AI in action: Agiloft’s approach to human-centric contracting

Artificial intelligence. No, not the popular 2001 Spielberg hit – but a hot topic nonetheless. Organizations are hungry for it, most have requests from leadership to either offer or utilize AI in the new year. But does the supply meet the current demand?  

This was the topic of conversation in Chief Product Officer Andy Wishart’s sold-out Lunch N’ Learn session at CLOC in Las Vegas this past May. There, he discussed the complexity of real-life AI uses for Contract Lifecycle Management (CLM), what is available in the market today, and how to use it.  

“We take a very human-centric and pragmatic approach to AI,” Wishart said in an on-demand version of his CLOC presentation. “We had a number of hypotheses around using both predictive and generative AI to provide novel or new approaches to solving some of the problems within the overall lifecycle of CLM.”  

Agiloft’s Data-first Agreement Platform prides itself on making improvements for each step of the contract process from intake and creation to signature, and ongoing reporting and management, Wishart said.  That being said, the team continues to maintain an AI roadmap that furthers and enhances the end-to-end contracting workflow, while keeping a human at the center of the process.  

Pre-signature  

On the pre-signature side of the contracting process, Agiloft has introduced a number of AI tools that add to and further enhance its already proven contracting process. Today, you can use multiple facets of the AI Platform as you’re working to get a signature on both internally-created and incoming third-party contracts.  

As contracts are created, Agiloft’s AI third-party contract review analyzes the document, tagging key terms, clauses, and individual data points that are identified throughout. From there, users can take that AI analysis a step further and see exactly where the incoming document differs from the standard language housed in their Agiloft clause library.  

As Andy mentioned, “you could take the clause from the library and overwrite the one that’s in the third-party agreement, but that would be a pretty bold move.”  

Agiloft leverages OpenAI GPT models to help create surgical insertions and deletions that help form a redline edit that is mutually beneficial for both parties. From there, as led by their human-centric approach, allows the user to make any further edits to the suggested redline, before making the adjustment in the document.  

Post-signature  

Beyond the important process of negotiating the contract, there are elements in ongoing management and reporting that can be streamlined by AI. Take, for example, Agiloft’s newest addition to the AI Platform: GenAI Prompt Lab. GenAI Prompt Lab takes Agiloft’s revolutionary no-code platform and applies it to AI use.  

Prompt Lab comes stocked with a list of pre-built prompts to get you started, but the sky is the limit with this tool, empowering users to use generative AI (GenAI) throughout their contracting process.  

Choose from a list of prompts, like:  

Red flags 

Assess the presence and severity of red flags within a clause that your organization has deemed could render a contract risky.  

Anonymize clause 

Take a negotiated or created clause from a contract record and anonymize it, adding it to your clause library for future use.   

Contract summary 

Create and/or edit a list of key items that are uniquely important to your organization and display them directly in the contract record.  

Contract description 

Provide a three-sentence description of the contract – great for executive summaries and quick analysis for non-legal team members.  

Support document analysis  

Quickly summarize any of the attached or related contract documents.  

Conclusion 

We know AI is a hot-button topic. While we’re not in the day and age of the AI lawyer, we know there’s a hunger and a fear of being left behind if you don’t start researching how AI can affect your operation. That’s why Agiloft has worked diligently to provide these practical uses of AI that transform the way you process and manage contracts.  

These out of the box prompts are only scratching the surface of the capabilities held within Agiloft’s GenAI Prompt Lab. Currently, Agiloft cutomer Rush University is leveraging GenAI Prompt Lab to significantly reduce the time that their Legal team spends negotiating and managing new procurement contracts. The prompt looks for specific elements within a contract to decide when legal interference is or is not needed.  

Watch Andy’s presentation on-demand to see the rest of Agiloft’s AI suite in action and learn how you can start taking advantage of AI solutions in your contracting process today!