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Friday, April 24, 2020

Following Legal Analytics: Contracts and Liabilities

Our recent looks at eDiscovery and related AI and analytics alerted us to this.  Accenture's connection would seem to indicate seriousness of these efforts.  It is a very obvious space for advanced natural language processing, analysis and cross referencing with current and future contexts.

Legal analytics: Accenture applies NLP to analyze contracts and liabilities

To find specific information in a million-plus contracts, the global professional services company turned to natural language processing and AI, launching a legal analytics hub in the process.
     
By Thor Olavsrud in CIO

Organizations steeped in text documents have an ally in their quest to streamline business processes. Natural language processing, a branch of AI focused on communication, is helping companies such as Accenture surface high-value information and cut costs by bringing text-based, unstructured communications into the machine learning age.  

With more than a million contracts in its records system and thousands more added monthly, Accenture’s legal organization of about 2,800 professionals was struggling to find specific information across contracts, thanks to a tedious, costly process for which detailed cross-document search capability was limited.   ... " 

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