October 5, 2020 – Cortical.io today announced a new release of Cortical.io Contract Intelligence, an AI-based solution for enterprises that need to review and analyze contracts and other documents. Cortical.io Contract Intelligence utilizes its patented natural language understanding approach to extract, classify, search and compare relevant information in documents with a degree of accuracy that is difficult to achieve with manual labor or with other AI-based tools.
Cortical.io Contract Intelligence now incorporates semantic compare, which enables the comparison of two or more documents with a meaning-based approach. Semantic compare provides a score for terms, clauses and even documents that identifies similarities even if the wording is different. The new release also provides traditional redlining capabilities.
Other features in the new release include German language support and the ability to ingest Microsoft Word (.docx) files.
Cortical.io Contract Intelligence is ideal for organizations that need to review and/or search thousands of agreements a year. “Implementing AI-based contract analysis has remained a time-consuming and painstaking undertaking for these organizations,” said Thomas Reinemer, COO of Cortical.io. “Now we can meet their challenge by providing a more efficient AI-based solution that provides a quicker time to production, quicker and easier customization to meet an organization’s specific requirements, while providing higher accuracy and recall than other solutions.”
Since it was first introduced in 2017, Cortical.io Contract Intelligence has been vetted and implemented by some of the leading insurance, banking, accounting and management consulting firms. It has been found to provide up to an 80% reduction in manual review and data extraction time along with reduced processing costs.
Recent releases of Cortical.io Contract Intelligence have included integration with Business Intelligence solutions, semantic search capacities within and across documents, as well as increased administrative ease and workflow improvements. These include:
- A dashboard to enable specialists to manage and track the review progress
- Task assignment for specialists to assign documents and annotation or review tasks to individual subject matter experts
- Built-in OCR capabilities to detect scanned pdf files and convert them into machine-readable files capable of being annotated
- Sophisticated table extraction to parse and extract information from tables regardless of the row/column format in the PDF document.
- Active assistance that includes inline messages pop up to guide users when creating new annotations.
“We’ve really focused on giving enterprise subject matter experts control over their processes, versus a need to engage with AI experts that remain a scarce commodity in most enterprises,” Reinemer noted.
Availability and Pricing
The new release of Cortical.io Contract Intelligence is available immediately as a stand-alone application or can be integrated into a workflow through the use of REST APIs. The product can be delivered on-premises, in a private cloud or a public cloud. Cortical.io also is collaborating with integration partners, as well as other product solution vendors. Current pricing is based on the number of documents (regardless of size) imported into the system. The solution is licensed on an annual basis and includes maintenance and support.
