ABBYY automates contract migration with Machine Learning
US Quote-to-Cash solution provider Apttus has announced the availability of Apttus Intelligent Import . This solution uses technology from ABBYY that automatically scans, loads, and analyses contracts, both physical and digital, to an Apttus Contract Management repository.
This has traditionally been a manual operation that prevents many organisations from gaining visibility into their legal and commercial obligations, hiding potential risks and revenue leakage from company leadership. Now, organisations can benefit from the many advantages of bringing their most critical contractual data into a centralised Quote-to-Cash operation.
Apttus Intelligent Import makes legacy contracts accessible by means of:
- OCR: Converts documents in a broad array of formats into machine-encoded text, which can then be analysed.
- Classification: Identifies the type of contract or legal document.
- Segmentation: Breaks each document down into its component parts, particularly clauses and business terms.
- Extraction: Pulls specific components, facts and attributes from a contract or document.
- Validation: Confirms correct segmentation and extraction of contract contents. Includes a state-of-the-art interface for conflict resolution and required legal review.
- Export: Transfers the data into a structure easily loaded into Apttus Contract Management .
“By applying proven e-discovery principles to the world of contracts with Apttus Intelligent Import, millions of data points can be identified, extracted and analysed in a short amount of time,” said T. Jason Smith, Senior Director of Application Solutions at Apttus.
“These provide metrics by which you can measure performance, evaluate risk and proactively manage the relationships upon which your company’s success is built. This is critical to helping law departments increase compliance and reduce risk without slowing down the sales cycle.”
“Before the development of Apttus Intelligent Import, many contract management projects required months to even get started,” said David Bayer, VP, Text Analytics at ABBYY.
“Together with Apttus, we’ve created a solution that accelerates the accurate extraction of critical information from legal documents to significantly reduce the cost and effort of bringing existing contracts into a revenue operation. We’ve now put the results and processes back into the hands of our customers and their legal teams.”