Text Analytics for Contracts

2018: Announcement of Text Analytics for Contracts

On April 26, 2018 the decision maker in the field of intellectual information processing and linguistics of ABBYY announced service for the analysis of the text of documents. The solution under the name Text Analytics for Contracts allows to draw in the automatic mode important conclusions from agreements, reducing risks in case of non-performance of terms of the contract and providing the concentrated analysis of the registered obligations.

Using Text Analytics for Contracts, the companies actually get access to all technologies of ABBYY and an opportunity to manage contracts for all lifecycle, to use processes of automation and the strategy of digital transformation, the press release says.

ABBYY provided service for the analysis of agreements and reportings

Contract management - process of the certificate that accomplishment of obligations by the seller conforms to contract requirements. In big projects with a great number of suppliers of goods and services key aspect of contract management is interaction management between different suppliers.

Text Analytics for Contracts provides fast reading of contracts, employment contracts, reportings and other documents, for example, to follow accounting standards of ASC 606 or the General regulations on data protection (GDPR).

The technologies of humanoid understanding of ABBYY constructed on artificial intelligence, image understanding and a neurolinguistic programming allow people to understand quickly a document essence, selecting sections, provisions and the facts for a recording system or business processes therefore users can quicker make decisions, proceeding from a context.

The producer addresses Text Analytics for Contracts service to medium and large business, system integrators and independent software makers.^[1]

Notes