Answer types now available in Robin AI Reports

Robin AI’s cutting-edge application of large language models has enabled businesses around the world to quickly extract and synthesise data from their contracts and legal documents at scale.

Since Robin AI Reports was launched in June 2024 alongside the the University of Cambridge Investment Management team who helped develop it, Robin AI has continued to update this tool with a focus on delivering the shortest time to value for our customers.

In minutes, Reports can be completely customised and generated to identify, extract and summarise information from across a single contract, hundreds, or even over one thousand contracts at once. This has led to dramatic results for our customers - some reporting 98% time savings on tasks like LPA Review as was experienced by the University of Cambridge IM team.

The latest product updates are summarised below, and include the launch of answer types - another way for users of Reports to be able to customise the Reports that they generate.

• Select your preferred Report output, whether Word or Excel
• Access a library of Template Reports that make it straightforward to get started
• Get a preview of the answers for Reports in a click before running the full Report
• Choose whether you’d like citations URLs to be included in your Report
• Fast upload of your contracts or legal documents in a couple of seconds
• Manage the process completely in-house with our self-service Report Builder
• Elect to leverage Robin AI’s in-house expertise through our services offering to tailor, build and Q&A Reports based on your particular requirements
• Specify the type of response that you’d like Robin AI to produce in the Report and get faster answers to your questions

Robin AI Reports - how does it work?

In short, Robin AI Reports are completely customisable documents that enable you to understand information that is buried across your contracts and legal documents in an automated way. It takes only a couple of minutes to build a Report from scratch.

You can also leverage and customise one of the Reports Templates that are provided by the Robin AI team that include common questions and use cases, like generating an LPA Summary Report or carrying out a Quarterly Audit Report on your MSAs or Supplier Agreements.

These are the steps to get started:

• Log in to your Robin AI Account
• Click on Reports to get started
• Select “Create a Report”
• Upload your contracts
• Choose a Template (you can further customise these) or build your own Report
• Add the relevant questions and choose the desired format of your answer type
• Choose the referred format for your Report (Word or Excel)
• Run your Report
• The completed Report will be sent directly to your inbox

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Answer Types - what is it?

When building your Report or your Template, you’ll now see the option to specify the type of answer that you’d like to be generated. This could include a date, a currency, a percentage, a number, a drop-down selection of options, or even a yes/no answer.

There are lots of different options available to you which help to further streamline the output provided in Reports, giving you a crisp and direct answer to your questions.

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This latest development creates structure in your Reports so you can undertake further analysis or filtering of results to get to the data that you need quickly. For example, you can take the Excel format of the Report that has been generated

What are the advantages of using Robin AI Reports?

Ease of Use

Firstly, you don’t need to be an AI wizard to be able to quickly get value from Robin AI Reports. The process of building and running your Report is designed to be as simple as possible. You can do it yourself, or the Robin AI team can help to build and run Reports for you. All you need to get started is a list of questions that you want answered about your contract (or many contracts)!

Fast Time to Value

The Reports themselves are typically generated in just a couple of minutes. Though it’s worth noting that if you’re running a complex Report across thousands of documents (like you may need to during M&A due diligence, or similar) then it may take longer to receive the completed Report. We’ll always email to you when it’s ready so you can get on with other tasks in the interim.

Access Direct Answers

Going beyond basic data extraction is the real heart of the value of Robin AI Reports. Not only are you at complete liberty to customise and choose exactly what data you’d like to be surfaced from the Reports, you’ll see when using the tool that you get the data you need synthesised in a convenient way that answers your question. If you need to verify information, you can use the URL that is provided: this will take you directly to underlined language in the relevant section in the contract for faster verification).

Here’s an example to illustrate why this approach is powerful. One of Robin AI’s customers was the victim of a cyber attack. The CIO’s office and the Legal Department supporting needed to quickly understand which contracts with key suppliers and customers required their business to provide a notification in the event of a cyber attack. They needed to be able to search across nearly 10,000 documents in the fastest time possible, to extract and surface the data needed for the next steps.

Robin AI didn’t just find the relevant provisions in the contracts (typically contained in a host of different clauses but most commonly in the data protection clauses), the tool actually provided a clear answer about whether there was a duty to notify the customer, and provided the relevant contact details and other critical information that was required by the legal team. In short, Robin AI didn’t just extract a data protection clause from a document, it actually read and interpreted that language to understand if there was an obligation or not. This delivered time and cost savings of around 90% for the business, and enabled a smooth response in a time of crisis. You can read more about this application of Robin AI Reports to respond to an incident here.

Significant Cost Savings

There’s been an interesting market shift as we’ve seen in-house legal departments take on more projects leveraging Legal AI that traditionally would have been outsourced to law firms or Alternative Legal Service Providers to complete. As Legal AI can now significantly automate the process of reviewing hundreds or thousands of documents at scale, it has presented a unique opportunity for legal departments to achieve cost savings for certain work, enabling that budget to be spent on other department priorities and objectives, or even to fuel further growth of the in-house department.

Process Improvement

It’s common for in-house legal departments to be stretched thin and to struggle to undertake project-based work like audits, compliance reviews, due diligence exercises and more. There’s regularly projects that would be highly valuable to complete but due to the time and cost implications, never actually get done.

We’ve heard from businesses around the world that doing contract audits that review how key agreements where negotiated across documents like MSAs or Supplier Agreements to improve future processes would be a highly valuable asset for the legal team. But in practice, these projects require a massive manual lift and would take months to complete.

There’s a new opportunity for project work like this to be completed in a tiny fraction of the time that it would have taken using manual approaches. You can quickly identify trends, learn more from your data and put it to good use to save time in future contract reviews and negotiations.

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Getting started

Robin AI’s team work closely with leading businesses to quickly understand, evaluate and validate use cases for Robin AI Reports to help teams to reduce manual workloads and free up time in departments. To get started on a live workshop where you can get hands-on with the technology, you can speak to a member of our team. Contact us today https://www.robinai.com/contact-us

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