Ovum, one of UK’s top analyst firms, has just released a report about Cortical.io Contract Intelligence, recognizing its benefits applying Artificial Intelligence (AI) technology in the legal domain.
Based on patented technology, Cortical.io Contract Intelligence extracts key information from complex contracts and populates existing contract management software with that information. The difference with other solutions in the market results from the neuroscience-based algorithm used to process text, which solves the problems of language ambiguity, is quickly trained and enables a fast and transparent implementation process.
“One of the challenges in the legal world is that the vocabulary used in legal documents is rather narrow, and small differences in how these words are expressed can lead to significant contextual or semantic differences”, describes Michael Azoff, distinguished analyst at Ovum. “With their original approach that combines Numenta’s memory model and unsupervised machine learning algorithms, Cortical.io has created a powerful technology to process unstructured text data and extract meaning. At Ovum, we believe that Cortical.io Contract Intelligence deserves evaluation.”
Cortical.io Contract Intelligence processes all types of legal documents, including lease agreements, ISDA master agreements, bond indentures, and certificates. The solution analyzes the meaning, not just of keywords, but of whole sentences, paragraphs, and long text so that the problems of language ambiguity and vocabulary mismatch within and across documents are overcome. For example, “done deal” and “signed contracts” are recognized as very similar by Cortical.io Contract Intelligence, although they do not have any term in common.
Cortical.io Contract Intelligence is accessed via a simple user interface and does not require any specific training. It is designed for business users and does not require any AI experts or knowledge. The solution is already used by Fortune 100 companies to reduce manual review and data extraction time, as well as contract processing costs.