Article originally published on the Agiloft website.
In a recent Artificial Lawyer article, Agiloft founder and CTO Colin Earl spoke about how the platform’s contracts AI streamlines contract and document review and what this means for legal teams and contract managers:
“With the Agiloft Fall 2020 Release we have improved the training model to account for the most common use cases. This significantly reduces the volume of bespoke contracts needed and therefore reduces the cost of data migration. Document analysis now takes 2-5 seconds versus up to 2 minutes before. Another significant change in this release is that these CLM AI capabilities are now available directly in Microsoft Word with our new MS Word Add-in.”
– Colin Earl, Agiloft Founder and CTO
- Classification: identify document or contract type
- Data extraction: extract metadata from contracts
- Clause extraction: identify and extract clauses from contracts
- Risk scoring: calculates contract risk based on contract language, approved language and contract metadata
- Prioritisation: prioritise contracts for review based on risk analysis
- Custom AI: customise and extend any AI capability to fit your use case without writing code
With quicker analysis, Agiloft can offer transformative efficiencies in contract review, risk scoring, negotiation and approvals. This is significant for individual contracts, agreements and other documents, but with AI-based metadata and clause extraction, legal teams can streamline mass document import as well to unleash big time and resource savings.
For legal teams, Agiloft's AI-powered CLM platform are a true gamechanger. In fact, Gartner named Agiloft the top-rated provider for the Legal Use Case in its 2020 Critical Capabilities for Contract Life Cycle Management report.