The old way of capturing essential data attributes from legal documents has been transcended, thanks to technology. We hear about Artificial Intelligence (AI), we hear about Machine Learning software systems and other new technologies for data extraction from contracts. But when we dig into the details, the accuracy of abstraction is not to the standard for companies to make reliable business decisions. It is difficult to achieve very high accuracy from software and consistency from manual methods.
What does it take to extract perfection (99.9999% accuracy)?
Artificial intelligence is ideal for automating repetitive activities, but in the event of bad OCR quality documents or determining which phrases have been altered and need to be overridden, the three dimensions of good AI software, a trained team of lawyers, and a strict methodology are all equally critical.
In this whitepaper, we will be answering similar questions such as:
- What capabilities does Artificial Intelligence data extraction software have?
- Why is using AI to automate the process important?
- When in the extraction process should AI software being introduced?
- Where is AI software insufficient for the extraction of legacy contract data?
- Who should do the review?
- How can we bridge the gap?
Finding the right advice from people you trust can be a challenge in a world full of information. We’ve got you covered. Feel free to contact us to brainstorm your contract data migration needs.