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September 21, 2022
Streamlining Contract Review Through A Risk Based Approach
Case Study
How Klarity Works:
Extract Key Data
Our exploration of the Klarity platform continues this week with an in-depth look at how we help our customers extract key data from master agreements, order forms, statements of work, purchase orders and other similar documents.
How Klarity Works:
Extract Key Data
Our exploration of the Klarity platform continues this week with an in-depth look at how we help our customers extract key data from master agreements, order forms, statements of work, purchase orders and other similar documents.
How Klarity Works:
Extract Key Data
Our exploration of the Klarity platform continues this week with an in-depth look at how we help our customers extract key data from master agreements, order forms, statements of work, purchase orders and other similar documents.
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Why customers choose Klarity
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Manual review process
If you’re a revenue accountant, or if you happened to read Nick’s in-depth overview of how Klarity automates customer workflows, you’re already well aware of the painful, manual review process most organizations rely on today. Unsurprisingly, manual document review requires significant compromise when it comes to the data an organization can afford to extract. Priority has to be given to contracts above a certain materiality threshold, and reviewers have to be exclusively on the lookout for specific terms and features that impact revenue recognition.
The ability to review more contracts and extract more data provides more value and better context across an entire organization. The limitations are time and resources, but the need for more insight grows daily. This is where Klarity can be truly transformative for everyenterprise.There are certain data points that every organization needs to identify for revenue recognition purposes. Most of this is critical order information — start and end dates, signature dates, effective date of the contract and SKUs are all critical. Key terms that could impact revenue recognition, like termination for convenience, acceptance and options to purchase additional products and/or services are a requirement for any revenue accounting team as well.
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Our machine learning models and rule-based approach can be tuned on a customer-by-customer basis.
Aditya Thiruvengadam
Senior Machine Learning Engineer
Why Customers Love It
“We are extremely excited to implement this Generative AI Technology for our customers. Klarity Architect demonstrates the superior analysis capabilities of AI using Multi Modal analysis and LLMs in real life scenarios. We believe in the impactful transformative value of AI and look forward to delivering tangible results to our customers by utilizing Klarity Architect.”
— Ahmed Zaidi, CEO, Accelirate
Find out how Accelirate cut documentation time by 67% and scaled their operations →
Life at Klarity
Klarity extracts hundreds of different clauses across a variety of document and contract types, including MSAs, order forms and purchase orders.
Harsha Ramesh
NLP Scientist
Finally, the system performs what we call “clause extraction” — information like whether a termination clause is for convenience or cause. Klarity looks at all of the features it has seen so far, which are present in each document and where they are located to determine which core concepts need to be flagged for human review. Klarity extracts hundreds of different clauses across a variety of document and contract types, including MSAs, order forms and purchase orders. Each different contract type has its own specific core concepts most critical for extraction, and Klarity uses a union of these different models to help identify the right ones.
As your organization grows and regulatory thresholds are raised, it’s important to be more comprehensive about what you look for. Simultaneously, the need for efficiency becomes paramount. Klarity gives you the power to continually extract valuable data as the volume of documents that require review rises.
