Automate and Optimize Compliance with AI-based License Management and Intelligent Search
“Thanks to the automation of manual processes, we can now use our time efficiently analyzing the information in the knowledge store deeply.” – Benigno Calvo, CIO at Seven Eights
Knowledge Mining, NLP, Artificial Intelligence
Data Lake, Form Recognizer, Cognitive Services
Serving Intellectual Property owners for more than a decade, Seven Eighths is a leading license compliance consulting firm, who offers global license management solutions and ensures integral management of IP licensing rights, maximizing the financial return and remediating any noncompliance situation that may occur.
The regulations and agreement compliance industry changes fast, and a company’s reaction speed is of the essence. Seven Eights manages tens of thousands of legal contracts and agreements for their clients, and has millions of pages of documentation in a variety of formats – scanned documents, prints, PDFs, images, databases, etc. 60-80% of this data is unstructured. Any errors e.g. license expiration overlooked can lead to swift and stringent financial consequences. They were trying to accelerate a time-consuming, manual process and proactively identify specific terms or dates.
They engaged Plain Concepts to help accelerate the processing of documentation/data and identifying key tags/words/dates, etc. For this project, we started with 50,000+ legal contracts and agreements. We built a variety of custom machine learning models, we automatized document ingestion, processing, and tagging. We extracted key terms and sentences such as expiration deadlines, and even inaccessible information from images. Information was cleansed, organized, and made available to stakeholders via a user-friendly UI.
Our solution enables employees to search for and identify the right information faster, and thus cover more clients, and scale their work. Seven Eights is reducing costs by accelerating a manual process such as reviewing contracts and agreements, is reducing human error, and even employee frustration. This solution also enables the employees to identify new insights locked in inaccessible formats (e.g. pictures).