ABBYY Shows Power of Text Analytics for Contracts
Addresses legal professionals’ need to leverage artificial intelligence in contracts and leases
ABBYY®, a global provider of content intelligence solutions and services, is demonstrating the power of ABBYY Text Analytics for Contracts to use human-like understanding of contracts.
“Contracts are the engine of business. They contain critical business intelligence needed to run the enterprise,” commented Jupp Stoepetie, Chief Marketing Officer at ABBYY. “Yet, enterprises continue to struggle to do something that seems simple: connect contracts to business value. ABBYY Text Analytics for Contracts makes that connection a reality, enabling enterprises to access critical intelligence from documents needed to drive revenue and reduce risk.”
Launched April of 2018, ABBYY Text Analytics for Contracts is a cloud-based Software-as-a-Service solution that is ideally suited for contract migration to contract life cycle management systems (CLM), and for risk analysis central to managing contracts for regulatory compliance with regimes such as ASC606 and GDPR. It delivers high level of accuracy and precision to support complex contracts analysis during negotiations for mergers and acquisitions, and meets compliance obligations by providing an integrated suite of advanced text analytics functionality.
Legal teams benefit from advanced capabilities including:
- Advanced classification and natural language algorithms to assist in the identification of entities, clauses and sections within large volumes of contracts resulting in streamlined obligations analysis and compliance processes;
- Project managers gain an overview of all documents within tenant projects for analysis to identify critical documents, normalize data across multiple documents, take action and manage workflows; and
- Legal staff and reviewers are able to analyze, approve or correct interpretations of identified content for section and obligation analysis and perform clause comparison across the repository of contracts, identify and remedy gaps based on pre-defined clause libraries.
Visit ABBYY at booth #1007 during ABA TECHSHOW.
ABBYY is a global leader in content IQ technologies and solutions. ABBYY offers a complete range of AI-based technologies and solutions transforming business documents and content into business value. By providing digital transformation solutions to financial services, insurance, transportation, healthcare and other industries, the company helps organizations achieve the next wave of growth by understanding customers and delivering responsive real-time intelligent systems. The flexibility of ABBYY AI solutions enables customers to utilize a diverse range of advanced technologies, platforms and solutions for classification, text analytics, data and entity extraction, and data validation via any communication channel and in any format. ABBYY technologies are used and licensed by some of the largest international enterprises and government organizations, as well as SMBs and individuals. The company maintains offices in Australia, Cyprus, France, Germany, Japan, Russia, Spain, Taiwan, the UK, Ukraine, and the United States. For more information, please visit www.abbyy.com/company.
ABBYY and the ABBYY Logo are either registered trademarks or trademarks of ABBYY Software Ltd. Other product names mentioned herein may be trademarks and/or registered trademarks of their respective owners and are hereby recognized.
Gina Ray, APR
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ABA TECHSHOW is an annual legal technology Conference and EXPO designed to bring lawyers and technology together for three days of CLE and networking. Presented by the ABA Law Practice Division, ABA TECHSHOW helps lawyers practice efficiently through the use of technology.