ASC Partners with LegalSifter to Load Contracts with Speed and Quality
January 23, 2017
ASC Networks Inc. (ASC), a leading provider of SaaS and on-premises contract, document, form and CPQ lifecycle management and source-to-contract solutions, announced today that its customers can seamlessly leverage LegalSifter’s comprehensive natural language processing and machine learning intelligence software and services to extract and load contracts. This partnership strengthens ASC’s sell-side, buy-side and enterprise-wide (HR, legal, financial, sales, procurement, all) contract management offering with seamlessly integrated data sifter or data extraction capability and deepens ASC’s commitment to providing customers with a single system for all their business process management needs.
LegalSifter software, with its unique blend of natural language processing (NLP) and machine learning (artificial intelligence) empowers users to quickly and efficiently assimilate legacy contracts, documents and related meta data for fast, high-quality system loading. Combined with the powerful data importing intelligence of the ASC enterprise platform, the subsequent centralized and structured documents and data enable businesses to better manage their legal obligations and opportunities, make decisions more quickly, reduce risk, and save both time and money.
“We recognize that our typical new customer has a significant quantity of legacy agreements stored in various places (e.g., file cabinets, shared drives, etc.) and that these customers have higher user adoption rates of our SaaS solution if they are able to quickly extract and painlessly load good quality data into the ASC Platform. Providing our customers with this capability was therefore of the utmost importance to ASC and, as such, it was natural for us to partner with LegalSifter,” said ASC Founder and Managing Director, Shawn King.
The partnership enables an advanced data extracting and data loading capability that reduces cost and simplifies the normally long and arduous undertaking necessary to extract, scrub, organize, de-dupe and display specific terms, conditions or a sequence of words -- the proverbial needle in the haystack -- from a mass number of contracts (e.g., because safe harbor rules change and you need to know which contracts are exposed). Speed and efficiency are near impossible when tackling this task manually. A computer programmed with the right algorithmic intelligence to extract the required language and contracts is much more reliable and can deliver the right data in the required form with unprecedented speed, efficiency and accuracy.
"High user adoption is paramount to the success of any solution and a focus point for ASC in our agile platform roadmap (ease of use, intuitiveness, rich feature set, etc.). Having customers go live with a system loaded with good clean data helps immensely," said Mr. King.
“Algorithms plus people are undoubtedly stronger than either by themselves,” said LegalSifter CEO, Kevin L. Miller. “That is the principal that we have built our solution around -- empowering companies with powerful and scalable artificial intelligence solutions to help them process legal documents faster. Our customers are able to organize and clean their data efficiently, saving time and money.”
About ASC Networks Inc.
ASC Networks Inc. (ASC) is a wholly owned subsidiary of Mediagrif Interactive Technologies Inc. (TSX: MDF). ASC is a leading provider of cloud, Software as a Service (SaaS) and on-premises enterprise contract, document, form and CPQ lifecycle management software and source-to-contract solutions tailored to automate and streamline your end-to-end business processes including: RFx requisition planning and solicitation management; supplier management; bid, contract, performance, invoicing, claims and spend analysis management; as well as custom and complex multi-system integrations (e.g., payment, ERP, CRM, etc.). Leveraging the proven ASC solution platform, ASC deploys customer-specific solutions that digitize, automate and simplify business process requirements end to end. For more information, please visit www.ascnet.com.
About LegalSifter Inc.
LegalSifter, Inc. (LegalSifter) is dedicated to making global legal support affordable by empowering people with artificial intelligence. LegalSifter builds simple products that help people manage their legal obligations and opportunities. LegalSifter uses natural language processing and machine learning to turn unstructured terms, conditions, and words into structured data and insights. LegalSifter customers make faster decisions, reduce their risk, and save both time and money. Learn more at www.legalsifter.com.