iFLYTEK Digital Contract Auditing Tool Released for Law Offices

iFLYTEK Digital Contract Auditing Tool Released for Law Offices

iFLYTEK recently released an AI-enabled contract auditing tool for law practitioners to improve efficiency in the repetitive contract review process. The new iFLYTEK service provides holistic assistance for every stage of contract review including drafting, reviewing, approving, comparing performance, and filing.

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Smart Contract Drafting

The tool is equipped with ready-to-use contract templates and is enabled with track change capability, counterparty response review, general terms risk warning, and smart error correcting to help law practitioners efficiently draft contracts. The tool can increase contract drafting efficiency by up to 80% and reduce contract risk by 65%.

Smart Contract Reviewing

For contract review, the tool integrates smart technologies including semantic understanding and knowledge graphs to analyze the consistency, completeness, rationality, standardization, and potential contract risk. Conducting an automatic check with tool followed by a manual review can reduce the time needed to review one contract from 30 to 10 minutes.

Smart Contract Approval

By analyzing the contract structure and content, the iFLYTEK tool can pull excerpts from contracts to be sent to approvers focusing on different aspects. In this way, the contract approval cycle will be shortened while increasing the approval efficiency by 4 times.

Smart Contract Comparison

With technologies including optical character recognition (OCR), natural language processing (NLP), and robotic process automation (RPA), the iFLYTEK tool can automatically compare the electronic versions of approved contracts with their printed versions, identifying and highlighting the differences identified. This model improves efficiency by as much as 12 times and reduces the risk of malicious tampering by 90%.

Smart Contract Performance Monitoring

The iFLYTEK contract auditing tool can extract key information from agreements, produce bills through data analysis, follow up on due payments, check the invoice details, and alert for overdue contractual obligations.

Smart Contract Filing

Supported by AI and RPA, the smart tool can automatically scan contracts to be appropriately saved and filed in databases and label them with key words and abstracts extracted from them.

Additionally, through RPA, the iFLYTEK contract auditing tool can be synced with OA, CRM, and ERP systems, standing ready to be a user-friendly product for law workers, contract managing staff, and IT personnel.

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