AIMACTEK Inc.: Accelerating Time and Process Efficiency in Legal

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Fayiaz Chaudhri, CEO & General Counsel

General Counsels and in-house lawyers have historically been confronting challenges in reviewing contract documents within the stipulated time. Burdened by the manual approach, the counsels carry out the painstaking document review even as inadvertent errors creep in. As an experienced general counsel and in-house lawyer for decades, Fayiaz Chaudhri, CEO and General Counsel of AIMACTEK Inc., has taken it upon himself to disrupt the status quo by building a state of the art machine learning and artificial intelligence (AI) platform that helps lawyers review their database within a fraction of a second, and the results can be exported to email automatically. As AIMACTEK’s AI platform brings ease into the processes and workflow, counsels and in-house lawyers can become value drivers by helping their organizations analyze trends in compliance management and due diligence. They can also assess the inherent risks, forecast resource requirement based on the existing service level agreements (SLAs), and accelerate the documentation analysis in the event of an acquisition. In this interview with CIO Applications, Fayiaz Chaudhri, CEO and General Counsel of AIMACTEK Inc., explains how their platform takes process optimization to the next level in the legal industry.

Give us an overview of AIMACTEK.

Through our platform, we focus on three basic functionalities—easy search and review of documents, risk analysis, and automated mark-up. AIMACTEK’s platform allows for the search and review of existing contracts, and exporting of results in a matter of seconds. With the risk analysis functionality built into the platform, clients can quickly analyze the underlying risks in a legal contract. Finally our platform’s allows for efficient and automated mark-up of contract documents. It highlights what sections are acceptable, unacceptable or acceptable but do not concur with the usual standard positions taken by the client. It also detects any sections which are missing and should be added in. Before AIMACTEK, in-house counsels needed a minimum of six days to assess a 140-page contract on an average. Courtesy our platform, any lawyer can now accomplish the same task in the 1/36th hour of the time spent earlier. Built on an immersive user interface, our platform has been an instant hit with the law firms and in-house counsels.

Our solution can read 140 pages of a contract document in 5 seconds and assess what’s acceptable, what’s not

Because we have data science and machine learning experts as well as software developers, we also offer machine learning consultancy services where we build new solutions for our clients.

Tell us about your client engagement strategy. How do you deliver value to your clients?

Our clients include law firms, in-house counsels, and new companies that don’t have a dedicated in-house lawyer. We allow our clients to completely customise the risk parameters and standard language they wish the platform to take into consideration. For new businesses with comparatively lesser knowledge about contracts and the legal management needs, we provide consultancy on legal contracts, underlying provisions, and SLAs. Later, we prepare and incorporate standard provisions and risk parameters appropriate for their business. They can continue utilizing our platform for risk analysis and automating mark-up of their documents to streamline their business.

Likewise, for clients with existing contract database, we design an API that automatically connects their contract database to our platform, aiding them to synchronize their data, anytime, with profound efficiency. On the other hand, customers without an existing contract database can add their contracts and provisions in a ZIP file and load it to our platform for further processing.

Give us insights into your platform’s capabilities.

While our platform has a delightful and intuitive user experience, we reinforce our commitment to our clients with pre-training for maximum ROI. AIMACTEK’s intelligent search and review feature allows clients to separate the required data from the unwanted ‘noise efficiently.’ One of the biggest differentiators for us is that our risk analysis tool can be fully customized based on clients’ unique business needs. Moreover, our machine learning algorithms are designed to comprehend and assess the risks in a contract and accordingly a client can add, delete, and change the risk parameters. In addition, AIMACTEK’s ‘mark-up’ feature saves clients’ resources while expediting the mark-up process. Our solution can read 140 pages of a contract document in 5 seconds and assess what’s acceptable, what’s not. The contract window and the preferred wording (in case of changes) are juxtaposed to make change management, a breeze. NDAs too can be completed in minutes through our functionally rich and yet cost-efficient platform.

Share with us a case study highlighting the benefits brought to one of your clients.

A firm comprising three in-house counsels faced many challenges in analyzing the data stack produced from the acquisition of other companies until AIMACTEK stepped in. Our platform made the need for a third party data management company redundant, saving $60,000 for the client.
In another instance, an IT services company approached us to streamline the review process of their contracts. The company’s team of in-house counsels were unable to review their clients’ IT contracts within the specified time. With us, the company now efficiently reviews any number of contracts within minutes.

What does the future look like for AIMACTEK?
Contemplating on the rising complexities in business compliance, we strive to develop an advanced range of products, employing machine learning and AI, to ensure clients’ compliance with GDPR, HIPAA, California Data Protection Act, and general data protection requirements. Focused on predictive maintenance, we are innovating platforms that would help different industries, including healthcare, to tackle their operational challenges.