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The Document Extraction Process
Catylex introduces AI-powered automation into the document extraction process, increasing time efficiency and reducing costs (compared to a fully manual process that relies 100% on humans).
Contract Data Extraction ROI Calculator
Follow the prompts and adjust the values to match your own estimates for your document extraction project. Using your inputs our ROI model will calculate your estimated costs for a fully manual approach to the project, as well as the estimated costs of using Catylex's AI-powered approach.
How many files are you starting with? ➡️ Possibly Contracts
Estimate the number of possible contract files you need to review for this document extraction project. This estimate should include all PDF, docx, and other document files that may or may not be contracts or contract-related. This is your starting point.
What percentage of your documents are duplicates? ➡️ Duplicates
Removing duplicate files is necessary in order to determine the number of unique documents in need of review. The number of duplicates can vary significantly depending on how the documents have been gathered.
If you don't know how many duplicates you have, 10% is a reasonable baseline assumption for calculating ROI.
What percentage of your documents are not contracts? ➡️ Not A Contract
Many legacy repositories contain files that are not contracts, and these files are typically set aside from the extraction work. Actual counts will vary by how the documents have been gathered and whether there have been previous attempts to isolate contract documents.
If you don't know what percentage of your files are not contracts, 10% is a reasonable baseline assumption for calculating ROI.
What percentage of your contracts are inactive, ie. out of scope/expired? ➡️ Out of Scope/Expired
The number of out-of-scope, expired contracts will vary depending on the age of the company, as well as the type of contracts in the portfolio.
If you don't know what percentage of your contracts are inactive (out of scope/expired), 25% is a reasonable baseline assumption for calculating ROI.
How would you categorize the contract families in your portfolio? ➡️ Contract Families
Typical contract portfolios contain a mix of "families" of "parent" contracts and related documents such as amendments, renewal notices, and "child" documents like SOWs or purchase orders.
More complex portfolios typically have more amendments, more “child” documents, and shorter page lengths per documents. More complex portfolios also typically have more references (contract links).
How many risk/operational data points do you need to extract? ➡️ Number of Risk/Operational Data Points
This is the number of risk and operational data points you need to extract to complete your project. Examples include: Limitation of Liability, Payment Terms, Force Majeure, and Indemnities.
The number of data points needed can vary based on your project scope, but 15 risk/operational data points is reasonable baseline.
What is the hourly cost of data extraction? ➡️ Cost per hour to Extract
This is the Cost per hour of client internal or 3rd party resources to do extraction/paralegal work. Labor costs will vary considerably for in-house vs external, on-shore vs. off-shore, the complexity of data points, and experience of the extractor.
We are using $30 per hour as reasonable assumption in our model but this can be adjusted as you see fit.
What is the hourly cost to QC? ➡️ Cost per hour to QC
This is the Cost per hour of client internal or 3rd party resources to review extraction work. This work entails QC of extracted organizational data points, QC of document links, and QC of extracted operational and risk data points. Labor costs will vary considerably for in-house vs external, on-shore vs. off-shore, the complexity of data points, and experience of the extractor.
We are using $50 per hour as reasonable assumption in our model, but this can be adjusted as you see fit.
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✔️ Basic Dashboard
✔️ 20 Legal and Business Concepts
✔️ Smart Search across all your contacts
✔️ Standard QC
Try now with 60 of your own documents (actually, 600 pages).