Contract Lifecycle Management leader, Agiloft, launches new generative AI capability, part of their Data-first Agreement Platform to enable legal and contract teams to quickly review and markup contracts, reducing risk without causing endless redlining loops in review process.
Agiloft, the most trusted global leader in data-first contract lifecycle management (CLM), today announced a new generative AI (GenAI) capability that streamlines negotiations and empowers users to significantly increase the speed with which they’re able to redline, negotiate, and ultimately agree on contract terms.
“We are thrilled today to announce new generative AI capabilities for 2024 that build onto our existing AI Platform,” says Andy Wishart, Chief Product Officer at Agiloft. “With this release we are addressing the all-too common problem legal and contracting professionals see when negotiating contracts: excessive and endless redlining between parties. This new capability employs generative AI to understand approved clauses, review third-party contract language for areas of misalignment, and then compose redlines that marry third-party contract language with legal’s preferred phrasing. This greatly reduces the back-and-forth negotiations between parties, providing an express route to contract execution.”
Users can leverage language from their clause library to power Agiloft’s new GenAI capabilities or create new content with GenAI that matches their needed terms and closely conforms to the text of the contract under negotiation. Agiloft is working directly with early adopters to build and improve this and other features that enable connected, intelligent, and autonomous contracting processes so companies can unlock the value of contract data and accelerate business.
“Our goal is to use AI as a force multiplier to assist our customers in solving their biggest contracting challenges and ultimately improve their businesses,” said Eric Laughlin, CEO at Agiloft. “We see AI as an enabling technology that will supplement human decision-making, not replace it. We go to great lengths to ensure that our customers retain control over their work product and build trust over time in AI assistance. With this release our team has brought the transformative technology of generative AI directly into contracting, freeing up legal and contract teams to streamline negotiations by capitalizing on the language they have already approved to get deals done and accelerate the business.”
Agiloft’s new GenAI redlining capability is part of a series of GenAI features on the company’s 2024 roadmap and follows the release of Agiloft AI Trainer in August 2023, which empowers non-technical users to fully customize the way they review and analyze contracts and enables customers to deploy “AI, Your Way.”
To learn more about how the new Agiloft GenAI features can transform your data-first contracting process, visit the Agiloft website.
About Agiloft
As the most trusted global leader in data-first contract lifecycle management (CLM) software, Agiloft connects contractual commitments to real business outcomes using its flexible Data-first Agreement Platform (DAP). With contract data as the foundation, customers quickly and collaboratively reach agreement and leverage contract visibility to thrive with competitive advantage. Employing powerful, pragmatic artificial intelligence as a legal force multiplier, and robust integration capabilities as a data liberator, organizations around the world trust Agiloft’s certified implementers to deliver connected, intelligent, and autonomous solutions across the entire contract lifecycle. With a 99.6% implementation success rate, it’s clear why some of the largest companies choose Agiloft to unlock the value of contract data and accelerate business. Learn more at www.Agiloft.com.
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