RAVN Extract uses Artificial Intelligence technology to automatically read, interpret and extract key information from unstructured data into a desired business output, like a human would do but much faster and eradicating human error.
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- RAVN ACE robot is 10 million times quicker than the manual labour it replacedMatthew Whalley, Head of Legal Risk Consultancy, BLP, Legal Futures Event Quote
- Our 'contract robot' can now finish in less than two seconds work which would have taken a team of people 100 days to complete.Matthew Whalley, Head of Legal Risk Consultancy at BLP
- RAVN were very good at adapting a technical product and speaking about it in a non-technical way. We explained the problems we were facing and they offered a solution and explained it in an easy-to-understand and user friendly way.Victoria Blanchard, Consultant at Berwin Leighton Paisner
- RAVN ACE is the most exciting new development we’ve seen for several years…a true next generation systemIndependent Legal IT Consultant at Inside Legal IT event
Benefits of RAVN Extract
RAVN Extract is far more efficient at reading, extracting and summarising information than traditional manual efforts, allowing you to get to the information you are after much quicker. By automating this process, staff that used to manually perform these arduous tasks can now focus on other things.
By automating the review process, companies and firms can reduce risks such as typos and other human errors. Different people interpret data in inconsistent ways, but with the implementation of RAVN Extract, firms can be assured that all the data extracted is consistent.
Margins are increased as more work can be done in less time. There is no need to hire additional temp staff to meet tight deadlines allowing both labor costs and cost of office space to be reduced. Also, RAVN Extract does not require a promotion, pay rise, overtime or sick days.
As staff no longer have to perform uninteresting, repetitive data extraction tasks, they are able to focus on more engaging work leading to an increase in staff morale.
Get more from your documents & unstructured data
Too much time is spent and too many opportunities are lost due to the lack of relevant information to hand. You need the right information, at the right time, in the right place. The era of simply searching for and finding documents has passed, you need to be able to extract and distil the information held from within documents. This is where RAVN Extract comes in.
Automate the review process
All you need to do is ask RAVN Extract what key pieces of information you are looking for (for example addresses, names etc.) and it will automatically read and interpret stacks of documents then extract and summarise the key information for you for in a matter of seconds.
Why do I need RAVN Extract?
Organisations are facing a rise in unstructured data and according to IDC the volume of corporate held data will be 44 ZB by 2020. This unstoppable growth is causing several problems for organisations:
- Finding the relevant information
- Lack of time and resource to interpret mountains of documents
- Lost opportunities due to lack of relevant information
RAVN Extract can help you overcome these obstacles.
Applied Cognitive Engine
RAVN Extract is built on top of the RAVN Applied Cognitive Engine (ACE). RAVN ACE brings together different technologies from the fields on Information Processing and AI (Artificial Intelligence) in a coherent, enterprise-ready solution stack. Beyond the foundations of a powerful document search engine, the Applied Cognitive Engine focuses on extracting and distilling the information within documents.
Who can benefit from RAVN Extract?
RAVN Extract is not narrowly focused on a single area of expertise, but it can be used in multiple strands of business and be truly multipurpose too.
The potential uses for RAVN Extract are virtually unlimited; whether you are a law firm, financial services company or any other business that needs to deal with huge stacks of unstructured data – RAVN Extract can help you!
Here are some specific use cases where RAVN Extract has been successfully deployed:
Extract for Real Estate: RAVN Extract automatically extracts the requested data points from documents such as tenancy agreements or Land Registry documents. For example data including names, addresses, length and expiry of lease. A summary of this key data is then automatically exported into a desired business output. Results show that RAVN Extract can now finish in less than two seconds work which would have taken a team of people 100 days to complete.
Extract for Contract Analysis: The solution can automatically cluster contracts, including scanned PDFs, into separate contract categories. Each category is then handled to extract the requested data points, such as call out rates, overtime, shift and standby rates, and export them into a desired business output for further analysis.
RAVN Extract can also highlight where it is unable to extract the data points or if it lacks confidence in the value and these are then highlighted in the report. This is usually down to poor quality in the original documents or where sections of text has been crossed through and edited by hand.
Extract for Due Diligence: Documents and contracts, including scanned PDFs, are uploaded to RAVN Extract. The machine then automatically clusters the content into separate document classes (e.g. facility agreements, commercial mortgages, structured finance contracts, etc.) before extracting the relevant set of data points for each document class into a desired output e.g. third party system or excel spreadsheet.
In a recent example, RAVN Extract was able to replace 800 hours of manual due diligence work with 40 hours, including configuration, processing and output of the data; an overall reduction of 95% of the time for the data processing phase of the engagement.
Extract for ISDA CSAs: The solution can read, interpret, extract and summarise the content held within ISDA CSAs. It converts unstructured data into structured output.
Firstly, RAVN ACE can extract the structure of the agreement – the clauses and sub-clauses – which can be very useful for subsequent re-negotiation purposes, particularly if you adopt re-negotiation solutions that can leverage this structure.
It then further extracts the key definitions from the contract, including collateral data from tabular formats within the credit support annexes.
All this data is made available for input to contract or collateral management and margining systems or can simply be provided as an Excel or XML output for analysis.
RAVN ACE also provides an in-context review and preview of the extracted terms to allow reviewing teams to further validate the data in the context of the original agreement.
RAVN Extract Direct
RAVN Extract Direct is a self service version of the technology, allowing clients to be firmly in control of automatically summarising, analysing and extracting key information from documents. Clients have the ability to train the robots how to read the documents and what KPIs (key points of interest) should be extracted By having complete control of the robot clients can speed up the data extraction process, increasing productivity within their organisation.
Watch our Case Study on BLP’s use of RAVN ACE
See how RAVN ACE has benefited Berwin Leighton Paisner in terms of increasing efficiencies, mitigating risk, cutting costs as well as increasing staff morale.