Greg Wildisen of Neota Logic and Ryan McClead of HighQ, teamed up to present a webinar entitled, “See a robot layer in action”. During the course of the webinar, the industry experts demonstrated how three off-the-shelf platforms can be combined with minimal development to automate a process that previously could only be performed by trained lawyers. The demo showcased RAVN, as the machine learning data extraction tool. Neota Logic, as the intelligent decisioning and reasoning system. And HighQ, as the collaboration and presentation platform.
We received several questions after the webinar that are shared below with answers from our subject matter experts.
For more information or to schedule a private demo for your team, contact tilton@neotalogic.com or call 646-402-6227.
Q: Is there a maximum number of files that you can upload at one time?
A: Specifically regarding the platform, there are no limits to the number of files that you can upload at one time.
Q: Can you perform the same intake, review, and analysis with KIRA instead of RAVN?
A: HighQ is currently in the process of integrating with KIRA and Neota Logic is currently integrated, so the answer is yes and soon.
Q: How do we link our HighQ collaborator with Neota Logic?
A: Contact your Neota Logic solutions architect or reach out to tilton@neotalogic.com. We will be able to connect your collaborate instance to any particular application.
Q: Do lawyers have to identify the data field to extract information and train the software to find the data?
A: Yes. For identifying the data fields to extract, you would need to work with either RAVN or KIRA. If you are training KIRA yourself, you would identify the fields and then work with Neota Logic to develop the application with logic around analyzing those fields.
Q: When the value of the whole portfolio is calculated, do you include such factors like a change in the value in time, NTV discount rate, capitalization rate. Is it possible?
A: Yes, it is possible. For example in this use case, the calculation accounts for the change of time by the start and end dates. It is certainly possible to include discount rates, etc.
Q: Is the trio of software cloud-based, or can it be installed locally if our IT department is cloud adverse?
A: While Neota Logic is cloud based, there is a hybrid model available where the application runs in the cloud, but the database supporting the application runs behind the cloud. This model typically solves any kind of cloud adversity. With KIRA and RAVN, you have an option. HighQ is solely cloud based.
Q: How long will it take before documents in other languages can be reviewed and processed?
Neota Logic has a language transposition layer, so it’s possible for the application(s) to run in multiple languages. While the actual logic runs in English, the UI and user experiences are presented in the choice of language. Please contact RAVN and KIRA directly to learn more about their capabilities.
Q: From a user experience, is it possible to fully automate everything we just saw in the background, so that, in effect, the lawyer would just receive the output data and reports?
A: That is absolutely the aim of the technology. During the demo, Greg and Ryan made a couple of assessments when the application identified missing data from the original extraction. It’s fair to say that depending on the quality of the files uploaded and how well the data extraction goes, it would be a fully automated process.
Q: How much time will it take for Neota to develop an application in the collaborate environment?
A: Just to be clear, while it is possible to develop any application in the collaborate environment, Neota Logic developed the application externally and then surfaced that within the HighQ collaborate environment.
What made the combination of applications seamless and easy to work was because both RAVN and Neota Logic worked in HighQ’s iSheet collaboration environment.
Q: How much time does it take to do data extractions, scanning of documents, teaching the machine, and analyzing the documents?
A: That’s going to depend on a number of factors. We recommend contacting the text extraction engine (RAVN or KIRA) to provide an answer.
Q: Besides real estate leases, are there any other examples of how HighQ, Neota, and RAVN or KIRA handle other types of documents and processes?
A: We chose lease review because the documents were readily available. It was intended to be a relatively simple one, and one that was easy to explain. We have a number of other customers that have use cases that we can’t talk about right now, but there are many possibilities. Anywhere you’re looking to do document review and analysis, we encourage you to contact Neota Logic for a complete analysis.
Look at your current processes, how much time do you spend on lease review on a annual manual basis?
Consider a 30% or 40% improvement layer. The result is a massive amount of time saving, substantial cost saving for the client, and, probably more importantly, enables legal teams to focus on legal analysis as opposed to doing administrative text extraction.
Q: Who handles quality control after the extraction process?
A: The Neota Logic application would be built to identify where there are issues with the extraction. For example, error ridden (bad) data or data that doesn’t make sense within the context of the analysis. The intelligent application would be designed to pinpoint the issues and trigger an alert.
Q: How would you compare time spent using these tools in contrast to first year associates?
A: Referring to the webinar demo, there were 15 documents that included 10 commercial leases. The risk analysis and evaluation took seconds. If you gave those 10 leases to 10 first year associates, how long would it have taken?
The concept is all about incremental process improvement. Each one of the technologies presented improves the process by a number of degrees, but it’s the synergistic benefit, that starts to make an obvious and incredible difference to what was traditionally a very labor intensive and manual process.
For questions, please contact:
Daina Tilton Gargus
gargus@neotalogic.com
646-402-6227