate? – Time wasted?
When was the last time you missed a renewal because the start and end dates of your contract with a customer wasn’t clear and you had to go back and review a long form contract? Opportunity lost?
There are a bunch of issues that are cause by data being trapped in long form contracts. So let’s look at how they can be solved.
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Streamlining Contract Management with Contract Sent
Contract Sent has been built with this specific issue in mind and built to create efficiency in contract management. Setting up a process to extract data from Microsoft Word, in particular contract data will help you have an easy to reference data repository for your future dealings with the companies contract. As startups need to track changes of contracts during various contract negotiations and revisions, the ability to effortlessly extract data out becomes a business process. Contract Sent sets up a business process to extract the following data points:
Step-by-Step Guide: How to Extract Data from Microsoft Word
- Identify Key Data Points: Begin by identifying the crucial information within your Word document that you want to extract. This could include contract terms, clauses, and any other key details that will be important in the future for you.
- Use Advanced Search Functions: Leverage Microsoft Word’s advanced search functions to locate specific terms or phrases quickly. This ensures you pinpoint the exact data you need without sifting through the entire document.
- Copy and Paste Method: For a straightforward approach, utilize the traditional copy and paste method. Highlight the text, right-click, choose ‘Copy,’ and paste it into your destination, be it Contract Sent or another platform.
- Utilize Data Extraction Tools: When handling large data volumes or complex documents. Consider using data extraction tools compatible with Microsoft Word. These tools can automate the process, saving valuable time and reducing the risk of human error. Contract Sent is purpose built for this.
- Integrate Contract Sent Features: Capitalize on Contract Sent’s advanced contract comparison tool to identify changes between different versions efficiently. This feature not only streamlines the extraction process but also enhances the overall contract management experience.
- Organize Extracted Data: Once the data is extracted, organize it within Contract Sent’s data structures. Categorize information based on contract stages. Key clauses, or any other relevant metrics to provide a clear overview for senior leaders.
The Role of Contract Sent in Data Extraction
Now that we’ve explored the extraction process, it’s important to highlight the overall process of this and how it aligns with your sales pipeline. The back and forth of contract negotiations can mean that the details of what’s in your contract can change a number of times dependant on the current contract version you’re working on, the current negotiation stage and the customer the contract is being negotiated with. The kanban board facilitates efficient management of contract stages, while tracking tools monitor versions, important clauses, and contract metrics and these can be changed throughout the process.
By integrating Contract Sent into your workflow, you not only streamline data extraction but also address the broader challenges faced by startups in contract management. This ensures that senior leaders have a real-time understanding of progress, making the review and approval process more efficient than ever.
Setting yourself set up to extract data from Microsoft Word is a fundamental skill for startups that are using Microsoft Word at scale for their contracting and aiming to expedite their contract management processes. With Contract Sent as a tool in your arsenal, not only can you effortlessly extract data, but you can also cut out the manual work across your sales team, legal team, finance team and customer facing teams. Setting up extraction as part of your approach to contract negotiations will ensure that crucial information is never trapped in a thirty page long document again.