Smart NLP Engine that Tackles Entire Contractual Genome
AI Strategy and Intelligent Document Capabilities Using Smart NLP Engine
Counselytics enables enterprises to process and manage large amounts of legal content in fast, efficient, and cost-effective ways. Most of the data in a contract are in unstructured form, rendering it unproductive for further data analysis. Counselytics goes through legal documents and analyzes up to 120 key legal and business terms for data analysis. This gives you the ability to customize term extraction. Counselytics has steadily grown in both revenue and size since its launch. With a series of strategic partnerships to consolidate its market share, such as its partnership with SmartRoom, a deal management solution for secure document exchange; Counselytics has projected its presence in the market.
What Challenges Were Counselytics Trying to Solve
Counselytics needed to build software where documents from every aspect of the business would be managed with ease. This would include invoices, employee contracts, business transactions and correspondence, legal and financial contracts. Around 90% of the data is in an unstructured form in contemporary contracts. Counselytics needed to change that by leveraging Natural Language Processing (NLP), sorting data, and analyzing it.
How We Built a Solution to Tackle the Challenges
We took up the challenge and architected a comprehensive system after mapping all the requirements. We managed to classify all of the data into the following categories: Suppliers (orders, invoices, materials & returns), Employees Data (recruiting, retention/advancement, retirement), Customer Data (correspondence, history/transactions, install base/revenue), Contracts (legal & templates, terms, and entitlement, renewals, and revenue), Financial Data (audit, compliance regulatory, fraud & collections).
Some Features the NLP Engine Consists Of
- File Transmission
Users can upload documents into the Counselytics applications through the easy-to-use interface which provides options for one or multiple document uploads.
- Data Security
The system ensures the highest security and integrity of customer data and protects against security threats or data breaches.
- Data Processing
Counselytics is cognitive augmentation. Its proprietary algorithms can extract and analyze up to 120 key legal and business terms related to contractual & legal material impact. Additionally, it provides users with the ability to create their own business terms.
- Reports, Dashboard & Integration
Counselytics provides a snapshot view across an entire document and contract repository. It can perform a search or apply filters to identify expiring contracts or commonly used clauses. It can also identify most and least favorable terms across a contract type, based on user preference.
Conga Acquires Counselytics
Conga acquires Counselytics after VF tech intervention to bolster AI strategy and intelligent document automation capabilities. Conga’s acquisition will add the ability to harvest contract content, converting unstructured data to actionable intelligence.