Scalable contract data conversion.
Structured contract data forms the backbone of good contract data management. Contract data has remained an untapped asset because its value is obfuscated by dense prose that makes analysis impossible – you can’t run position analytics on text. Current market solutions, like CLM (contract lifecycle management) tools or technology-only artificial intelligence tools, only surface snippets of text, leaving the fundamental problem unsolved. Knowable’s structured data conversion engine delivers the structured data you need to manage your contract data properly.
Knowable delivers structured contract data conversion at the scale and accuracy required by large corporations. As the world’s largest contract data operation, we employ a global team of technologies, linguists, deep subject matter experts and process engineers to efficiently and effectively convert contract fields into sets of answers.
Our team of experts support 25+ languages, have reviewed 150M+ contract clauses and are continually strengthening our ML-algorithms—ensuring we can meet your contract needs, no matter how large or complex.
Our proprietary, machine-learning approach, coupled with lawyers and legally-trained contract analysts, enables us to provide unmatched accuracy against other AI or ML-only tools. Knowable’s model not only provides the human quality control required for confidence in results, but we also guarantee 98% accuracy.
The result is contract intelligence that you and your teams can use to quickly identify risks and opportunities and make better business decisions.
Converting the contract data you need.
Knowable’s typical first step is to group together contracts with the same counterparty, and map those agreements together into contract families including master agreements and amendments. Most contracts are linked to at least one other agreement, meaning there’s little value in understanding agreed terms within one contract in isolation. Understanding statements of work requires understanding master agreements, while understanding masters requires understanding the impact of subsequent amendments. Knowable analyzes your entire corpus to roll up disparate documents into a virtual contract, allowing you to see your latest terms with counterparties without wading through unconnected amendments.
The data you need, structured how you need it.
Once you have a clean and fully mapped corpus of agreements, the next step is to understand the positions you’ve taken in your agreements to allow you to conduct individual or portfolio analyses without rereading every contract. This step requires deep expertise: even the simplest of “data pulls” requires understanding and appropriately modeling the potential permutations of terms. For example, it can take nine or more different fields just to accurately model renewal rights on a single contract.
Knowable is the best in the world at creating effective contract data models, built on picklists and numbers rather than prose, and covering a range of risk, cost, and profit applications. The output of Knowable’s data conversion process allows you to run analytics across your entire corpus, pulling out the insights and actions you need to manage your business.
When you convert clause-level language into structured data points, you can then quickly get answers to common contract questions—at the individual and family level—giving you portfolio-level visibility.