Contracts contain a treasure trove of metadata that can transform strategic decision-making if extracted correctly. However, traditional methods of poring over contracts manually or using basic OCR software result in low accuracy and efficiency. Enter Kudra – an AI-powered intelligent document processing solution built to revolutionize contract data extraction.
The Old Methods of Contract Data Extraction
In the pre-digital era, analyzing contract metadata involved manual paperwork review by legal teams. This required lawyers and paralegals to comb through endless pages identifying relevant names, dates, clauses, and obligations. The process was time-consuming, expensive, and prone to human error.
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The arrival of basic OCR software enabled the convertion of scanned contract images into machine-readable text. However, these systems lacked the contextual awareness to accurately decipher intricate legal terminology, tables, diagrams, and handwritten notes commonly found in contracts.
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Large organizations began employing armies of law students and data entry analysts to manually extract and compile contract metadata into spreadsheets. But with thousands of new and amended contracts generated each year, this approach did not scale. There was an urgent need for an automated and intelligent way to parse contract data.
The Strategic Value of Comprehensive Contract Insights
Migrating contracting processes to digital formats provides immense strategic value. Digitized contracts can be easily searched, shared across departments, and compared using metadata tags. Quick access to past agreements also enables the reuse of previously negotiated clauses.
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Compiling contract metadata further unlocks game-changing business insights, enabling executives to:
• Track contract leaks and wastage across the organization
• Identify revenue growth opportunities during renewals
• Assess performance risks posed by certain partners
• Monitor compliance with changing regulations
• Model future liabilities and cash flow requirements
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Without the ability to efficiently extract accurate metadata, organizations lose out on data-driven decision-making and millions in cost savings.
Kudra – The Future of Contract Data Extraction
This is where Kudra comes in. Kudra is an AI platform built to revolutionize the extraction of insights from documents like contracts, invoices, shipping manifests, and more.
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• The platform’s easy-to-use visual workflow builder makes it simple for anyone to create automated workflows that can process loads of document types and export parsed data to various endpoints.
• Users can leverage Kudra’s library of over 20 pre-trained AI templates specialized for documents in finance, legal, logistics, and more. The legal category comprises templates that can identify parties, dates, and key clauses in contracts.
• Kudra also enables creating custom AI models tailored to unique use cases. By providing just 20 labeled examples, Kudra can train models that massively outperform generic extraction engines.
• The platform’s showstopper feature is its powerful ChatGPT module that brings advanced reasoning capabilities to workflows. This game-changer can analyze clauses, summarize documents, classify them into pre-defined categories and more.
Blazing Fast, Ultra-Precise Contract Data Extraction with Kudra
Kudra’s biggest value proposition is enabling enterprises to extract contract metadata at unbelievable speeds while delivering best-in-class accuracy.
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The platform can parse everything from scanned paper contracts to Word docs, PDFs, and even hand-written notes. Users no longer waste time deciphering tables, diagrams, and illegible signatures – Kudra handles it all.
Kudra’s AI engine delivers over 99% accuracy in identifying entities and clauses compared to the 80% benchmark of traditional OCR software. This precision across millions of contracts translates to massive cost and risk reduction.
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The platform’s easy integration with digital contracting systems like DocuSign also makes new agreements instantly available for automated analysis. This enables the creation of live dashboards that provide real-time contract insights to executives.
With Kudra, contract management teams can free up over 30% of time previously spent on manual data entry. This enables them to take on more value-added tasks like strategic analysis and contract optimizations.
AI That Truly Understands the Complexities of Contracts
Unlike other extraction tools, Kudra leverages deep learning techniques like Bidirectional Encoder Representations from Transformers (BERT) that mimic human-level comprehension. This enables accurately deciphering the convoluted legal language prevalent in contracts.
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Users can train Kudra’s AI models by simply highlighting required entities like names, places, dates, etc. in just 20 sample contracts. This level of customization enables achieving precision as high as 100% for specialized use cases.
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Kudra’s ChatGPT integration brings powerful contextual reasoning capabilities to the table. Users can configure steps in workflows to prompt ChatGPT to analyze clauses, summarize documents, classify them, and more.
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For instance, Kudra can be set up to read an engineering services contract via ChatGPT:
– Identify scope inclusions and exclusions
– Assess liability caps and insurance requirements
– Evaluate termination and confidentiality clauses
– Summarize risks and highlight actionable insights
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This eliminates the need for manual review of contracts by legal experts – saving massive chunks of time and expense while accelerating decision making.
Driving Massive ROI by Unlocking Contract Data Extraction with Kudra
Manually tracking contract metadata can cost enterprises upwards of $40 million annually in missed savings and productivity losses. Kudra flips this equation through automation and intelligence.
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With accuracy and efficiency unrivaled in the market, Kudra drives immense ROI across business functions. The platform empowers executives to make data-driven decisions, legal teams to speed up reviews, and operational managers to spot inefficiencies faster.
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As per leading estimates, investing in Kudra delivers over $15 million in lifetime savings for large enterprises and pays for itself within months.
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The time for organizations to leverage the power of AI and unlock the strategic potential in contracts is now. It is time to bid farewell to productivity lags, revenue leaks, and compliance failures. With Kudra, the future of intelligent contracting and accelerated decision-making is here. Are you ready to transform?
