Automated contract data extraction is a goldmine of data for businesses, but manual processing is slow and error-prone. Automated solutions using AI and OCR can quickly and accurately extract critical data from contracts, saving time and resources. This process involves ingesting contracts, extracting data points using AI, structuring data into labels and categories, validating data, routing it for approval, exporting data, and triggering workflows. Automation addresses common workflow challenges such as manual data entry, scattered contract data, inability to integrate with other systems, handling large volumes of contracts, ensuring data accuracy and consistency, lengthy contract cycles, reactive contract management, and lack of contract performance insights. A solution like Nanonets can help transform contract data extraction workflows by effortlessly importing contracts, training custom AI models, providing human-in-the-loop validation, scaling processing, handling complex contracts, enriching data, integrating with workflows, flagging risks, and enhancing contract intelligence. By harnessing the power of AI and OCR, businesses can unlock the true potential of their contracts and make informed decisions that drive their business forward.