Seven Eights: Automating license management with AI and smart search
The industry that regulates compliance with laws and agreements changes rapidly, and a company’s speed of reaction is essential.
Typically, 60-80% of the data included in contracts and legal agreements is unstructured, so any error can have severe financial consequences.
How do you streamline the manual process and reduce errors?
We’ve created a solution that enables employees to search and identify the right information faster, making it easier for them to reach more customers and scale their work.
Seven Eights is a leading licensing consulting firm that offers global solutions to manage licenses and ensures comprehensive management of intellectual property licensing rights, maximizing financial performance and correcting any non-compliance situation.
Seven Eights manages tens of thousands of contracts and legal agreements for its clients, and has millions of pages of documentation in a variety of formats (scanned documents, printouts, PDFs, images, databases, etc.).
But most of this data is unstructured, so they needed to speed up a manual and time-consuming process. At the same time, they could proactively identify specific terms or dates.
The process
To speed up the processing of documentation and data, as well as the identification of key tags/words/dates, we started with 50,000 contracts and legal agreements.
We build several custom machine learning models and automate document ingestion, processing and tagging.
We extracted key terms and phrases such as expiration dates, and even inaccessible information from the images.
To this end, the information was cleaned, organized and made available to stakeholders through a user-friendly interface.
Automation through Knowledge Mining, NLP and Artificial Intelligence.
Modernization of manual processes for thousands of contracts in the legal sector.
“Thanks to the automation of manual processes, we can now use our time efficiently by deeply analyzing information.”
Benigno Calvo, Seven Eights CIO
Results
- Increased availability to serve more customers.
- Cost reduction by speeding up the traditional manual process.
- Reduction of human errors and employee frustration.
- Identification of new knowledge locked in inaccessible formats (images, for example).
We are ready for new challenges
