Organisations may have the need to perform legal work that involves reviewing thousands of contracts, often to establish their exposure to changes in legislation. It is essential to enhance visibility of contract terms through Artificial Intelligence to respond to these changes.
Traditionally, organisations have to manually sort employment contracts into categories and read through a sample of each to extract the relevant details. For example, for employment contracts staff would manually extract employee details and relevant employment conditions as their basis for establishing an opinion.
This process can be extremely lengthy and by only checking a sample can expose the organisation to the risk of missing the key information.
The Extract for Contract Analysis Solution
RAVN Extract, an application built on the RAVN ACE platform, can be deployed by organisations to 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.
Benefits & Results of RAVN Extract for Contract Analysis
Not only can RAVN Extract eradicate human error on contract analysis and increase the speed of these tasks by several orders of magnitude, but staff can also be re-deployed to more productive and rewarding tasks, leading to improved morale as well as increasing efficiencies within the organisation.
Risk is mitigated as the whole contract estate can be reviewed instead of using a common random sampling method, often traditionally used when trying to reduce workloads to more manageable levels.
In a recent example the exercise took two days to set up and could then process the full contract estate in minutes, compared to the traditional manual approach which had been estimated to have taken two junior lawyers over four months to perform.
What is RAVN Extract?
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.
Clients chose to work with RAVN as our ‘Applied‘ Cognitive Engine is thoroughly applied to the business. We listen to the firm’s issues and create a robot that specifically handles those issues within that domain. Our technology can be deployed as standalone solutions or some organisations chose to combine our products to complement each other, ensuring all needs are met.
There are various payment options – the technology can be delivered as a service, pay per document model or enterprise license.
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.
- As a trusted adviser and negotiation partner, we wanted to have first hand experience of a leading AI technology so we can advise on how it will change the workplace over the coming years to ensure we’re offering the most appropriate advice to our clients.Ole Møller, Vice President at Djøf
- This technology will bring us a flexible environment that is dedicated to our firm so we can ensure we can look after our clients as efficiently as possible. We chose to collaborate with RAVN as we recognised them as a leading AI provider and wanted their product to be part of the firm’s portfolio.Santiago Gómez Sancha, ICT Director at Uría Menéndez
- For our lawyers, time is very precious and we needed a fast, reliable and accurate search engine that was easily integrated into our existing systems. The team at RAVN proved they could tick all the boxes we required.Flavio Romerio, Partner at Homburger
- The software will read, interpret and extract key provisions from a client’s property lease agreements. This approach is a great supplement to manually laborious processes, and a stand-alone device in relation to certain standardized agreements and will mitigate risk from human errors and inconsistencies. SVW is happy to continue the collaboration with RAVN to further improve the SVW real estate robot.Peter Van Dam, Knowledge and IT Manager at Simonsen Vogt Wiig
- Garrigues are always looking for innovative ways to ensure we are providing the most efficient service to our clients. We chose to work with RAVN as they are leaders in the industry and able to deliver on both our current and future plans.César Mejias, IT Director at Garrigues
- RAVN's platform has allowed us to implement our vision of providing integrated, secure and effective access to our knowledge resources.Robin Hall, Head of Knowledge Management at Howard Kennedy
- RAVN is one of a number of innovative solutions that the business is implementing as part of IT's 2020 vision aligned to improve efficiencies and productivity benefits across the firmClive Knott, IT Director at Howard Kennedy
- Our primary goal here is to leverage knowledge to accelerate business and deal decision-making and to harness the collaborative power of a multi-geography growth markets organisation. RAVN Connect is an important component in a differentiation we bring to our investors around how we share knowledge and get to more dynamic decisions on deal flow. Additionally, it helps us harness macro-economic, sectoral and functional knowledge flows seamlessly and is ultimately a major competitive advantage for us.Ovais Naqvi, Managing Director – Head of Market Engagement at Abraaj
- It's likely to save us tens of millions of pounds in lost revenue.Horia Selegean, Head of Revenue & Margin Assurance at BT
- Sky are committed to using the latest innovations to ensure our customers receive the best possible viewing experience. RAVN’s AI component has allowed us to successfully automate the EPG review process which has dramatically reduced the review time as well as ensuring we maintain robust and compliant information">Angus Gairdner, Head of Content Planning Operations at Sky
- By adopting this innovative platform we are able to quickly focus on the high value and high risk contracts within large data sets, simply categorise and divide up tasks and ultimately provide a more responsive service to our clients. We are now looking to roll out the RAVN solution to live client matters within the firmLucy Dillon, Chief Knowledge Officer at Reed Smith
- The RAVN solution effortlessly made all of our operational content, valuable precedent and knowledge content discoverable within the firm’s chosen collaboration and Search platform, Microsoft SharePoint. As such, the disruption for users was negligible, yet the benefits from efficient search, preview and expertise location across a geographically distributed organisation have been significant.Jeremy Rooth, Director of Business Transformation & Knowledge Management