Extract important data from governing documents with Watson Compare & Comply, now generally available
We’re excited to announce general availability of Watson Compare & Comply – the popular offering, once baked into Watson Discovery, is striking out as a single product with a load of valuable new features to help you get the most out of your business and governing documents.
In business, documents are the narrative of your company. They tell where you’ve been, where you are and where you hope to go. That narrative is constantly expanding as your business grows; new endeavors and relationships are contracted, goods and services are exchanged, invoices and purchase orders are created. These documents are filled with complex terminology, clauses, conditions, regulations, requirements, dates and more. A lack of understanding in the details of the contracts and governing documents opens a business up to risk in the form of lost revenue or legal exposure, as such it’s critical to stay on top of such documents to mitigate that risk and exposure.
Watson Compare & Comply gives your business the capabilities to turn documents into data and enable procurement, legal, analyst, regulatory and governance teams to spot risk and manage exceptions more quickly and with greater accuracy. The new Compare & Comply is designed to help teams review complex governing documents, mitigate risk, and reduce cost and complexity of your current processes, and to enable continual compliance, saving you both time and money.
Embedded into your business, Compare & Comply improves professionals’ speed and consistency, helps them locate relevant sections, clauses, passages and “needle in the haystack” anomalies over a single index of contracts, and classifies contractual documents by identifying the supporting parties, natures and categories, so they can be surfaced in highly intuitive ways.
Compare & Comply’s valuable new features include:
- Convert documents: Convert from a variety of file formats, including scanned or programmatic PDF, Microsoft Word docs and common image formats for subsequent enrichment and digital processing
- Understand tables: Convert tables meant for visual consumption into machine-consumable structured data. Compare and Comply can extract individual cell information and associate it with row and column headers
- Classify elements: Semantically tag unstructured contracts and invoices with relevant metadata. Use this data to power your contract review and risk avoidance solution
- Compare: Semantically align elements across contracts to highlight similarities and differences across contract versions and contract instances and templates. Output can be used to power multiple use cases, including risk mitigation and corporate governance within IBM or client-built solutions
- Continuous improvement through feedback: Feedback and corrections from subject matter experts and users drive continuous model improvement
Business use case for Compare & Comply
Aponia, a data, security, risk management and compliance consultancy, is using Compare & Comply to build a solution for their client. Jason Juliano, CEO at Aponia, shared that Aponia has “created solutions with Watson Compare & Comply that let an auditor review working papers, documents, contracts or leases in minutes, where it used to take them up to 4 hours.” Incorporating Compare & Comply into their product has significantly streamlined Aponia’s client’s audit review process.
Several Compare & Comply plans are available to fit the needs of your business and to allow for scalability, including Public Cloud Lite, Standard, Premium as well as IBM Cloud Private. C&C offers tremendous flexibility in deployment options between public and private cloud, allowing your business to deploy as appropriate to meet your information security, control and management needs.
Extract data from contracts and governing documents to increase productivity, reduce costs and minimize exposure. Get started with Compare and Comply today!