Cision PR Newswire
The Chat Phenomenon Comes to Contract Management with the Launch of Agiloft's ConvoAI
News provided byAgiloft, Inc.
Jan 25, 2023, 12:35 PM ET
ConvoAI makes it easy for ALL Agiloft users to have a conversation with their contracts using natural language to "get to the thing they want, in the way they're thinking about it" - without keywords or filters
Powered by Cognizer's Genius Platform, Agiloft's ConvoAI delivers a quantum leap over cumbersome and frustrating search tools for contract review, intelligence, and analysis.
Agiloft makes its announcement at the company's global conference, The Agiloft Summit 23, drawing customers, prospects, partners, and industry thought leaders from around the world.
LAS VEGAS, Jan. 25, 2023 /PRNewswire/ -- Agiloft, the global standard in agile contract lifecycle management (CLM), introduces a new era of usability to the CLM industry today with the launch of ConvoAI, which lets ALL users, not just contract professionals, have an interactive conversation with their contracts by asking questions in natural language to easily and intuitively find details in their contracts. In partnership with Cognizer AI and leveraging Cognizer's Genius™ contract intelligence platform, Agiloft's ConvoAI delivers the most advanced natural language information discovery experience in the CLM market today. The company made the announcement at its yearly global contract management industry conference, The Agiloft Summit, which draws customers, prospects, partners, and contract thought leaders worldwide from the worlds of legal, procurement, and sales.
Agiloft ConvoAI will be enabled for all new and existing cloud-hosted CLM customers in the US and Europe and is accessible from the Agiloft CLM user interface and Agiloft for Microsoft Teams. This makes it possible for business users who are looking for contract data and not regularly using the company's CLM solution, to find the information they are looking for in the Teams interface in which they already work. Permissions for which data they can access is established in Agiloft and flows through to the Teams user.
"Today marks an important day for AI in CLM," said Agiloft Chief Product Officer Andy Wishart. "Extending our open and scalable Agiloft AI platform to integrate with Cognizer's Genius™ platform provides new ways for organizations to unlock information in unstructured contracts. Our new ConvoAI feature not only enables contract operations professionals to search and find information more easily, but it will also help these professionals drive greater adoption of CLM across the enterprise by providing business users with an intuitive way to query the contracts they are responsible for, and find the data they need, to speed value creation in their organizations."
To develop ConvoAI, Agiloft partnered with Cognizer, a pioneering AI technology company, to create a fundamentally different way for users to retrieve contract information. Cognizer's Genius™ technology delivers an innovative and patented combination of natural language AI and graph database technologies that learn more quickly and think differently about the user's objective for contract data and helping them find it where and when they need it.
- Learns more quickly. ConvoAI uses Cognizer's Cortex Neural Vector Engine that includes modern large-language AI transformer models initially trained by reading huge knowledge bases and millions of English-language commercial contracts, and then fine-tuned for hundreds of contract types, clauses, and terms across 500,000 annotated samples. Compared to CLM AI solutions that utilize prior generation neural networks, ConvoAI is already "smarter," and can learn new clauses and terms with fewer examples and less human effort. Plus, as new types of clauses and key terms added to the models, the types of questions ConvoAI can answer will grow over time.
- Thinks differently. Genius™ stores and organizes data that it learns in a knowledge graph. This is a new type of database technology that creates connections and relationships between related data and concepts and means the model can answer natural language questions about all of the contracts in the knowledge graph, such as how many contracts have a particular clause or attribute. This is different than other CLM AI solutions, which extract and populate data in fields in a standard database, preventing these solutions from answering natural language questions, because the data is not mapped in a way the system can retrieve the required information.
"We could not be more excited to partner with CLM powerhouse Agiloft to deliver the next generation of AI-powered contract and conversational intelligence to enterprises worldwide," said Jack Porter, Founder and CEO of Cognizer. "Our Genius™ platform embodies an entirely new technical approach to unlocking and smartly accessing the collective intelligence locked in enterprise contracts and related technical documents."
Tom Gruber, cofounder of Siri, former Apple AI lead, and Cognizer Board member added, "Cognizer realizes the dream of conversational AI - a conversation with an agent that truly understands the meaning of what it is talking about - for the legal domain. After more than a decade of improvement in AI and conversational interaction, it is amazing to see the breakthrough that Cognizer has achieved. Its Genius™ technology has mastered the deep understanding of structured information in unstructured content, such as legal contracts, and offers what it knows in an easy-to-use conversational interface that any professional can use."
To learn more about how the new Agiloft ConvoAI can transform your company's ability to know what is in their contracts, visit our website or schedule a demo to see the technology first hand.
About Cognizer, Inc
Cognizer is the pioneering leader in breakthrough contract intelligence AI focused on unlocking for the modern enterprise the trapped value of data locked in complex documents. The company's Genius AI platform functions uses natural language processing, deep-learning, and graph technologies to make an organization's people, processes, and programs more intelligent and impactful. Based in the San Francisco Bay Area with development offices in India, Cognizer is backed by established investors. For more information, visit www.cognizer.ai
As the global leader in agile contract lifecycle management software, Agiloft is trusted to provide significant savings in purchasing, enable more efficient legal operations, and accelerate sales cycles, all while drastically lowering compliance risk. Agiloft's adaptable no-code platform ensures rapid deployment and a fully extensible system. Using contracts as the core system of commercial record, Agiloft's CLM software leverages AI to improve contract management for legal departments, procurement, and sales operations. Visit www.agiloft.com for more.
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SOURCE Agiloft, Inc.