EY Intelligent Automation
Contract Reader Tool
In EY Hackathon Ignited_Minds presented a Contract Reader Tool. This is a tool that analyzes the contract documents and is convenient in negotiating with contracts. By using this tool, one can see information in an organized way. Also, it makes easy to find important information by obtaining those information from the document. Those are:
Customer’s name
Supplier’s name
Contract type
Start date
Expiry date
Attrition rate
Payment terms
Contract value
Limited liability
Using OCR (optical character recognition) images are changed into text. After that text is analyzed. OCR, is a technology that transforms different types of file, such as PDF file or image file into modifiable data. Different algorithms of Natural Language Processing are used in this tool. Natural Language Processing is a way by which computers can analyze and understand the meaning of human language. It is the ability of system to grasp human language as it is spoken. This type of interaction enables automatic text summarization, topic extraction, named entity recognition, automated questions answering and many more. To understand human language is to perceive not only the words, but the concepts and how they’re related to each other to create meaning. NLP algorithms are based on machine learning algorithms. NLP combines AI with computational linguistics and computer science to process human or natural languages speech.
This tool has:
File upload handler to upload standard contracts
Categorization and classification
Automation and Visualization.
Apart from these, contract reader tool helps in figuring out lengthy contract documents. As going manually through a lengthy document could be a hectic task.
Technology used:
For Development- Python, MongoDB
For extracting text- pyPDF2, Textract
NLP Library- Natural Language ToolKit (NLKT)
Natural Language Toolkit is a library that provides modules for processing text, classifying, tokenizing, stemming, tagging, parsing and more.
Keep tuned for more stories from my hackathon series.
Credits - Aditi Prerna (Writer & Editor). She is writing and compiling my stories at rjrajivjha.
