Those of us whose focus is on eDiscovery / eDisclosure have seen technology solutions march more or less in step with the growth of data volumes and the expectations of users, courts and regulators. The availability of sophisticated technology may lighten the problem, but it also increases the duty of those who are responsible for eDiscovery – its availability brings an obligation to understand what it does and how it can be used to cut costs whilst remaining defensible, something which recent revisions to the ABA Model Rules of Professional Conduct make explicit.
The eDiscovery focus, however important it may be to those whose job it is, is not necessarily the only or main concern of businesses. In some business sectors, of which the financial and pharmaceutical industries are the most obvious examples, the need to be compliant with growing regulatory control, to be able to prove that compliance, and to be able to produce the documentary evidence demanded by regulators, is a more dominating need.
Beyond that again, there is the more positive requirement on the part of businesses to be able to extract value from the data. That value might appear in terms of the mitigation of risk or by the increase in efficiency by freeing up time for more useful things than finding information; it might also derive from the possibility of making or losing substantial sums because of the state of one’s knowledge about the business.
This appears most forcibly in things like Over-The-Counter (OTC) International Swaps and Derivatives Association (is that) agreements where decisions must be made quickly, where transaction volumes may be high, and where up-to-date knowledge may be critical.
I have no shame in admitting that I do not understand how this market works. I can readily grasp the principle, however, that terms which lie buried in complex agreements are as potentially critical as they are hard to find.
This is the problem addressed by Recommind with its new Perceptiv derivatives contract analysis tool whose function, put as simply as possible, is to extract the key components of such documents and to store them as structured data, with links back to the source document both for reading purposes and to ensure that the most recent version (and the steps on the way to that version) are readily available.
There is an information page about Perceptiv here. Even more useful is the video which you can find here. We are beginning to see good use of video as a marketing tool, but this one is the clearest demonstration possible that I have seen so far of a complex tool.