Project description
Artificial intelligence enters contract management
Contract management is a laborious task. It remains a largely manual skill, requiring constant tracking of deadlines, regulations and enforcement of company rules. SCAI offers a solution that uses artificial intelligence, ranked on par with human recognition accuracy. It provides a complete and reliable tool for all professionals managing legal documents, helping identify provisions while comparing them against regulations and company policies, saving as much as 90 percent of the time needed manually. Also providing multilingual support, SCAI is set to expand and internationalise from its Swiss headquarters, focusing on the German and Austrian market before venturing to Belgium, France, Ireland, Spain and the UK .
Objective
The current global market for contract management is estimated in more than € 937 million. Still, the activities involved in contract managing are mostly carried out manually, which entails challenges such as the tracking of deadlines, keeping up with changes in regulations and enforcing company policies, resulting in average costs of 9% of the company’s annual revenues. The only help that professionals have are basic and inefficient tools that do not cover the whole contract lifecycle, forcing professionals to use more than 6 different software tools to carry out their job. Our new solution SCAI, provides a complete and reliable tool for all professionals managing legal documents by identifying provisions and comparing them against regulations and company policies, thus saving 90% of the time needed for document review. Based on Artificial Intelligence, SCAI combines an advanced Machine Learning engine with Natural Language Processing, achieving a recognition accuracy similar to humans. In addition, SCAI provides multilingual support that allows to compare laws and policies across different languages, which makes it a truly unique solution that outcompetes existing solutions and which specially addresses the needs of European companies. Thanks to this project, we expect to expand and internationalise our product from Switzerland, where our company is based, to Germany and Austria in a first commercialization phase, followed by France and Belgium, UK, Ireland and Spain. We plan to have a customer base of 60 large companies and 200 medium companies after 3 years of commercialization.
Fields of science (EuroSciVoc)
CORDIS classifies projects with EuroSciVoc, a multilingual taxonomy of fields of science, through a semi-automatic process based on NLP techniques. See: The European Science Vocabulary.
CORDIS classifies projects with EuroSciVoc, a multilingual taxonomy of fields of science, through a semi-automatic process based on NLP techniques. See: The European Science Vocabulary.
- natural sciences computer and information sciences data science natural language processing
- social sciences economics and business business and management business models
- social sciences economics and business business and management employment
- natural sciences computer and information sciences artificial intelligence machine learning
- social sciences law
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Programme(s)
Multi-annual funding programmes that define the EU’s priorities for research and innovation.
Multi-annual funding programmes that define the EU’s priorities for research and innovation.
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H2020-EU.2.3. - INDUSTRIAL LEADERSHIP - Innovation In SMEs
MAIN PROGRAMME
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H2020-EU.3. - PRIORITY 'Societal challenges
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H2020-EU.2.1. - INDUSTRIAL LEADERSHIP - Leadership in enabling and industrial technologies
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Topic(s)
Calls for proposals are divided into topics. A topic defines a specific subject or area for which applicants can submit proposals. The description of a topic comprises its specific scope and the expected impact of the funded project.
Calls for proposals are divided into topics. A topic defines a specific subject or area for which applicants can submit proposals. The description of a topic comprises its specific scope and the expected impact of the funded project.
Funding Scheme
Funding scheme (or “Type of Action”) inside a programme with common features. It specifies: the scope of what is funded; the reimbursement rate; specific evaluation criteria to qualify for funding; and the use of simplified forms of costs like lump sums.
Funding scheme (or “Type of Action”) inside a programme with common features. It specifies: the scope of what is funded; the reimbursement rate; specific evaluation criteria to qualify for funding; and the use of simplified forms of costs like lump sums.
SME-1 - SME instrument phase 1
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Call for proposal
Procedure for inviting applicants to submit project proposals, with the aim of receiving EU funding.
Procedure for inviting applicants to submit project proposals, with the aim of receiving EU funding.
(opens in new window) H2020-EIC-SMEInst-2018-2020
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Net EU financial contribution. The sum of money that the participant receives, deducted by the EU contribution to its linked third party. It considers the distribution of the EU financial contribution between direct beneficiaries of the project and other types of participants, like third-party participants.
8001 ZURICH
Switzerland
The organization defined itself as SME (small and medium-sized enterprise) at the time the Grant Agreement was signed.
The total costs incurred by this organisation to participate in the project, including direct and indirect costs. This amount is a subset of the overall project budget.