Ironclad announces new AI-powered tools for guided negotiation and an enhanced contract repository to accelerate business, reduce risk, and operate more effectively
Ironclad, the leading digital contracting platform, today announced the launch of Ironclad AI, an AI-driven layer of its platform designed to transform the way companies create, understand, and control their contracts. Ironclad is the only platform to include artificial intelligence across the entire contract lifecycle, including a first-of-its-kind, AI-driven tool to intelligently negotiate and review contracts at scale.
“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.”Understand contracts with enhanced AI functionality in Ironclad Repository
Today, Ironclad announced enhancements to Ironclad Smart Import, an AI-powered contract migration tool that uses optical character recognition (OCR) to scan, index, tag, and store contract data at scale. With Smart Import, customers can:
- Make contracts full-text searchable: Industry-leading OCR technology makes all of your contracts full-text searchable, including scans of wet-signed contracts.
- Confidently automate data extraction: Ironclad AI extracts key terms and clauses with over 90% accuracy.
- Use your contracts and data instantly: Make your contracts and data fully searchable and reportable, instantly.
Control contracts with AI-powered review and negotiation
Launched today in beta, Ironclad Playbooks uses AI-powered clause detection that allows customers to review and negotiate contracts more intelligently. With Playbooks, companies can:
- Automatically analyze and intelligently negotiate contracts, faster: Ironclad AI automatically analyzes contracts, flags areas that require a thorough review, and provides suggestions on how to negotiate based on legal-approved guidelines.
- Review third-party paper at scale: Ironclad AI automatically loops in the right approvers at the right times to streamline negotiation, enhance contract collaboration and compliance, and speed up contract review times.
- Convert PDF files to DOCX for contract reviews: Ironclad offers the ability to instantly convert PDF files to DOCX when editing documents to slash the time and effort required to get contracts uploaded, reviewed, and approved.
“When you’re dealing with 20 to 30 page vendor contracts, the manual review process takes a massive amount of time – but it’s critical work,” said Charles Hurr, Associate General Counsel at L’Oréal. “Ironclad AI automatically reviews these contracts, flags language and clauses that don’t work for us, and suggests L’Oréal-approved provisions to swap in. This cuts the review process from hours to minutes, improves our team’s efficiency, and frees up time for the team to focus on more high impact work.”
“Our goal is to keep legal out of 95% of our contracts, and Ironclad’s AI-driven workflows, permission controls, and analytics help us get there,” Catherine Choe, Director, Legal at Everlaw. “Ironclad has helped our team facilitate growth by dramatically speeding up the contract upload and review process, all while maintaining compliance and mitigating risk.”
These new AI tools come on the heels of the release of Ironclad Insights, a full-scale contract analytics and visualization platform. Because Ironclad automatically captures both metadata and process data, Insights allows users to create visualizations of crucial operational and business data to make faster decisions, pinpoint bottlenecks, and present findings in a digestible way for key stakeholders.
Visit AITechPark for cutting-edge Tech Trends around AI, ML, Cybersecurity, along with AITech News, and timely updates from industry professionals!
