The corporate world gained another machine learning-backed contract analytics provider last week as OCR and text scanning software company ABBYY launched ABBYY Text Analytics for Contracts, a managed service to discover insights from contracts and leases.
Another competitor for the in-house legal coin, the service is said to be well suited for “large and medium-sized enterprises as well as 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, to augment business decision-making processes and ensure compliance with emerging regulations such as GDPR and ASC606.” And breathe.
“Text Analytics for Contracts empowers businesses to reduce time-to-content, automate time-to-decision and accelerate their time-to-compliance. It simplifies the use of semantic and AI technologies to automatically identify intelligence within contracts and streamlines analysis to dramatically reduce turnaround time,” said Bruce Orcutt, vice-president, head of product marketing at ABBYY.
The service’s cloud-based architecture allows contract processing as well as discovery, review and analysis workflows to be easily customized – all with zero infrastructure footprint.
We haven’t had a chance to catch up in person with Abbyy yet but we will. In the mean time we think this sentence from the launch announcement means their people take your stuff and do it for you, but better: “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 new service will be competing with the likes of Seal Software, Kira Systems, eBrevia and Luminance.