ABBYY launches text analytics for contracts 30 April 2018London Reporter: Jenna Lomax
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ABBYY has launched ABBYY Text Analytics for Contracts to speed up risk mitigation, obligation analysis and content migration.
With Text Analytics for Contracts, businesses can leverage the ABBYY technology portfolio to implement their contract lifecycle management, robotic process automation and digital transformation strategies.
According to ABBYY, users of the service will be able to read documents by pinpointing sections, clauses and facts for systems of records or other business processes to drive decision-making through the firm’s technology portfolio.
The service’s cloud-based architecture, allows contract processing as well as discovery, review and analysis workflows to be easily customised.
Text Analytics for Contracts further provides obligation and compliance analysis via the company’s natural language processing (NLP), recognition, and information capture technologies, as well as third-party products and services.
ABBYY’s NLP technology combines syntax, semantics, pragmatics and machine learning to identify sections, target specified entities and understand complex structures.
The also service ensures compliance with emerging regulations such as the General Data Protection Regulation.
Bruce Orcutt, vice president and head of product marketing at ABBYY, said: “Text analytics for contracts empowers businesses to reduce time-to-content, automate time-to-decision and accelerate their time-to-compliance.”
He added: “It simplifies the use of semantic and AI technologies to automatically identify intelligence within contracts and streamlines analysis to dramatically reduce turnaround time.”
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