As they say, companies are really just bundles of contractual obligations going up and down the supply chain. When you start thinking about the company this way, the urgency of quickly and accurately closing deals becomes a lot clearer.
Ironclad already offered a superb digital contracting platform, but today it announced a new AI-driven layer to “transform the way companies create, understand, and control their contracts.” I don’t know if it’s going to “transform” it, but having watched some of these features in action it seems like it’s going to add some powerful tools to the folks managing this process.
This video shows some of the key features in action:
I’m not ashamed to admit to my terminal litigator brain. My role in the contract lifecycle began after the parties hated each other and committed to burning everything to the ground through years of protracted litigation. But I can imagine what the negotiating process looks like and all of these features seem incredibly useful to a legal department.
Dragging and dropping a third-party agreement and the system instantly identifying unacceptable clauses based on your playbook? One-click to add or replace language? Automatically looping in the correct approvers at the right times? Pulling and tagging data from agreements like value, dates, and parties for easy sorting and management? Even from my non-transactional vantage point I can understand why those features would improve negotiation and management tremendously.
“We’ve been quietly building AI across our platform from day one, and we’re incredibly excited about these new tools that will help companies transform the way they contract,” said Jason Boehmig, CEO and co-founder of Ironclad. “Ironclad AI was built to give customers the right information at the right time; we’re able to surface data that has never before been available, which gives leaders unparalleled views into their operations to help them make better decisions and drive impact.”
This announcement follows the release of Ironclad Insights, the company’s contract analytics and visualization platform and the new features dovetail nicely. The metadata and process data captured by the AI system can directly populate the analytics offering. When we covered Insights originally, we noted that the feature was aimed at democratizing data providing the right data to the right stakeholders. That function is supercharged by today’s announcement.
Earlier: Ironclad Launches ‘Insights’ To Democratize Operational Analytics
Joe Patrice is a senior editor at Above the Law and co-host of Thinking Like A Lawyer. Feel free to email any tips, questions, or comments. Follow him on Twitter if you’re interested in law, politics, and a healthy dose of college sports news. Joe also serves as a Managing Director at RPN Executive Search.