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Thursday, March 12, 2020

AI Powered Contract Management

Another example in the legal space, here specifically looking at contracts,  and the management of related data.  Much more at the link.  Note machine learning training by lawyers.  Check out the tabs to find much more in the connection of analytics, contracts and decision process.  Also how regulations like CDPR relate to legal contracts.

Exigent launches AI-powered contract management system for speed to smart data in DSS Resources

With a machine learning engine trained by lawyers, Exigent's end-to-end CMS now auto-extracts contract data in milliseconds and runs contextual search with improved accuracy

CHICAGO, March 11, 2020 /PRNewswire/ -- Legal technology provider, Exigent, has released the latest update to its Contract Management Solution to include AI-based auto-extraction and contextual search for increased speed to data, accuracy and business impact. Exigent's AI auto-extraction tool, Scarlett, is powered by a machine learning engine set up and trained by legal professionals, financial experts, and data scientists, creating faster and more accurate outcomes.

Using Exigent's new CMS automates the once costly, slow and error-ridden manual extraction and input of contract data. The solution extracts smartly selected business and legal terms quickly, automatically placing them into a data lake and making key data accessible at all times in a universal format. All extracted information is then aggregated on dashboards or included in easily buildable reports in seconds. Scarlett has unlimited applications across many industries and departments: the tool can be used by legal, procurement, and other departments across an organization to auto-extract and structure data for powerful, customized analysis. Information is aggregated and used to review and enhance performance, as well as predict business outcomes. Scarlett's power is already being used by Exigent's clients for more efficient contract review, to tackle LIBOR transition and for compliance in general (GDPR, POPI, CCPA and any other clauses that need attention in a contract). ... "

See also, Exigent.

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