AI Business recently did an interview with Peter Wallqvist CEO & Co-Founder of RAVN, to see what they are doing with AI and how they have implemented this technology in their company. RAVN pride themselves with developing groundbreaking Artificial Intelligence technology which organises, discovers and summarises your documents. It allows all types of organisations to increase efficiency, increase productivity and mitigate risk.
Peter started his career in the information retrieval industry as a research engineer at BT Research at the turn of the millennium. From there he went to being part of delivering some of the largest and high profile search and unstructured data processing systems in the world both at organisational like Autonomy (now HP) and as an independent consultant.He co-founded RAVN Systems in 2010 together with equally experienced scientists and engineers to build and deliver the next generations of advanced search-based cognitive computing systems, taking on the role of CEO.
In the past few year, Wallqvist has overseen a tectonic shift in perceptions regarding cognitive computing systems and the level of trust clients and other stakeholders are starting to put into the technology. This shift is likely to have dramatic consequences within the legal space and seldom has the word “disruptive” been more apt to use when speculating the implications for the industry.
Being leading experts in the Natural Language Processing and Machine Learning branches of Artificial Intelligence (AI), we were eager to learn what the key proposition of RAVN in enabling an AI-powered business is?
“The cognitive computing solutions we offer are revolutionary for virtually any information-intensive vertical as they transform the way organisations exploit their knowledge and information”, Wallqvist says. “We help organisations by automating the organising, discovering and summarising of unstructured document data. This has huge competitive advantages for organisations to help manage and mitigate their risk along with increases in process efficiency”.
“Our unique proprietary technology has been trained by experts in many law firms and corporations and continues to learn as it is used”.
Having delivered these revolutionary cognitive computing solutions, could you outline a key enterprise use cases for your products and solutions?
“One of the ways our AI platform (RAVN ACE – Applied Cognitive Engine), can be leveraged is to perform an automated contract analysis”, Wallqvist explains. “Organisations spend a huge amount of time manually reviewing contracts, often to establish their exposure to changes in legislation. Our solution enhances the visibility of these contracts by automatically reading them in order to intelligently cluster them into various categories and then extracting key data points such as call-out rates, overtime, shift and standby rates, and export them into the desired business output for further analysis” Wallqvist says. “This process can eradicate human error and speed up these tasks by several orders of magnitude”.
Wallqvist explains that a further extension to this use case is how they apply the surfaced data points to create models which can predict future metrics for projects and matters based on historical precedents.” Essentially exploiting the rich feature space made available by tapping into an organisation’s historical data for the purposes of predicting future costs and outcomes more accurately”m Wallqvist says.
RAVN also applies other solutions such as e AI for Due Diligence, Knowledge Classification, Real Estate documentation, ISDA CSAs and many other bespoke solutions.
AIBusiness wanted to map out the future of RAVN and where they see the company going from here.
We asked: “What is your enterprise strategy for RAVN in the short- and long-term? Are there any particular industry verticals you are focusing on for your solutions going forward, or any particular applications on the horizon?”
As the company is essentially established in the UK they have started to see tremendous interest and increase in client demands across Europe and in North America too, Wallqvist reveals, saying that their short-term goal is to expand internationally, which is a process they have already started.
RAVN have recently opened their first Europe-office in The Netherlands and hired a North American Sales manager along with partnering with Fireman and Company, a leading management consulting firm for law firms and corporate legal departments.
“These new moves will ensure our European & North American prospects and clients receive the best possible service and support”, Wallqvist says.
When looking at the future of their long-term goal RAVN has started taking the neext leap in AI, where their technology will begin to predict certain outcomes, and they are also seeing a lot more interest in embedding their capabilities in other product types.
“Our technology is well established with many use cases in the legal industry and corporate legal departments, and we are now beginning to look at how we can transform the way other industries perform manual tasks with a focus on the insurance and financial institutions”
As this industry is not particularly easy to break into, what challenges have you faced when looking to implement your products and solutions in the enterprise?
“This type of technology is usually completely new to our clients, hence why uptake and achieving certainty that it works usually takes time”, Wallqvist says. “We have historically begun client relationships by testing the solution on smaller projects so organisations can see some results they can compare with results gained from more traditional methods. Once they can see for themselves the competitive advantage it’s given them on one small area they tend to move toward enterprise-wide solutions”.
In terms of new products and solutions, what can we expect to see from RAVN in the immediate future?
“To name one topical example, we are now configuring our AI platform to benefit businesses in relation to the General Data Protection Regulations (GDPR). The GDPR are coming into force on May 25, 2018 and will apply across all 28 EU member states” Wallqvist reveals. “We are developing our ACE platform to allow organisations to manage and audit data that falls within the boundaries of GDPR. We are working on a similar technology in collaboration with Dentons to work on Brexit related content.