Contract intelligence company, Icertis has introduced AI Studio, a self-serve, self-learning cognitive tool that utilises artificial intelligence (AI) models to analyse large sets of documents and generate contract intelligence for real-time insights and decision making.
As contract data becomes the new data pool in the enterprise, businesses should not only glean intelligence from their contracts but connect that data with systems across the enterprise to uncover growth opportunities and identify potential risks.
“CLM is emerging as the fifth system of record, unleashing a new pool of highly valuable enterprise data and driving demand for new AI tools that ensure the intent of every contract is fully realised—but this power needs to be in the hands of users, not just data scientists,” Icertis co-founder and chief technology officer, Monish Darda said.
The AI Studio add-on application enables end-users to easily create custom machine learning models that examine business-specific attributes, clauses, tables, and obligations. The tool provides 360-degree analysis, reporting, and visualisation so that users can easily analyse multiple facets of agreements and related documents, such as risk profiles, contract performance, and obligations.
AI Studio can identify and mitigate risk, as well as identify standard and non-standard terms to target and drive negotiations by optimising customer and supplier terms across regions, contract types and functions.
With AI Studio, compliance teams can identify their compliance position across thousands of agreements and determine those that require amendments due to policy changes. They can then initiate amendments en masse with a click and dynamically route addendum requests.