Growing CLM platform, Agiloft, has boosted its NLP analysis capabilities, improving the ability to train the system which now recognises close to 100 legal concepts across multiple contract types. The move shows that the company’s AI strategy is very much to build its own NLP applications that will become an intrinsic part of the platform.
The AI expansion comes as part of a wider upgrade of capabilities, (see full functionality list below).
Colin Earl, Agiloft’s founder and CTO, told Artificial Lawyer: ‘Clients have previously been able to train the contract AI with contract documents. With the Agiloft Fall 2020 Release we have improved the training model to account for the most common use cases. This significantly reduces the volume of bespoke contracts needed and therefore reduces the cost of data migration.’
‘Document analysis now takes 2-5 seconds versus up to 2 minutes before. Another significant change in this release is that these CLM AI capabilities are now available directly in Microsoft Word with our new MS Word Add-in,’ he added.
Why is this significant? The answer is that this is a CLM platform that is seeking to be at the centre of the doc analysis process as well as offering more traditional contract management capabilities. While this may probably not be used by clients for large-scale transactional events, e.g. M&A due diligence, it will help to provide deeper and faster insights into their contract stack, as well as at the contract review and negotiation stage of individual agreements.
The system also includes a risk scoring capability for the review and negotiation phase, a type of approach that has been pioneered elsewhere by companies such as ThoughtRiver, among others.
This leads to the next question: what is the underlying tech here?
Of course, one shouldn’t get carried away by the idea that building your own NLP tools on top of these models is easy. Plenty of hard work and resources goes into this type of project and it’s very open-ended, with demands on accuracy, model scope and usability driving increasing R&D input from any company that goes down this road. However, it looks like Agiloft has decided to go down the build-your-own route.
Aside from the very significant AI expansion step, the CLM company has also released a range of other enhancements, which include:
- ‘Microsoft Word Add-in: New feature provides Agiloft functionality directly in MS Word, enabling contract creation, review, and redlining as well as AI-based analysis, metadata and clause extraction, and risk scoring in MS Word with all changes simultaneously updated within Agiloft. With Agiloft’s CLM functionality and AI Capabilities available directly in MS Word, users can analyze, review, and negotiate contracts faster and with more accuracy than before.
- Dell Boomi Connector: Organizations can now integrate Agiloft with large application ecosystems such as ERP, CRM, and more through Boomi’s cloud-native integration platform, streamlining the configuration and maintenance of complex workflows to enable true CCLM across the enterprise with contracts at the core of all commercial activity.
- Out-of-the-box Tableau integration: This new easy but powerful integration provides one simple step for syncing Agiloft with advanced data visualizations in Tableau. This is in addition to Agiloft’s robust native reporting capabilities.
- Real-time Salesforce integration: An update to Agiloft’s prebuilt Salesforce integration, this extended ESA-based integration allows instant, bi-directional updates to individual records and contracts via configurable event triggers originating in either system.
- GUI enhancements: A more intuitive interface offers new modal windows for quicker access to common tasks as well as dialogue windows and customisable secondary buttons to provide more user guidance.’
Eric Laughlin, CEO of Agiloft, added: ‘The latest Agiloft release is about making life easier for our customers. We’ve made UI navigation improvements, brought powerful advances to the AI engine to accelerate training, and enabled contract analysis directly in Microsoft Word to save customers time and expedite contract review and negotiation. We have improved our Salesforce integration, enabled Tableau integration, and set up integration with the Dell Boomi platform to further extend contract management across the enterprise.’
If you’d like to know more about Agiloft, then check out this AL TV interview with Laughlin, made earlier in the year.