Organisations are often required to provide due diligence checks and recommendations on their contracts but face the challenge of doing this manually to tight deadlines whilst ensuring accuracy. Firms are now looking to Artificial intelligence to improve this process.
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Traditionally, organisations have to manually perform due diligence tasks, sometimes involving the manual categorisation of portfolios into product types and supporting document sets, followed by manual review of each set. This process can be extremely laborious and in order to meet deadlines some firms have to extend working hours or draft in supplementary resources. The process can also cause a risk in the accuracy of the extracted information. When the situation later invariably changes (a counterparty or judge requires additional information from the data set), the whole task has to be done all over again.
The RAVN Extract for Due Diligence Solution
RAVN Extract has the ability to compare negotiated agreements either against a body of agreements to establish machine-learned standards or with the original template, if available, or, Zones where the content changes between contracts are automatically detected and these elements are then extracted for analysis and compared with automatically or manually established rule sets. Deviations can then be prioritised, assigned a corresponding risk factor and flagged, via workflow, to the appropriate personnel for action. You are in total control of priority levels and workflow.
Contract Risk Analytics
Contractual risks can be quantified and aggregated according to contract type, contract negotiator or any other specified or extracted Key Performance Indicator (KPI). They can be reported (both pre- and post- signature) in a simple dashboard, with visual analysis tools as standard. Because Contract Risk Analytics quantifies contract value and risk across contract types, it could open up the opportunity to offset risk to insurers or niche risk trading mechanisms for particular business or product lines; and in so doing, free up investment capital for other business uses.
Not only can RAVN Extract eradicate human error when performing due diligence tasks but staff who used to carry out manual data extraction can now be re-deployed to more productive and rewarding tasks, leading to improved morale as well as increasing efficiencies within the organisation.
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. Sampling of the extracted data also showed an improvement in accuracy over manual methods. It also allowed the entire portfolio to be processed, adopting a consistent process and eliminating the need for temporary resources, leading potentially to better overall interpretation and advice.
Organisations offering due diligence services enhanced by RAVN Extract now have a superior competitive advantage when bidding for work that has traditionally taken a long time to perform manually.
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.
- RAVN Manage and RAVN Connect Enterprise supplement our current systems extremely well. With both systems, searches become even more efficient and documents may be retrieved significantly faster than before. The fact that the systems understand how people work together and are able to spot cohesion through entire cases is a real strength in our daily operations. In Bech-Bruun, this is a highly strategic focus area. Moreover, RAVN is a pioneer in the area and we consider this as the first step to full implementation of AI.Stefan Winqvist, CIO at Bech-Bruun
- 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
- RAVN is very competitively priced at the moment and provides a standardised Windows interface so it needs much less integration. “It’s really simple and mimics the tech people already use. I’m focused on systems that are intuitive to use – unless it’s very simple to use people don’t have the time to work it out and remember how to use it.Jeremy Rooth, Director of Business Transformation and Knowledge Management at Withers
- The RAVN solution allows us to leverage the inherent search capabilities that are now included with SharePoint 2013 and with the RAVN connectivity layer provided, we have the ability to extend to our broader information corpus as required.Richard Skinner, Applications Architect at Taylor Wessing
- By building on the standard [Microsoft] technologies we will keep all the enhancements Microsoft have and continue to make with their search engine, augment it with RAVN’s preview and connectivity technologies and we are also able to utilise the huge wealth of expertise, WebParts and add-ons developed by the wider Microsoft community.Sam Luxford-Watts, IT Manager at Watson Farley & Williams
- RAVN has been instrumental in helping us create Insight, not only with the integration of the uniquely powerful RAVN Core platform at the heart of the solution but also with a high level of expertise at the forefront of search-based technologies.Michael George, Deluxe MediaRecall Executive Vice President and General Manager
- With RAVN’s help we have been able to get a head start on production and have actually reduced production costs. RAVN have certainly been excellent value for money.Search Project Manager, Sky
- RAVN Connect revolutionises Sharepoint Search in distributed environmentsSenior IT Manager, COWI
- If you need your corporate Knowledge Management tailored to your needs, RAVN should be your first port of callJosh Ellis, CIO, SFO