How to Extract Key Data from Contracts Using AI

Learn how to extract key data from contracts using Pabbly Connect, Google Drive, and OpenAI, streamlining your contract management process efficiently. This comprehensive guide reveals exactly how to connect your applications and automate repetitive tasks — accessible for professionals of all technical backgrounds.

Watch Step By Step Video Tutorial Below

1. Setting Up Pabbly Connect for Contract Data Extraction

To start extracting key data from contracts using AI, you need to set up Pabbly Connect. First, log into your Pabbly Connect account or create a new account by visiting pabbl.com/connect. After signing up, you will have access to the workflow builder where you can create your automation.

Once on the dashboard, click on the ‘Create Workflow’ button. This action will take you to the workflow builder, which is essential for integrating various applications. Here, you will set up the trigger and action for the automation. The trigger will initiate the process when a new file is uploaded to a specific folder in Google Drive.

2. Triggering the Workflow with Google Drive

In the workflow builder of Pabbly Connect, the next step is to set up the trigger using Google Drive. Click on the ‘Add Trigger’ button and search for Google Drive. Select it and choose ‘New File in Specific Folder’ as the event. Then, click on ‘Connect’ to establish a connection between Google Drive and Pabbly Connect.

• If you have an existing connection, select it; otherwise, create a new connection by signing in with your Google account.
• Choose the folder where your contracts are stored, ensuring it is a sharable folder.
• Set the polling time for checking new files; the default is 10 minutes.

After configuring these settings, click on ‘Save and Send Test Request’ to test the connection. This step will capture the most recent file uploaded in the specified folder, which is crucial for the next steps of your automation.

3. Extracting Data from Contracts Using OpenAI

After successfully setting up the trigger, the next step involves using OpenAI to extract key data from the uploaded contract. In Pabbly Connect, add a new action step and search for OpenAI. Select it and choose ‘Extract Content from PDF/Image’ as the event. Click ‘Connect’ to link OpenAI with Pabbly Connect.

To connect, you will need your OpenAI API key. If you don’t have one, you can create it from your OpenAI account. Once connected, you will need to input the URL of the uploaded contract. Use the mapping feature in Pabbly Connect to dynamically insert the URL from the previous step.

• Enter a prompt to guide OpenAI on what data to extract, such as ‘Extract key contract details from a legal contract document.’
• Make sure to choose the response format as advanced to capture structured data.

After setting this up, click on ‘Save and Send Test Request’ again to see if OpenAI successfully extracts the required details from the contract.

4. Adding Extracted Data to Google Sheets

The final step in this automation is to add the extracted data into Google Sheets. In your Pabbly Connect workflow, add another action step and search for Google Sheets. Select ‘Add New Row’ as the event and click ‘Connect’ to link Google Sheets with Pabbly Connect.

Once connected, select the spreadsheet where you want to store the extracted data. You will need to map the fields from the OpenAI response to the corresponding columns in your Google Sheets. Make sure to map each detail accurately to ensure the data is organized correctly.

Map fields such as contract type, parties involved, start date, and payment terms. After mapping, click on ‘Save and Send Test Request’ to confirm the data is added to your Google Sheets.

Check your Google Sheets to verify that the details have been added correctly. This integration will now run in the background, automatically updating your sheets whenever a new contract is uploaded to Google Drive.

5. Conclusion

By using Pabbly Connect, you can effortlessly automate the extraction of key data from contracts, saving time and reducing human error. This integration allows you to streamline your contract management process with minimal effort.

Now, with the steps outlined, you can implement this automation for your business, ensuring that all key contract data is captured and organized efficiently. Enjoy the benefits of automation with Pabbly Connect!