AI-Based Contract Intelligence Software from Scry Analytics
“Contract intelligence capabilities developed by Scry Analytics is one of the most innovative and transformative solutions that can help enterprises realize tangible value in short order. This solution was particularly liked by my organization for its user friendliness and for its ability to make accessible such advanced AI /ML capabilities to non-tech finance professionals to transform processes. The accuracy rate of this solution on some of the key tasks exceeded normal human operations accuracy. The performance of this solution just kept getting better with every new contract,” said Rohit Amberkar, Global Procure-to-Pay Leader for Microsoft Corporation.
Businesses, consumers, and governments routinely sign several billion contracts and binding agreements every year. Once a contract is signed, each party must ensure that it fulfils all obligations given in the contract or potentially face significant perils. Especially for mid-sized and large firms that may annually sign several hundred to thousands complex agreements, the current process to review and track these obligations for achieving compliance is laborious and time consuming,
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Keeping the above in view, Scry Analytics recently introduced an AI-based software app called Collatio® – Contract Intelligence that extracts and reconciles relevant data from various agreement types with more than 94% accuracy. This software helps organizations in reducing processing costs and manual labor by 75%, and in meeting their contractual obligations. It uses more than 40 proprietary AI-based algorithms and pre-built ontologies for identification and resolution of errors and for extraction of metadata, attributes, and entities. It also uses both external data and that within the agreement to reconcile information such as addresses, buyer/seller information, and mathematical formulas. Ultimately, it points out the few output fields where it has not been able to reconcile and should be manually verified.
According to Alok Aggarwal, CEO and Chief Data Scientist of Scry Analytics, “This AI-based Contract Intelligence app can be trained on new types of agreements by the clients themselves, thereby, obviating the need for third party involvement. Furthermore, this app provides an accuracy of around 60% after being trained on 50 documents of a given type, and roughly 90% when trained on 300 documents.”
Overall, Collatio® – Contract Intelligence software app helps in mitigating the following gaps of the manual reconciliation process:
- Contracts come in varied formats including paper, fax, scanned, PDF machine-readable, and spreadsheets. Hence, manual extraction of relevant information from these formats is both time consuming and laborious.
- Manual reconciliation often leads to human induced errors due to inadequate analysis and missed out contractual terms especially those related to compliance.
- Manual comparison of various terms among similar contracts and determining aggregate risks and compliance obligations is also laborious and time consuming.
Contract Intelligence currently provides high accuracy at an extremely large scale and low latency. The software comes with its own user interface and its APIs can be easily configured so that it can be integrated with almost all end-to-end internal or external systems and processes used by clients. It is sold in SaaS (software as a service) mode but can also be installed on premise and behind a firm’s information technology firewall.
“Contract intelligence capabilities developed by Scry Analytics is one of the most innovative and transformative solutions that can help enterprises realize tangible value in short order. This solution was particularly liked by my organization for its user friendliness and for its ability to make accessible such advanced AI /ML capabilities to non-tech finance professionals to transform processes. The accuracy rate of this solution on some of the key tasks exceeded normal human operations accuracy. The performance of this solution just kept getting better with every new contract,” said Rohit Amberkar, Global Procure-to-Pay Leader for Microsoft Corporation.
