Automated Document Review Technology [ADRT] and the Construction Industry
The way in which documents are reviewed and analyzed has changed significantly over the past few years, particularly in the construction sector. Automated document review technology is revolutionizing how legal teams and other stakeholders in the industry review and interpret contracts. This article will explore how this technology works, how it can help construction companies streamline processes, and highlight specific tools like Document Crunch that provide simplified agreement analysis for better risk identification and mitigation.
Image source: cembs.com
How Does It Work?
Automated document review technology utilizes artificial intelligence algorithms to analyze large amounts of textual data quickly and accurately. AI-based text analytics can detect patterns, similarities, and discrepancies between sources, allowing it to identify potential risks or areas of non-compliance faster than any human reviewer ever could. In addition, automated document review tech enables much faster completion of reviews – meaning projects can be completed quicker with reduced risk of errors associated with traditional manual analysis!
Benefits for the Construction Industry
Increased Accuracy: Since ADRT automates document review and provides a reliable and consistent method, it eliminates the risk of human error. Furthermore, it aids in the identification and highlighting of any potential issues or inconsistencies in the documents, reducing the risk of costly legal or regulatory errors.
Faster Processing: Compared to traditional techniques, ADRT can analyze massive amounts of information much more quickly. This is essential in the construction industry because a lot of data is often produced during the project’s planning and design phases. Workers can focus on the most crucial and pertinent information by using ADRT to quickly recognize and extract relevant information.
Better Data Control: Automated document review technology aids companies in better data administration. Businesses can make sure that all relevant papers are collected and systematically reviewed by automating the document review process. This reduces the possibility of information being overlooked or filed incorrectly, improving the overall quality and precision of the data evaluated.
Compliance: ADRT’s ability to assist organizations in complying with various rules and construction codes is another critical component. Companies can avoid expensive legal and regulatory penalties by using software that can quickly detect and flag any papers that do not conform with regulatory requirements.
Improved Efficiency and Collaboration: By automating the document review process, the company can streamline its workflow and end up making its operations even more effective by trimming down on the time it takes to review and approve documents. Moreover, it also supports multiple reviewers to access the documents at the same time.
Adapting to additional tools: With the potential to integrate with other tools and document-management systems, automated document review technology facilitates a faster and much more efficient workflow throughout the organization.
Image Source: designeverest.com
Cost Savings: Saving money on expenses is probably one of the biggest advantages of ADRT. Companies can automate the document review process to save on the amount of time and cost associated with manual document review processes. This can lead to significant long-term cost savings, particularly for businesses that manage enormous amounts of information.
One example of an automated system used within this domain is Document Crunch – a tool designed to simplify reading & understanding agreements efficiently so that risk is easier to identify & mitigate. Founded in 2017 by software developers who wanted to leverage natural language processing (NLP) & AI technologies for better contract comprehension, Document Crunch has been commended due to its straightforward interface while also providing thorough reports containing all key considerations one may have when dealing with such agreements! By automating contract reviews through such systems, organizations not only save valuable resources but can ensure compliance with predetermined rules while mitigating potential future issues!
Automated document review technology is quickly becoming indispensable for a variety of sectors – particularly those related to construction. Not only does AI-based text analytics reduce time spent on manual checks, but it also helps ensure higher standards of accuracy than ever before – allowing entities within this industry to make informed decisions based upon solid evidence from these reports generated, which contain all pertinent information required within these types of agreements! With tools like Document Crunch simplifying agreement analysis and cutting down on risk identification processes, businesses are now empowered to operate at peak efficiency no matter the project or task they handle!
*Brought to you by Plexxis Software: Offering software solutions for the construction industry that integrates cloud, mobile and on-premise software to improve and enhance team performance.
Share:
New From Plexxis
Post-COVID Challenges in the Construction Industry
Private Equity’s Impact on the Construction Industry
The Rise of Construction Safety Tech