Zug, Switzerland – Feb 27, 2024
Framesoft is thrilled to announce the upcoming launch of its latest groundbreaking technology, Framesoft Document Intelligence (FAI) later in 2024. This state-of-the-art artificial intelligence platform is set to revolutionize the field of contract management, offering unparalleled efficiency, accuracy, and insights.
FAI will leverage advanced machine learning algorithms and natural language processing to automate and enhance the entire lifecycle of contract management. From creation and negotiation to compliance and analysis, FAI will streamline operations, reduces errors, and provides actionable insights, thereby significantly improving productivity and strategic decision-making.
Key Features
1. Document Digitalization & Text Extraction
Optical Character Recognition (OCR) technology is used to digitize physical documents or parse digital formats. Preprocessing techniques improve the quality of text extraction and handling issues
2. Understanding Contracts
FAI analyses the semantics of the text to understand the context and meaning of clauses within agreements. This involves parsing legal language, identifying definitions, obligations, rights, and conditions.
3. Data Extraction
FAI will be trained on legal documents extract essential data points from agreements, such as termination events, collateral arrangements, and netting provisions
4. Agreement Identification
Based on the data extraction FAI checks if the agreement already exist in FCR. If so, the agreement data items stored in FCR will be compared with the clauses extracted from the document. If the agreement does not exist a new agreement is created. FAI can detect and flag anomalies or differences between the contract document and FCR repository data items, prioritizing them based on predefined rules or their potential impact.
5. Reconciliation
FAI compares extracted data items from agreements with clauses / data items stored in Framesoft Contract Repository (FCR). This involves matching contract terms, parties, and conditions to identify discrepancies or inconsistencies. The results will be presented in FCR Compare screens and can be applied or rejected.
6. Continuous Learning and Improvement
As FAI is exposed to more contracts and reconciliation tasks, it learns from corrections and feedback, further improving its accuracy and efficiency over time. Additionally, FAI offers a chatbot to place user inquiries and provide accurate and nuanced responses.
7. Workflow Automation
Automated workflows are established where FAI triggers actions based on analysis outcomes, such as updating records, generating compliance reports, or initiating review processes.
Transforming Contract Management with AI-Powered Efficiency
Framesoft Document Intelligence (FAI) is more than just a tool; it is a transformative solution designed for any organization that deals with contracts regularly. FAI offers significant advantages, making contract management more efficient, secure, and strategic.
Embrace the Future of Contract Management with Framesoft Document Intelligence (FAI)
For more information about Framesoft Document Intelligence (FAI) or to request a demo, please contact us at via e-Mail
Join us in ushering in a new era of contract management. With Framesoft Document Intelligence, your organization can look forward to a future where contract management is not just a necessity but a strategic advantage.
