Periodic Reporting for period 1 - BigleLegal (NEXT-GEN SOFTWARE IN LEGAL DOCUMENTS AUTOMATION)
Reporting period: 2019-12-01 to 2020-03-31
Bigle Legal is a new software tool that integrates artificial intelligence features to enable the next-gen document automation. The rationale behind our solution is that the same type of legal documents share a common semantic legal terminology. Thus, Bigle Legal understands what the document is and what the users wants, building automatically legal documents, facilitating their completion, review, shipment and digital signature in a paperless environment, transforming the way companies manage legal documents. According to our preliminary experiences, Bigle Legal increases 12x time efficiency, reduces 11x operative costs while avoids 100% of human errors compared to current legal documentation management processes.
We have planned several activities to bring Bigle Legal to TRL8 and to ensure a successful commercialization. Technical objectives include (i) the optimization of our artificial intelligence features to automate the assembling of document templates; (ii) to create a range of versions to cover the specific needs of our customers; and (iii) to adapt our algorithms to different languages. Other activities involve a revision of the business strategy and distribution agreements, the development of commercial materials, website and newsletters.
Technically, we analysed how we are going the enhance our current Bigle Legal solution according to customers’ needs and market trends, to offer an innovative game-changing legal document management solution. We established the roadmap to reach TRL8 and to keep improving our solution implementing the best features to truly empower our customers.
Our market research aimed to analyse the different software solutions on the market to help manage legal documentation and the needs of our target customers. We thoroughly analysed our target markets and identified key market drivers that will fuel the adoption of our solution. We analysed key market barriers and risks and established their mitigation actions. We studied our competition landscape and our freedom-to-operate analysis validated that our technology does not infringe any existing patent. To speed-up post-project sales, we fine-tuned our commercialization strategy and established agreements and plans with a carefully thought commercial partners. Finally, we shaped our projected sales revenues from mid-2022 to the end of 2028.
From a broader perspective, Bigle Legal will save hundreds of thousands to millions per year to law firms, lawyers, real estate companies, notaries and legal departments, as economic losses related to inefficiency and human errors in legal departments are estimated at 5%-40% of company’s annual revenues.
Besides, as our solution digitalizes all processes involved in legal documentation, it avoids the use for printed paper within an environment where users consume an average of 125 kilos of paper per year. This Bigle Legal contributes to fight against the forest destruction and environment pollution.
Bigle Legal also provides benefits from societal perspectives, since the increased work effectiveness brought by Bigle Legal will facilitate better work-life balance, a fair distribution of house and family duties and thus equal access to job opportunities. Besides, the use of advanced automation will ensure the right use of gender semantics in written language.