Summary
The current global market for contract management is estimated in more than € 937 million. Still, the activities involved in contract managing are mostly carried out manually, which entails challenges such as the tracking of deadlines, keeping up with changes in regulations and enforcing company policies, resulting in average costs of 9% of the company’s annual revenues. The only help that professionals have are basic and inefficient tools that do not cover the whole contract lifecycle, forcing professionals to use more than 6 different software tools to carry out their job. Our new solution SCAI, provides a complete and reliable tool for all professionals managing legal documents by identifying provisions and comparing them against regulations and company policies, thus saving 90% of the time needed for document review. Based on Artificial Intelligence, SCAI combines an advanced Machine Learning engine with Natural Language Processing, achieving a recognition accuracy similar to humans. In addition, SCAI provides multilingual support that allows to compare laws and policies across different languages, which makes it a truly unique solution that outcompetes existing solutions and which specially addresses the needs of European companies. Thanks to this project, we expect to expand and internationalise our product from Switzerland, where our company is based, to Germany and Austria in a first commercialization phase, followed by France and Belgium, UK, Ireland and Spain. We plan to have a customer base of 60 large companies and 200 medium companies after 3 years of commercialization.
Unfold all
/
Fold all
More information & hyperlinks
| Web resources: | https://cordis.europa.eu/project/id/855558 |
| Start date: | 01-01-2019 |
| End date: | 30-04-2019 |
| Total budget - Public funding: | 71 429,00 Euro - 50 000,00 Euro |
Cordis data
Original description
The current global market for contract management is estimated in more than € 937 million. Still, the activities involved in contract managing are mostly carried out manually, which entails challenges such as the tracking of deadlines, keeping up with changes in regulations and enforcing company policies, resulting in average costs of 9% of the company’s annual revenues. The only help that professionals have are basic and inefficient tools that do not cover the whole contract lifecycle, forcing professionals to use more than 6 different software tools to carry out their job. Our new solution SCAI, provides a complete and reliable tool for all professionals managing legal documents by identifying provisions and comparing them against regulations and company policies, thus saving 90% of the time needed for document review. Based on Artificial Intelligence, SCAI combines an advanced Machine Learning engine with Natural Language Processing, achieving a recognition accuracy similar to humans. In addition, SCAI provides multilingual support that allows to compare laws and policies across different languages, which makes it a truly unique solution that outcompetes existing solutions and which specially addresses the needs of European companies. Thanks to this project, we expect to expand and internationalise our product from Switzerland, where our company is based, to Germany and Austria in a first commercialization phase, followed by France and Belgium, UK, Ireland and Spain. We plan to have a customer base of 60 large companies and 200 medium companies after 3 years of commercialization.Status
CLOSEDCall topic
EIC-SMEInst-2018-2020Update Date
27-10-2022
Images
No images available.
Geographical location(s)
Search
