AI Powered Contract Analysis Software and Review | Smart Contract Analytics
September 30, 2020 ⚊ 3 Min read ⚊ Views 465 ⚊ BUSINESS
Smart Contract Analytics (SCA) Platform is based on AI / ML and specifically uses NLP and pattern recognition to process the contracts and extract the metadata. The platform is hosted on the AWS cloud that takes advantage of all security features that AWS provides along with the high availability and scalability features with GDPR compliances.
Artificial Intelligence / Machine Learning capabilities:
The SCA Platform uses Deep learning Neural Network models like Bi-LSTM, CNN, and other models that leverage state-of-the-art Natural Language Processing (NLP) based modeling techniques such as Word2Vec and Bi-directional Encoder Representations with Transformers to develop a semantic understanding of the document contents and further extract relevant entities and clauses.
Product features:
1) NLP and deep learning techniques for extracting metadata
2) Export the extracted data to Excel or client desired format and push the extracted data into any CLM or downstream system
3) Support of foreign languages (currently supported languages include Spanish and German)
and rest of the languages are in the planned roadmap
4) Generate dynamic ML models based on the contract type
5) The Platform has adaptors to various data sources to obtain legacy documents (FTP, Google Drive, SharePoint, dropbox, box, S3, and others, etc.)
6) The Platform can segregate the contracts based on the type of the contract (i.e. MSA, NDA, and SOW, etc.)
7) Ability to rename the contracts – standardize naming conventions if needed.
8) Document OCR capability with the ability to convert images, unsearchable pdf, and scanned documents into text.
9) Metadata configurability
10) Integrated Quality Control tools for verification and validation of extracted clauses/metadata.
11) Compare two executed contracts of the same type to show the differences
12) Compare executed contracts with the standard template at a section/clause level
13) Notifications / Alerts engine that sends out notifications to email/text messages ( for example contracts expiring in 30/60/90 days, contracts that have an “Auto Renew” clause or Contracts that are not countersigned and several others based on the configured attributes.
14) Show all the contracts executed with specific Vendor ( or by account) in a hierarchical manner
15) Hierarchical mapping of the contracts assuming enough linkage attributes are available within the executed contracts or tracked in a CLM system
16) Open API that can be integrated with any 3rd party systems
Analytics capabilities:
The Smart Contract Analytics Platform comes with the following out of the box analytics capabilities based on the metadata extracted from the documents:
• number of contracts that are coming up for renewal by period (30 /60/90 days)
• Number of Contracts with Net payment terms as 30 days, 45 days and 90 days, etc.
• Number of SOW’s / MSAs / Other Types of Contracts by the supplier
• Show contracts by the specified metadata (ex: “tell me how many contracts have clause ‘Indemnity’.”)
• number of contracts that have “Auto Renew” option
• number of contracts that have an Insurance Liability clause with a specified $ amount
• Several others based on metadata and meta fields.
