Release Notes

New updates and improvements to SpotDraft

All Announcements

Improved party information extraction

All Users
Q2 24

 Product Area:Smart Data Capture

 Impact of Change: Performance enhancements

 Roles Impacted: Metadata extraction users


Smart Data Capture can be used to extract party information (counterparty and internal party entity).

The way this system was previously set up would lead to three very common issues:

  1. Counterparty would not be extracted at all
  2. The internal party would be extracted as the counterparty
  3. Some parties in a multi-party contract would not be extracted

This was because we relied on the AI for this mapping between parties. While we did give it some context, it was still hard for the AI to fully grasp who is the internal party, and who is the external party.

The Update

This behaviour has now been updated. We now ask the AI to extract all parties to the contract, and then use heuristics to map the extracted entities to those present in the system. This improves the accuracy of party information extraction by a lot, and entirely gets rid of the problems mentioned above.

What does this mean for customers?

Counterparties will be extracted for customers for almost all contracts--the chance of failure has reduced significantly. Especially with the new Gemini Flash updates, we should be able to extract counterparties for customers in 100% of the cases.

How to Enable : Enabled automatically for all customers using SDC

Relevant Resources: No resources at this time