Pensieve: The Voice Of Text In Data
Pensieve Team
With the farreaching applications of AI extending from one end of everywhere to the other end, domain players are now required to become more of visionaries in AI than mere experts. Based out of Mumbai, Pensieve is built with a vision to use Data Aggregation, Data Cleaning, and Machine Learning & NLP technology to provide data driven productivity to its customers. The company has built strong capabilities in Semantic Search with Context, Q&A on documents, Aspect Based Semantic Analysis, Recommendation Engine, Insight and Entity Extraction from documents, Anomaly or Fraud Detection, and Image Classification.
As a result of this technology phenomenon, the legal delivery segment has shape shifted from being simply the delivery of expertise in the law and is now a three-legged stool that involves legal expertise, the efficient deployment of AI and again, AI powered process and project management. Since legal tech solutions hold the potential to erode years of experience of any top legal expert, the solutions providers are basically focussing on the new entrants, more open to technologies and adaptive in nature. "Therefore, Pensieve with its top notch assemble of Recommendation algorithm, semantic search and natural language summarizer is tapping these features for individual gains", concludes Prahlad K. Routh, Chief Research Officer at Pensieve.
The Lexical Semantics
Already at the brink of a major overhaul, law firms are increasingly adopting solutions that employ Natural Language Processing(NLP). Chatbots, in particular has been christened to make sense out of phrases from users. The plausible disruptive force of AI and NLP is a bridge between human interpretations and computer.
Pensieve with its expertise proffers two products, namely MITRA and SMRITI that solve the problems of linguistic and Text Analytics. MITRA is a Legal Research Platform designed to understand context and relevance of a search query and provide the most apt recommendation and prepare defensible arguments. Where as, SMRITI is a contract lifecycle management platform purposed to reduce the time and effort taken in data extraction from the contracts. At the same time, the platform acts as a recommender system during the contract creation process. "It is currently delivered as an enterprise product with serious considerations underway to expand its domain reach", informs Gaurav Srivastava, CEO at Pensieve. Since Data extraction from Contracts, is at present, error prone and ineffective process, Pensieve’s Smriti Review automates this entire process minimizing the error and increasing the effectiveness of data extraction. With direct impact on the Revenue, this product helps better control over costs, minimizes the risk of error and leads to better customer satisfaction across multiple domains.
The Future Adoption of NLP in Legaltech
The Law firms are precariously under the dire need of technology and intelligence along with infallible security. The exponential growth in the volume of documents required to be reviewed for litigation cases has generally accelerated the nascent adoption of LawTech solutions and the incorporation of NLP and ML in these algorithms; from Information Extraction, Recommendation system to Bayesian Inference for Decision Making. Automating the identification of relationship within data has replaced the assumption based methodologies and altered the Law firms' decision-making capabilities accordingly, catapulting Pensieve as the harbinger of this front in the coming future.
SMRITI is a contract lifecycle management platform purposed to reduce the time and effort taken in data extraction from the contracts
The Future Adoption of NLP in Legaltech
The Law firms are precariously under the dire need of technology and intelligence along with infallible security. The exponential growth in the volume of documents required to be reviewed for litigation cases has generally accelerated the nascent adoption of LawTech solutions and the incorporation of NLP and ML in these algorithms; from Information Extraction, Recommendation system to Bayesian Inference for Decision Making. Automating the identification of relationship within data has replaced the assumption based methodologies and altered the Law firms' decision-making capabilities accordingly, catapulting Pensieve as the harbinger of this front in the coming future.
