A New to Market Capability in Contract & Document Analysis
Kira Systems, the industry leader in machine learning contract review and analysis software, announced its upcoming release of Answers & Insights. This new capability goes beyond identifying and extracting provisions, clauses, and data points, by interpreting this data and providing decision-makers in firms and organizations with the answers to their most pressing questions, instantly. It’s fully integrated into our no-code machine learning platform, Quick Study, allowing for easily scalable customization.
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Building On Kira’s Smart Fields: Intelligence that Answers your Questions
Kira’s Built-In Intelligence comes pre-built with smart fields to accurately identify and extract over 1,000+ common clauses, provisions, and data points from contracts and documents. These smart fields are trained by Kira Systems’ team of in-house lawyers and subject matter experts who span across many legal areas and industries to unlock the insights and value hidden in contract data. Answers & Insights is a new smart field type where users will be able to train Kira to ask their most pressing questions or pick from a selection of built-in questions and get answers in the form of yes/no or multiple-choice options across their contracts and documents. Decision-makers in firms and organizations will gain a deeper understanding of what their data means, helping them make faster, smarter decisions or recommendations for their businesses and clients.
“Answers & Insights represents the next level of our no-code AI technology,” said Dr. Alexander Hudek, Kira Systems CTO & Co-Founder. “It allows you to go beyond simply identifying relevant text by additionally assigning fine grained meaning to extractions. We achieve this without hard-coded rules, custom code, or human intervention, letting you truly scale your knowledge work.”
Kira will answer questions like: “Does the lease name a guarantor of tenant’s obligations?”, “Is LIBOR or Eurocurrency referenced in the agreement?”, or “Does the agreement renew automatically?” Kira comes with a collection of built-in questions commonly asked across legal and business documents and, in addition, firms and organizations will be able to build their own unique questions using Quick Study. This will allow users to exercise their expertise and train their own smart fields to answer questions specific to their business, with no developer skills needed.
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Firms and organizations will also be able to further analyze the answers Kira has found by using its data visualization tools to view details of aggregated data, and compare the relative frequency or relationships between critical provisions, clauses, and data points. This will allow firms to significantly simplify and improve the efficiency of producing client reports and audit files for their clients. Organizations will use this visual analysis to gain unprecedented visibility into their operations across various business groups, helping drive more informed business decisions, resulting in increased revenues, lower costs, and mitigating risks.
Evolving Contract & Document Analysis to Meet Customer Needs
For legal teams and corporations, AI has transformed the way they extract information from contracts and related documents, reducing tedious, manual review and enabling them to spend more time on higher-value work for their clients or stakeholders. This has been a major evolution, but it only scratches the surface. Within the provision, clause, and data point itself lies a wealth of information waiting to be consumed. But even with AI tools today, firms and organizations are still manually analyzing extracted information to interpret the language of each clause or provision, sort each legal implication, and produce reports, before finally arriving on a strategic decision. Now, with Answers & Insights, the review process will be further streamlined for decision-makers to instantly gain a deeper understanding of what their data means to analyze and make faster, smarter decisions or recommendations for their businesses and clients.
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Dr. Catriona Wolfenden, Partner & Innovation Manager at Weightmans, participated in Kira Systems’ Answers Early Access Program and leveraged the new smart field types for a medical report project. She summarizes her experience with the new capability as a massive enhancement to their contract review process: “Our firm is always looking to streamline processes and this includes getting the most relevant information out from documents quickly. The ability to get all the data and insights with just the press of a button, rather than having to search through voluminous documents, will be very beneficial for our lawyers.” In addition, Catriona emphasized that the answers capability will allow them to easily automate more of their current processes, and free up their lawyers’ time so that they can have more client contact and concentrate on the cases where they can add real value. “We let the technology and systems do what they’re good at, which is pulling out information and categorising it for us, so our lawyers can then use these insights to advise clients.”
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