Firms are being burdened with having to manage an ever increasing volume of legal documentation. Traditional methods of processing documents seem outdated, as they often rely on manual, labour-intensive contract mining.
Cognitiv+ and Digital Catapult are working together to apply the latest advances in natural language processing and machine learning. This will help to remove bottlenecks in contract processing as identified by industry experts from Capgemini and CMS.
The consortium is designed to include broad areas of technology and specialisations and will be overseen by specialist experts. These key individuals will collectively provide subject-matter expertise that covers SAAS (software as a service) and machine learning, different areas of law, contract management, IT integration and business process outsourcing.
Digital Catapult’s role, in addition to providing its data science expertise, is to turn findings from this project into best-practice and to expand that into other industries such as manufacturing and health.
Firms are being challenged with an increasing burden of legal documentation to manage. Traditional methods seem outdated, as they often rely on manual, labour-intensive contract mining. ContractAI is a collaborative R&D project established to facilitate automated analysis of legal contracts.