**Redwood City**: Agiloft announces a major expansion in contract lifecycle management through innovative generative AI features, enabling legal teams to optimise contract data and streamline processes. The new tools promote transparency, customisation, and efficiency in contract management, enhancing organisational productivity.
Agiloft, based in Redwood City, California, has announced an expansion of its product offerings in contract lifecycle management (CLM) with the introduction of innovative generative AI capabilities. This advancement seeks to enable legal teams to maximise the potential of contract data and expedite business processes.
The new features include GenAI Prompt Lab, ConvoAI Document Q&A, and Screens, designed to tailor AI-driven workflows specifically for legal and contracting teams. This customization aims to empower organisations to deploy AI technologies in alignment with their specific operational needs.
A standout aspect of Agiloft’s generative AI capabilities is its integration of white box AI technology. This allows for complete transparency in the AI’s decision-making processes, thereby enabling users to understand and trust the rationale behind the outcomes generated by the AI model. In particular, the ConvoAI Document Q&A tool permits legal professionals to pose targeted questions regarding contracts and receive AI-generated answers that reference the source information directly within the document. This transparency in AI functionality aims to remove ambiguity from AI-driven insights, thereby providing legal teams the precision necessary for informed decision-making.
“AI is most powerful when it adapts to how you work,” stated Andy Wishart, Chief Product Officer at Agiloft, in discussions with PRNewsire. He emphasised the benefits of the “AI Your Way” initiative, which allows legal teams to fully customize prompts based on their needs, thereby enhancing accuracy during contract reviews. The initiative seeks to enable these teams to focus on critical tasks that contribute significantly to business value.
In addition to these enhancements, Agiloft has released new out-of-the-box prompts within the GenAI Prompt Lab. These user-configurable generative AI templates are designed to optimise clauses in existing contract repositories. The prompts can analyse a wide array of clauses for standardisation, enabling legal teams to create and track clauses effectively throughout the contract lifecycle. Some of the capabilities include the creation of new standard and fallback clauses derived from previously used language, identification of deviations from standard clauses, mismatch detection between contract documents and their respective metadata, and the detection of potential risks based on defined criteria.
Dustin Slodov, AVP of Procurement and Systems at Rush University, explained the practical applications of these AI tools, stating that Rush employs a self-configured Generative AI Prompt action to assess contracts as they arrive, allowing for efficient routing to the appropriate review group and subsequent manual reassignments if necessary. He remarked that employees have been able to reduce the total number of new purchase orders by 20% due to clearer visibility of existing contracts, ultimately benefiting internal buyers and vendors by expediting the approval and signing process of purchase orders.
Agiloft’s enhancements aim to streamline operations and automate manual processes, leveraging insights derived from data-rich contracts. The firm’s “AI Your Way” approach, combined with the added functionalities from their recent acquisition of Screens, positions Agiloft to offer legal teams sophisticated AI tools tailored to modern contract management needs.
For further details on Agiloft’s latest advancements in contract management through generative AI, the company invites interested parties to visit its website.
Source: Noah Wire Services
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