What is Cognitive Search (in AI-powered CLM Solutions)?

Cognitive search refers to an advanced search technique utilized within AI-powered Contract Lifecycle Management (CLM) solutions. It combines artificial intelligence (AI) technologies, such as natural language processing (NLP) and machine learning, with traditional search capabilities to deliver highly relevant and contextually intelligent search results.

Understanding Cognitive Search

In the context of CLM solutions, cognitive search goes beyond simple keyword matching and extends to understanding the meaning and context of search queries. It employs NLP algorithms to analyze and interpret the intent behind user queries, considering factors such as semantics, synonyms, and contextual relationships between words. By leveraging machine learning, cognitive search algorithms continuously improve their understanding of user preferences and adapt to provide more accurate and personalized search results over time.

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How Cognitive Search Enhances Efficiency and Effectiveness of Contract Management

Cognitive search enhances the relevance and efficiency of information extraction and query responses, empowering employees to significantly improve their productivity and deliver exceptional service. Such AI-powered search in CLM solutions enhances the efficiency and effectiveness of contract management by:

Semantic Understanding

By understanding the meaning and context of search queries, cognitive search can deliver more accurate and contextually relevant search results. It can recognize synonyms, related terms, and concepts to provide comprehensive results beyond exact keyword matches.

Natural Language Processing

Cognitive search utilizes NLP techniques to process and interpret user queries written in natural language. It enables users to express their search intent in a more conversational and intuitive manner, resulting in more precise search results.

Personalization and Relevance

Through machine learning algorithms, cognitive search can learn from user behavior, preferences, and past interactions to personalize search results. It can prioritize relevant documents, clauses, or contract terms based on the user's context, previous search patterns, or specific requirements.

Contextual Insights

Cognitive search can extract and analyze information from contract documents, leveraging AI-driven text analytics. It provides contextual insights by identifying key terms, relationships, and patterns within contracts, supporting users in gaining deeper understanding and insights from search results.

By incorporating cognitive search capabilities, AI-powered CLM solutions empower users to locate relevant contracts, clauses, or specific contract terms quickly and accurately. It improves overall search experience, accelerates contract analysis, enhances decision-making, and increases productivity in contract management processes.

How Cognitive Search works in Aavenir Contractflow?

Organizations often find themselves inundated with various types of documents, including office documents, SharePoint files, diagrams, and scanned PDFs of contracts and policies. Unfortunately, these documents often remain unutilized and overlooked. However, with Aavenir Contractflow, a revolutionary contract management solution, the situation changes. When contracts are created or migrated onto the platform, they undergo an Optical Character Recognition (OCR) process. Subsequently, the contracts are fed into a pipeline equipped with custom-built Aavenir AI, specifically designed for contract management.

Leveraging Natural Language Processing (NLP), the AI system comprehends the meaning behind unstructured data derived from emails, documents, market research, videos, and recordings. Through continuous learning using Machine Learning (ML) algorithms, the system improves the relevance and accuracy of its results.

Aavenir AI possesses the capability to identify different types of clauses within contracts and extract specific attributes, such as renewal dates or purchase prices. This intelligent technology streamlines contract management, transforming previously dormant documents into valuable sources of actionable insights.

Discover the cutting-edge capabilities of Aavenir Contractflow, built on the ServiceNow platform, and unlock the potential of AI and ML with proximity search and cognitive search. Book a demo today to explore how these innovative features can revolutionize your contract management processes.

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