Managing, analyzing, and extracting data from large volumes of documents is a crucial yet challenging task. Traditionally, this has required expensive proprietary software solutions. Introducing Open Contracts, a free and open-source platform designed to democratize document analytics.
Open Contracts is a fully open-source, AI-powered document analytics tool licensed under Apache-2. This platform empowers users to manage, process, and analyze document collections, known as corpuses, with unparalleled efficiency and accuracy. At its core, Open Contracts leverages generative AI (genAI) and Large Language Models (LLMs) to facilitate both data extraction and query handling. This dual integration, utilizing LlamaIndex, allows users to ask complex questions and receive intelligent answers based on the content of hundreds of documents.
One of the standout features of Open Contracts is its layout parser, which automatically extracts layout features from PDFs, transforming them into structured data. This capability is further enhanced by the platform’s ability to generate automatic vector embeddings for uploaded PDFs and extracted layout blocks. These embeddings serve as the foundation for the platform’s sophisticated querying and analysis functionalities.
Another highlight is the pluggable microservice analyzer architecture, enabling seamless integration of various analyzers to automate document annotation. For tasks requiring human intervention, the platform includes a robust human annotation interface, supporting detailed multi-page annotations.
Open Contracts’ integration with LlamaIndex and pgvector-powered vector stores allows for intelligent, LLM-powered querying. Users can ask multiple questions across extensive document collections, with the LLM accessing both manual and automatic annotations to provide accurate responses. This feature is particularly valuable for legal analysis, contract management, and corporate documentation.
It stands out not only for its powerful built-in features but also for its customizability. Users can create bespoke data extraction pipelines tailored to specific needs, enhancing the platform’s flexibility. These custom extractors are seamlessly integrated into the frontend, allowing users to perform bulk queries and data extraction with ease.
The platform’s robust PDF processing pipeline is designed for scalability, consistently generating standardized data from PDF inputs. While current support is limited to PDFs, plans are underway to extend compatibility to other document formats, ensuring even broader applicability in the future. The inclusion of OCR capabilities is also on the roadmap, further expanding the platform’s versatility.
In conclusion, Open Contracts represents great developments in document analytics, offering a powerful, open-source alternative to expensive enterprise solutions. As it continues to evolve, Open Contracts is poised to become an indispensable resource for professionals, exemplifying the transformative potential of open-source technology.
Niharika is a Technical consulting intern at Marktechpost. She is a third year undergraduate, currently pursuing her B.Tech from Indian Institute of Technology(IIT), Kharagpur. She is a highly enthusiastic individual with a keen interest in Machine learning, Data science and AI and an avid reader of the latest developments in these fields.
