ABBYY launches AI service for contracts
Content intelligence services provider ABBYY has launched ABBYY Text Analytics for Contracts, a managed service that uses AI to automatically discover insights from contracts and leases. This can help speed up risk mitigation, obligation analysis and content migration.
Businesses can use the service to leverage the entire ABBYY technology portfolio to accelerate time-to-value and successfully implement their contract lifecycle management, robotic process automation and digital transformation strategies.
Russia-based ABBYY’s human-like understanding of contracts enables users to speed-read documents by pinpointing sections, clauses and facts for systems of records or other business processes to drive contextually informed, accelerated decision-making.
The service is well suited for large and medium-sized enterprises, large-scale system integrators and independent software vendors who need to automatically leverage the intelligence embedded within sectioned documents including contracts, leases, regulatory filings and more.
This will allow them to augment business decision-making processes and ensure compliance with emerging regulations such as GDPR and ASC606.
“Text Analytics for Contracts empowers businesses to reduce time-to-content, automate time-to-decision and accelerate their time-to-compliance,” said ABBYY vice-president, head of product marketing, Bruce Orcutt.
“It simplifies the use of semantic and AI technologies to automatically identify intelligence within contracts and streamlines analysis to dramatically reduce turnaround time.”
The service’s modular, extensible and scalable cloud-based architecture allows contract processing as well as discovery, review and analysis workflows to be easily customised – all with zero infrastructure footprint.
Text Analytics for Contracts enables clients to run teams across multiple time zones 24/7, using multi-tier review and analysis workflows.
ABBYY service personnel simplify customer engagement by taking responsibility for configuration, staging and processing of documents, to accelerate the delivery of contract-based intelligence to client personnel.
The granular level of insight is achieved using ABBYY’s comprehensive NLP technology, which combines syntax, semantics, pragmatics and machine learning to identify sections, target-specified entities and understand complex structures.
It provides the high level of accuracy and customisation needed by attorneys dealing with complex contracts during negotiations or mergers and acquisitions and compliance and security professionals when dealing with risk.
The advanced technical capabilities are accessed through simple, intuitive interfaces that require minimal training and provide an effortless user experience.