Adlib Adds Contract Analytics to its AI Content Intelligence Platform

Adlib Adds Contract Analytics to its AI Content Intelligence Platform

Contract analytics used AI to drive the automated processing of information from complex contracts and agreements, driving structured documentation and streamlining workflows.

Adlib Solutions, an emerging global leader in content intelligence, has announced the launch of its expanded AI-driven content intelligence platform to include enhanced contract analytics capabilities.

Content intelligence combines the powers of AI systems and software to process, mine and analyze data to gain insights into the effectiveness of content and help guide content strategies for businesses. Content such as texts, images and videos are analyzed to reveal keys insights using artificial intelligence.

As a big data-driven approach to content marketing, content intelligence allows businesses to create content optimized for target audiences to increase traffic, customer engagement and sales.

Adlib has taken its content intelligence platform up a notch by incorporating contract analytics into the platform. Contract analytics involves the systematic review of a company’s documents, such as agreements and contracts. Adlib says that by allowing businesses to access data previously locked in complex documents like contracts, “business leaders can now mitigate risk, find efficiencies and address compliance more quickly and cost-effectively than ever before.”

Through its new and improved content intelligence platform, the Toronto, Canada-based company aims to bring deeper contract analytics capabilities to power the “intelligent enterprise.”

The rapidly growing content intelligence market is expected to be worth over $2.6 billion by 2025. In 2018, the global contract management software market was valued at $1.3 billion and is forecasted to be worth $5.2 by 2027. This is attributable to the growing number of start-ups being seen in the AI-driven contract analytics space in recent years due to the need for innovative content marketing strategies and building efficiencies into business processes guided by big data.

Related: Life Science Careers: Leveraging AI in Talent Acquisition and Industry Expertise for Employers and Employees

The new contract analytics capabilities in Adlib’s expanded content intelligence platform will enable a deeper level of contract analysis. Adlib’s new platform features include:

  • Advanced document classification
  • Identification of key clauses and specific language within them
  • Signature detection and strikethroughs
  • Point-and-click data science that allows users to achieve solutions for document challenges using AI

The manual review of complex contracts can be a tedious and time-consuming process involving a number of parties including an organization’s legal team. AI-powered contract analytics can bring efficiencies to contract negotiations by identifying key target areas and streamlining the workflow, mitigating legal risks.

In a press release from the company, Peter Duff, chief product officer at Adlib, said, “Contracts are one of the riskiest, most complex, yet valuable documents an enterprise can have,” and that, “Adlib’s innovative Contract Analytics capabilities allow enterprises to simplify the analysis of their contracts, delivering answers faster and more effectively, making every business event less risky and more profitable.”

Digitization and Content Analytics

The platform digitizes content and stores it in a secure cloud that is searchable and readily accessible by individuals and teams, enabling people to connect over the data. The contract analytics component allows for the scanning of all systems to discover new and hidden content from the most complex of contracts, allowing for the generation of purpose-built documents.

Through machine learning and AI, contract analytics can detect duplicate content, classify documents based on content similarities and find and extract key data to foster market disrupting innovations. The strategy allows for enhancing customer experiences, streamlining internal workflows and ensuring regulatory compliance within an organization.

Brett Mellon, CEO at Adlib believes, “It’s time we changed the tone of the digital transformation conversation.” In the press statement from the company, he said, “Enterprises know they need to be agile and digital, yet the roadblock of unstructured data remains. By finding, analyzing and creating insightful data from complex documents, enterprises can de-risk their business and reinvigorate revenue…This is why Adlib exists, to give our customers the tools they need to become the intelligent enterprises of tomorrow.”

Adlib states its purpose as being the generation of intelligent data that enhances human potential and maximizes business performance. Through its content intelligence and automation solutions, the company aims to help enterprises create structured data from complex unstructured documents to reduce risk, be regulatory compliant, automate processes and grow in various levels of performance.

Adlib’s platform and services cater to a variety of industries including banking, insurance, life sciences, manufacturing as well as oil, gas and energy, with over 5,000 customers in over 40 countries worldwide.