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Kira Systems is patented and award-winning contract management software that is deployed for purposes of due diligence, regulatory compliance, lease abstraction, and other projects that require careful examination of the contract provisions. This software can be trained to accurately identify any desired clauses in a contract, and is most widely used and trusted software in contract analysis and review.
The software developed by Kira Systems is used by service firms and by some of the largest corporations globally. The software uses machine learning to uncover pertinent information in unstructured contracts and other related documents.
Originally, Kira Systems was designed to be used in M&A due diligence—this is where lawyers are required to go through hundreds of thousands of third-party contracts, which are not organized in any specific manner or file format.
Clients quickly realized that Kira could be deployed to analyze a wide array of apps when an accurate analysis of a contract was needed quickly. Quick Study, the Kira machine-learning tool, makes this possible by identifying almost any type of clause in any contract.
Kira has since evolved beyond that and is now used for contract lifecycle management (CLM), obligations management, cost recovery, contract simplification, and much more.
Top Features and Industries
Kira also has uses in the finance sector. With its machine learning technology, it can extract data from contracts. It features 150 credit/facility agreement models, and over 40 commitment letter models. If a negotiation requires the review of any unusual information, Kira Quick Study is always up to the task.
In terms of finance, Kira can also be used to minimize the financial risks in a deal and track the debt terms. Institutional lenders often have to collect a lot of data from credit/facility agreement. This helps them to manage existing relationships and to understand the market trends to help with future negotiations. Finance lawyers always face a lot of time pressure to ensure they provide a detailed analysis of agreements due to strict deadlines.
The solutions provided by Kira Systems make this incredibly easy. Kira can cut the time in half while increasing the accuracy of the review. Lenders will be able to come up with clause banks and conduct studies based on specific deal points. When working on an M&A, professionals can better coordinate with their counterparts to evaluate any issues found. They can also provide status updates to the clients upon request.
Kira can also be used for knowledge management. In the traditional knowledge management setup, professionals usually have to take time to capture what they learned, and then share it with the knowledge management team—it’s easy to pay less attention to this step. With Kira, the KM team will have tools that automatically capture knowledge and share it with team members. This eliminates any additional burden on the professionals with whom they are working.
Kira will process contracts in various formats and convert them into machine-readable text. Workflow tools help the team validate results, compare prevalence provisions, and track multiples provisions. This is helpful in understanding correlations and patterns.
Kira can be quite useful for contract lifecycle management (CLM). The software is able to identify hundreds of data points and clauses in the vendor agreements, sales contracts, employment agreement, licenses, NDAs, Commercial contracts, and much more.
With the aid of Quick Study, Kira can be tweaked to identify and extract any contract data needed to populate the CLM. It works even when wording and format vary in different documents.
Kira Quick Study can find virtually any details required to populate the CLM. This is inclusive of information specific to the form documentation, foreign jurisdiction, and industry-specific details.
Kira is also excellent when used for consultancy work. Consultants need accurate data for them to make accurate assessments on a business. With Kira, extracting this data becomes quite easy.
The Big Picture
In the business world, it is important to review huge repositories of contracts for key data points and terms. However, ensuring data accuracy can be time-consuming—especially where there are a lot of third parties and legacy contracts.
With the solutions provided by Kira Systems for purposes of metadata extraction, companies can complete the review process is half the time. Thus, companies who were worried about the costs of migrating data to a CMS can enjoy the benefit of digitized contract details.
Overall, Kira Systems technology is great for all types of contract management and analysis. It is especially useful for large corporations, where a single deal can involve hundreds of thousands of documents. |
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