RAVN Systems, leading experts in Artificial Intelligence (AI), Search and Knowledge Management solutions, announced today the launch of an AI Powered Time Narrative classification tool to help accurately analyse time taken to complete a matter or project.
With increased regulation regarding matter breakdown in the legal industry (including UTBMS in the US and Precedent H in the UK), missing or incorrect classification of time records no longer has purely a financial impact; it is also a compliance issue.
RAVN Systems has applied its AI platform, RAVN ACE, to power the RAVN Time Narrative Classification application. By learning from an initial accurate training set, the solution can understand specific identifiers within the timecard narratives that indicate the identity of the correct relevant task code for that description and insert it within the corresponding database record or data extracts provided by the firm. This will enable law firms to analyse all their previous matters by activity and then gain a clear understanding of where the time and effort has been expended. It is also applicable to other professional services organisations that measure time in a similar way.
Apart from providing accurate information to the firm and the client as to the breakdown of time; this also provides much better source data for the prediction of likely costs in future matters or projects – especially when used in tandem with the RAVN AI Matters tool.
Peter Wallqvist, CSO at RAVN Systems commented, “The accurate recording of time is central to any consulting services business, providing the foundation upon which resource realisation can be measured, efficiency and improvement can be driven and ultimately business decisions can be based. It’s vital that we provide our clients with innovative tools to accurately predict the time it takes for projects to be completed. The accuracy achieved so far indicate that manual classification of time entries may already be an unnecessary and obsolete task”.
RAVN Systems are leading experts in the Natural Language Processing and Machine Learning branches of Artificial Intelligence (AI). They offer revolutionary cognitive computing solutions for any information intensive vertical. RAVN’s unique proprietary technology and expertise deliver long-term value, competitive advantages and help manage and mitigate risk through structuring and surfacing information contained within unstructured data.