Report

Teaser, summary, work performed and final results

Periodic Reporting for period 1 - SCAI (Smart Contract Analytics using Artificial Intelligence)

Teaser

To close any business deal, a contract detailing all the particulars of the transaction is signed. Turning around a contract more quickly means companies are conducting business more quickly. However, 41% of European companies report spending more than 4 weeks negotiating...

Summary

To close any business deal, a contract detailing all the particulars of the transaction is signed. Turning around a contract more quickly means companies are conducting business more quickly. However, 41% of European companies report spending more than 4 weeks negotiating contracts, and going through at least 3 or 4 version of each contract. In this context, tools allowing users to maintain accuracy across versions, compare versions quickly and conveniently track and highlight changes can provide value to a significant number of businesses across industries.
To support companies in their contract negotiations, creating an easy and reliable system to ensure that the different regulations, like the GDRP, don’t interfere with the negotiation process, means to support business growth.
SCAI is a contract intelligent solution capable of helping all departments handling a large amount of contracts, to revise legal documentation faster and more efficiently: it allows to better understand and process legal documents, find and extract the relevant content and manage the documentation painlessly, providing lawyers, HR and procurement personnel with valuable data and insights which they can efficiently use it for their company’s best interest.
Thanks to the H2020 SME Instrument Phase 1, during the last four months we have been able to validate the technical, commercial and financial viability of our novel technology. The main objectives included the elaboration of a thorough work plan to take our innovation to TRL9, a commercial strategy and a realistic business plan.

Work performed

Thanks to the H2020 SME Instrument Phase 1, during the last four months we have been able to validate the technical, commercial and financial viability of our novel technology. The main objectives included the elaboration of a thorough work plan to take our innovation to TRL9, a commercial strategy and a realistic business plan. To gather the relevant information that would allow us to achieve these objectives, three tasks were planned during the Phase 1 proposal:
Task 1: Technical feasibility assessment: We reviewed the main developments needed to lead SCAI to TRL9, considering the current state of development of the different key components. In addition, we considered all the validation steps and developments to ensure our international market expansion. We have paid attention to those technical risks that could compromise the successful development of SCAI. We have quantified them with a proper risk assessment methodology and have proposed mitigation measures to reduce the risks.
Task 2: Commercial feasibility assessment: During this task we analysed the smart contract market by identifying our potential end users and their needs. Then, we paid attention to the global market and decided on our targets and our penetration strategy. We have also listed and studied our main competitors in all market segments and their strengths in the market. Finally, we elaborated an IPR-analysis to guarantee Freedom-to-Operate for SCAI.
Task 3: Financial feasibility assessment: We performed a full cost/benefit analysis, in which we evaluated the total investment required to achieve the technical developments, prepare the commercial exploitation strategy and validate the economic implications of agreements with insurance companies. Finally, we have analysed the financial viability by forecasting revenues and costs in a 5-year period, and estimating both the profits and the Return on Investment (RoI)
This led to the outline of a work plan, the creation of a business model (including a pricing strategy) and the proposal of a set of pre-commercialisation activities (dissemination, and communication), considered commercial agreements and decided who in Legartis’ team will be involved in the project. The final conclusion of the project is our decision to continue.

Final results

The expected result after the future PH2 project is to able to process further types of contract documents in 3 different languages (English, German and French) with the ambition of include other European languages.
The main impacts of the project is that MLE companies in Europe will be able to close business deals quicker and better re-negotiate existing contracts, always according to the company guidelines and European regulations. This will bring growth to European companies, with great impact on the employment and the economy as a result.

Website & more info

More info: http://www.legartis.ai.