How much time and effort do you spend in reviewing contracts and searching for relevant data points in important documents?
A lot?
More than you should?
So much that it’s preventing you from focusing on other more important tasks?
For many legal organisations and users, manual document reviews are a regular and painful activity.
The good news is that you can get rid of the pain with automation.
Machine learning (ML) technology can help you streamline contract reviews and easily analyse documents in very little time. And this technology is now available in Litera Kira.
Kira is a powerful ML-based software that automatically identifies, extracts, and analyses data points of interest from legal documents, such as contracts. It also contextualises the discovered information to support data-driven decision-making in your company.
Read on to learn more about Kira and how it can benefit you and your law firm.
What is Litera Kira?
Simply put, Kira is a software that’s designed to automatically review documents and extract important data points from them. It is powered by ML technology so it can easily find trusted information and create useful extracts with very high accuracy and efficiency.
With Kira, you can find important clauses and other data points in documents within a fraction of the time compared to manual processes. Think days or hours versus minutes. You can also leverage Kira to proactively identify threats and analyse areas of exposure in order to mitigate risks faster and better.
Kira features an intuitive user interface with real-time collaboration and flexible project management tools so you and your team can effortlessly:
- Import documents
- Automatically analyse all kinds of documents
- Search for information
- Review and update documents in real-time and in a collaborative fashion
- See summaries in a single glance
- Create and export summary reports, charts, and extractions
Since Kira is based on Litera’s patented ML technology, it continuously learns and improves. So, every time you use the software, you can expect to see further improvements in the efficiency and accuracy of its information extraction capabilities.
Key Features of Kira
Kira includes 1400+ ML models or smart fields that accurately extract common clauses and data points from your contracts and other documents. Use its no-code, ML-based Quick Study tool to teach the software to identify and extract insights for your projects. All you have to do is upload your sample documents and highlight or tag relevant content. Kira will read and identify all the documents you upload later and “learn by example” to improve its accuracy over time.
You can also easily create your own smart fields to find specific provisions and clauses from documents. These smart fields can be easily deployed on current or future projects. It’s also simple to adjust the precision, recall, and bias of these fields to optimise the results and improve the performance on more documents.
A Smart Field Sharing feature allows Kira Super Admin users share these trained smart fields with other Kira users, enabling them save on resources, scale customer offerings, and develop new client service models.
Kira’s user-friendly interface and intuitive features make it easy to organise, track, and export results. The centralised platform facilitates collaborative communication so teams of any size can assign tasks, manage reviews, track progress, and view incomplete work.
Some other advanced and unique features of Kira include:
- Data visualisation tools make it easy to track progress and view the details of aggregated data
- Smart search, tags, and document grouping to easily manage reviews
- Drag-and-drop capability to import 60+ file formats
- Custom summary charts for any data point in Word, Excel, and PDF
Who Can Benefit from Kira
Any organisation that requires high visibility into contract and document data can benefit from Kira. This includes law firms and company legal departments.
In addition, Kira can also be used for:
- Contract intelligence and metadata extraction
- Transactional due diligence
- Deal terms and points
- Knowledge management
- Real estate
- Banking and finance
- Insurance
- Regulatory compliance
- M&A transactions and due diligence
- Lease abstraction
- Project management
Conclusion
If you want to truly know what’s in your contracts but don’t have the time or patience to do manual reviews, Kira is the best choice for you. This patented ML software will help you find trusted information from your documents, so you can easily extract important data points without wasting time.
