15th September 2020
15th September 2020
By Anurag Malik, Chief Technology Officer at ContractPodAi
There is no doubt that working efficiently and effectively is a sure path to success in any company. But the issue arises when individual tasks, particularly those having to do contracting, take up too much time and effort.
Consider the amount of time it takes to go through contracts and related documents, looking for a certain date or keyword. According to a Gartner survey, more than 30 percent of respondents see the need to simplify and speed up legal work within law departments by the end of 2023. So clearly, increasing productivity is a top priority for the legal industry. And that's when a quick cognitive search comes in handy, especially when it comes to those more lengthy contracts.
By far, cognitive search is the most effective way to find key clauses and better understand your contractual obligations. With the help of artificial intelligence (AI) and natural language processing (NLP), this advanced technology filters out text and data in the hundreds - if not thousands - of contracts contained in your repository. It is an essential part of the latest contract lifecycle management (CLM) systems. Just imagine having a tool that finds exactly what you need and provides search results almost instantly.
More specifically, cognitive search offers:
The use of a cognitive search allows companies to streamline their contracting processes and increase the productivity of legal departments. It is especially helpful in times of crisis, such as the COVID-19 (cornavirus) pandemic. It is ideal for teams with legal staff now working from home (WFH) or remotely. All thanks to advanced tracking technology, the tool increases the searchability of legal content across different locations.
As stated above, the AI-powered cognitive search reduces the amount of time it takes to read contracts and related documents. It eliminates the stress associated with going through lengthy contracts manually. But it is entirely user-friendly, too. And that is due in part to the machine learning algorithms in an AI-based CLM.
A good CLM system, with features like cognitive search, should be easy for legal teams to use. After all, learning a new system takes time away from more strategic legal tasks.
In particular, cognitive search technology translates contracts into a multitude of languages. This way, any contract can be converted into the language of your choice, and keywords and important points can be searchable throughout the agreement. Of course, although the technology can make lawyers' lives easier, some words in the translated contract may still need to be double-checked for accuracy (Such is life!)
OCR technology stands for “optical character recognition.” It allows you to search through digital documents, filtering out a lengthier text to save you a whole lot of time. Basically, it makes PDFs completely searchable. The advanced OCR technology lets users find the information that they need without having to review the entire document, and search through large databases.
So, the manual review of contracts no longer has to be one of those inconvenient legal tasks. Recently, ContractPodAi launched its newest feature, Cognitive Search. Powered by Microsoft Azure and enhanced by our own AI algorithm, it helps your legal team search through lengthy, unstructured contracts with accuracy and speed. It is the simplest way to understand all of your contractual obligations.
Find out more by downloading our Cognitive Search Datasheet today.
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