Document Lifecycle Management with Repositories
Repositories provide several tools that enable you to extract, organize, and monitor key data points from your documents. This guide explains what Smart Columns are, how they facilitate document lifecycle management, how to use alerts and how both features consume credits.
What are Smart Columns?
Smart Columns are a customizable metadata extraction tool that automatically identify and display key information from documents stored within a Repository.
When you add a smart column, you define what data you want to extract from your documents using natural language, and Wordsmith's AI engine will review your files, find the relevant information and store as metadata in a column next to your documents. You can add multiple smart columns to one repository, meaning you can create a complete view of the information you care about.
If you have synchronized your repository with a data storage solution like Google Drive or SharePoint, any new documents added to the relevant site or folder will automatically pulled into Wordsmith and the same data points are extracted with zero action required.
Likewise, if you have set up email intake for your repository, any new document received via email and added to the Repository will be automatically processed
How Smart Columns enable document lifecycle management
Proactive Deadline Management
Smart Columns can be connected to Alerts, ensuring that you never miss critical deadlines or renewal dates. The system monitors extracted data points continuously and triggers notifications when specific conditions are met, such as:
- approaching contract renewal dates;
- upcoming obligations or performance milestones;
- compliance deadlines; and
- service level agreement (SLA) requirements.
Contract Renewal Optimization
By extracting and displaying renewal dates, notice periods, and termination clauses, Smart Columns ensure that organizations remain on the front foot during renegotiations. Users can quickly identify which contracts are approaching renewal and take strategic action in advance.
Risk Reduction and Value Maximization
Smart Columns help reduce legal spend by eliminating the need for expensive Contract Lifecycle Management (CLM) systems.
They provide a single tool connecting document data to all Wordsmith functions.
Organizations can unlock hidden value by maintaining visibility over their entire document portfolio.
Credit Usage
Smart Columns consume credits when extracting and processing data from documents.
The exact credit consumption rate depends on:
- the number of Smart Columns configured - each cell created uses one credit;
- the frequency of document updates and re-processing; and
- the number of new documents added automatically via data storage sync or email intake.
Optimization Strategies
To manage credit consumption effectively, you should:
- configure only the Smart Columns that provide genuine business value.
- avoid unnecessary duplication of data extraction; and
- review and adjust Smart Column configurations periodically to ensure efficiency.
How to use Smart Columns
Initial Setup
- Create or Access a Repository: Begin by creating a new Repository or accessing an existing one within Wordsmith.
- Create a Smart Column: Hit 'Add Smart Column' and either select one of the pre-existing templates, or create a custom column
- Upload or Sync Documents: Upload documents directly to the Repository; sync the Repository with existing document storage (Google Drive, SharePoint); or forward documents via email to the Repository's unique email address for automatic upload.
Using Alerts with Smart Columns
- Create an Alert: Using the 'Alerts' tab at the top of the repository, hit 'Add Alert'
- Select the smart column: Alerts need to connect to an existing smart column, so select your desired column from the list provided.
- Define the alert: Give your alert a name. Then using natural language, describe the alert you'd like to create.
- Define Recipients: By default any alert you create will be sent to your email address, if you'd like anyone else to receive the alert as well, add in their email address
- Test the alert: Once created, you'll see a summary of which documents currently meet your alert criteria. Use this to check whether your alert is behaving as expected.
- Save the alert configuration.
