Thanks to comprehensive experience and team of skilled specialists, Silk Data mastered a combination of hand-crafted rules and ML and created an AI-reinforced web interface for businesses to copy, paste and automatically analyze contracts.
Its goal is to optimize legal departments work through advanced AI-based analysis of all the contracts companies have to deal with every day and minimize the human interference with the process.
Improve your workflows and save dozens of hours every week using smart AI contract review.
According to Oxford Management Centre, the sphere of contract analysis and management ‘is consistently evolving, driven by the transformative power of AI’.
Indeed, artificial intelligence technologies transform the way businesses work with documents. There are several positive outcomes that define this transformation.
Artificial Intelligence is transforming contract management by automating routine tasks that traditionally burden legal and procurement teams. Implementing AI into contract management legal and procurement departments can:
This automation liberates your team to concentrate on high-impact strategic work rather than administrative tasks, driving greater value across your organization.
In today's regulatory landscape, AI is revolutionizing how organizations manage contractual compliance and mitigate risks. For that purpose, AI provides several capabilities.
Human errors in contract management can trigger financial penalties and legal disputes, and AI can provide sufficient aid in avoiding them. NLP technologies usage allows to easily spot subtle clause interpretations and controversial terms that manual reviews often miss.
In addition, AI can cross-reference the terms against regulatory databases and historical agreements, ensuring the relevance of information.
By automatically extracting and correlating key terms across thousands of contracts, AI identifies optimal negotiation patterns, risk exposure trends and revenue opportunities. The result allows organizations to standardize favorable terms, avoid suboptimal renewals and allocate resources more effectively.
Furthermore, Natural language processing practices provide automatic tagging of clauses by type, importance and business function. Through that, managers and companies' executives will get additional aid in deciding whether the new project or partnership provides positive outcomes or not.
The purpose of our solution is to fully automate the process and save business resources through usage of contemporary AI and ML techniques. The main idea is that the user can paste the content of a contract or upload a PDF or DOCX document or scan, and in just a few seconds, AI will show key positions in the contract.
The process itself is divided into two main steps:
Defining the type of contract remains one of the most important steps crucial for further accurate analysis.
It is performed by advanced ML model that takes document semantics into consideration while hand-crafted rules add specific patterns that allow to identify slight structural and context differences, for example, between supply and purchase contracts.
It is worth noticing that if you deal with a scan or a hand-written document, the initial step includes processing based on optical character recognition (OCR) that allows to convert the content into readable texts.
As the contract type is determined, the model identifies important clauses in the text based on the set patterns. As a result, the user gets a display of highlighted key document parts and can use them for further analysis.
So, the key purpose of our artificial intelligence contract review is to process intelligent data extraction, sparing specialists from spending hours on monotonous and painstaking work.
Using our AI tool to upload contracts and keep track of requirements, you spend minutes on the tasks that previously took hours. Now it is possible for your experts to perform efficient contract analysis without sufficient efforts and focus on other vital tasks.
Our tool allows to analyze contracts of various types and formats and process texts written in most of the world languages along with many national and regional languages.
Our idea was to create a ready-made solution that can be easily adopted and set by businesses of any size. The tool is easy-to-use and doesn’t require large efforts to implement it.
Analyzing and reviewing contracts remains one of the main parts of the legal departments work, and most of it can be spent on repetitive and time-consuming tasks.
Reduce your lawyers intervention to a minimum and help them quickly track relevant or controversial points of any document.
Financial organizations pay close attention to working with contracts and applications, as improper analysis can lead to tangible money losses. Enhance the power of AI contract analysis and improve risk mitigation by automatically identifying risky clauses and vital information.
Quick and efficient contract review and preparation can be a turning point for productive negotiations or sales. The quicker you understand the core elements of a deal or an offer, the quicker you can come to an agreement or purchase.
We already have first version of the tool that demonstrates following results:
"Right now, we are developing a special MS Word add-on to bring the Contract Analysis directly to the typical tool of an office worker. The idea of the extension is to make minimal intrusion into the document, only selecting the important provisions."
Yuri Svirid, PhD. — CEO Silk Data
The first version of the product shows the highest possible accuracy rate with documents regarding purchase contracts, supply contracts and service providing contracts. The model is already trained to work with a wider range of contract types.
Analytics and user feedback report that the present accuracy is on average 90%. However, the rate can be even higher for certain types of contracts, if the specification is added.
At Silk Data we pay close attention to data security policy. All our solutions follow contemporary and comprehensive practices including data encryption, access control and common security regulation compliance.
We work in various directions, providing a vast range of IT and AI services. Moreover, working on any task, we’re able to provide you with products of different complexity and elaboration, including proof of concept, minimum viable product, or full product development.
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