Arcelor Mittal is a Fortune Global 500 company, and the leader in all major global steel markets.

Arcelor Mittal (AMS: MT) has a patents team housed inside its R&D Department that carries out ongoing competitive analysis to identify market gaps and patentable solutions as well as monitoring for potential patent infringements. Manually searching and extracting experiment data from documents is a time-consuming and laborious task that can consume around two and a half hours per patent. The steel-maker can slash this to a few minutes using Iris.ai’s Extract tool which has 94% precision, and compares favourably with human extraction precision. (The Manufacturer)

Arcelor Mittal and patent information

The company’s patent team is responsible for searching and the extraction of detailed obfuscated experiment data for use in the development of products, processes, and new formulations of compounds, as well as keeping the company’s operational team abreast of the latest scientific developments.

Accordingly, such patent research and data extraction work is integral to the R&D process at Arcellor Mittal, though it is, unfortunately, unskilled manual work that takes a significant amount of time away from skilled employees.

The use of Iris.ai’s extraction tool dramatically reduces the time and effort required, however. The tool uses Natural Language Processing and Machine Learning to identify all appropriate domain-specific entities in the research. The tool locates and extracts data from both tables and text in a machine-readable format. This data is then inserted in an excel sheet, an integrated lab tool, a database, or anywhere else researchers require.

“Integrating the Extract tool into our process has made the ingestion and processing of external data significantly easier,” said Sophie Plaisant, Head of the Intellectual Property for ArcelorMittal. “It has cut weeks and, in some cases, months out of our research and development timelines and gives us the capacity to review more patents.”

Related Story: Siemens And NVIDIA To Jointly Create “Industrial Metaverse” Using AI