ABBYY Shows Power of Text Analytics for Contracts

MILPITAS, Calif.–(BUSINESS WIRE)–Oct 22, 2018–ABBYY®, a global provider of content intelligence solutions and services, is demonstrating the power of ABBYY Text Analytics for Contracts to use human-like understanding of contracts at the Association of Corporate Counsel Annual Conference (ACC) in Austin, Texas, October 21-24. Recognized as the largest conference for in-house corporate counsel, managing attorneys and staff attorneys, ACC attendees will discover how to transform information from contracts and leases into actionable intelligence to speed risk mitigation, obligation analysis and content migration.

“Contracts are the engine of business. They contain critical business intelligence needed to run the enterprise,” commented Jupp Stoepetie, Chief Marketing Officer at ABBYY. “Yet, enterprises continue to struggle to do something that seems simple: connect contracts to business value. ABBYY Text Analytics for Contracts makes that connection a reality, enabling enterprises to access critical intelligence from documents needed to drive revenue and reduce risk.”

Launched April of 2018, ABBYY Text Analytics for Contracts is a cloud-based Software-as-a-Service solution that is ideally suited for contract migration to contract life cycle management systems (CLM), and for risk analysis central to managing contracts for regulatory compliance with regimes such as ASC606 and GDPR. It delivers a high level of accuracy and precision to support complex contracts analysis during negotiations for mergers and acquisitions, and meets compliance obligations by providing an integrated suite of advanced text analytics functionality.

Legal teams benefit from advanced capabilities, including:

Advanced classification and natural language algorithms to assist in the identification of entities, clauses and sections within large volumes of contracts, resulting in streamlined obligations analysis and compliance processes;Project managers gain an overview of all documents within tenant projects for analysis to identify critical documents, normalize data across multiple documents, take action and manage workflows; andLegal staff and reviewers are able to analyze, approve or correct interpretations of identified content for section and obligation analysis and perform clause comparison across the repository of contracts, identify and remedy gaps based on pre-defined clause libraries.

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