Fresh off winning both the Judges and People’s award for new Product Innovation at Legalweek New York, Knowable launches its new Contracts Data Management Platform.
Knowable, a Contracts Data Management company and the world’s largest translator of contracts language into structured data, today announced the launch of its new platform. Knowable’s intuitive platform for finding and accessing contract information helps organizations turn their contracts into consumable data and practical insights that support better business decisions, and a more modern approach to risk management.
“Contracts are wildly undermanaged and under-leveraged today,” said Mark Harris, CEO of Knowable and one of the founders of Axiom. “Contracts govern every aspect of every commercial arrangement a company has, making them one of the most valuable and powerful information assets in business. And yet most companies can’t even find their contracts, let alone tell you what’s in them.”
According to the Global Contract Management Association – IACCM – more than 80 percent of businesses struggle to simply find their contracts. Nine percent of revenue leaks annually (per McKinsey & Co) and 40% of contract value is lost (per KPMG), all due to poor contract management.
With Knowable’s Contracts Data Management Platform, legal and business teams across functions can proactively manage risk, meet obligations and identify opportunities to capture revenue and margin.
“Our sole focus is helping our clients know what’s in their contracts, translating dense legal language into data that’s intelligently structured and impeccably accurate,” said Harris.
The product leverages Knowable’s five years of accumulated know-how and intellectual property in translating contract language into data, delivering industry-leading accuracy, while using the latest in Natural Language Processing and Machine Learning to drive efficiencies in time and cost. With its Lawyer-in-the loop™ model, Knowable combines human intelligence with artificial intelligence to enable modern risk management, massive value capture and companywide efforts to improve automation.
For the first time ever, companies are getting a portfolio-level look into their exposures, obligations and entitlements. “By translating prose into positions, we are helping the in-house lawyer evolve his or her role into that of a more modern risk manager, presiding over the company’s most precious assets and opportunities,” said Nik Reed, Senior Vice President of Product, Design and R&D at Knowable. Reed, who co-founded Ravel Law, the data analytics leader in litigation, sees a more profound opportunity for structured data and analytics in contracts: “It’s an exciting time across the board, but this technology doesn’t just make lawyers better, it changes how businesses operate and that captures the attention of General Counsel and the C-suite in a way other legal technology can’t.”
Experts and pundits agree. “Knowable stands out because it is not just about legal issues, it is addressing a broad business need by showing real meaning in contracts and provides value far beyond the in-house legal team,” said Richard Tromans, Founder of Artificial Lawyer and judge of Legalweek’s Product Innovation Competition. “In short, it’s operating in a bigger world than legal tech, and that’s the way to go.”
Knowable was declared both the Judges’ Choice and Professional’s Choice award winner for the LegalLaunch: Product Innovation Competition at Legalweek 2020 in New York. The competition brings together the best in legal technology to showcase new products and services that are fundamentally distinct and enhance efficiency for legal professionals.
In Knowable’s Contracts Data Management Platform, contract language is translated into structured data across all documents to give users a comprehensive understanding of key contract terms. It can be used as a standalone product with easy drag and drop functionality for adding documents, advanced search and filtering functionality, and initiative reporting through easy to navigate dashboards. It also works in tandem with other enterprise tools and can be integrated with Contract Lifecycle Management and Business Intelligence systems, among others.
Knowable is a leader in enterprise contracts intelligence. By converting legal language into structured data, Knowable helps its clients understand what is in their contracts, providing portfolio level views of risks, obligations, and entitlements. As a leader in contract data analytics, with more than 25 million contract data elements analyzed each quarter, Knowable combines proprietary machine learning tools with legal subject matter expertise that, together, enable a full contracts intelligence solution for the enterprise. For more information, go to www.knowable.com.