CLM pioneer Agiloft has launched a genAI Prompt Lab, plus enhanced ConvoAI capabilities for doc review. Andy Wishart, CPO at the US-based company, told Artificial Lawyer that ‘this is part of our AI your way’ strategy.
He added that he is especially excited about the Prompt Lab, as this would allow subject matter experts to build templated prompts that can be deployed to automate high-volume, dynamic contract tasks. This also builds upon a long AI journey for the company over several years – see last week’s article.
Agiloft customers can now choose between using Agiloft’s AI, or their own choice of an LLM they already use, to ‘accelerate an unlimited array of daily tasks, such as creating contract summaries, comparing clauses, or even composing termination letters for expiring contracts’.
Speaking to this site, he added: ‘This an opportunity for a community of builders to show their creativity to address unique use cases via the Prompt Lab.’
AL then asked if Agiloft could perhaps create a ‘marketplace’ or ‘depository’ for all the client-made templated prompts, so that everyone in the community could use them? Wishart replied that this is not available now, but they may consider it.
He also added that by making the prompt side of things so transparent and open it set Agiloft apart from some other CLM companies where prompt engineering was hidden away at the backend of their platform.
Wishart also noted that this is about more than just being creative, he stressed that different prompt approaches would be needed depending on who was looking at the information in a contract.
‘For example, a summary [made via genAI] for a procurement person would be different from what a company’s sales team would want,’ he said.
I.e. if you have a fixed approach, then you won’t be able to give each part of the business the perspectives on contract data that they want.
The capability will become part of the main package, Wishart said, and won’t be seen as an additional bolt-on.
The other key part of the new offering is the ConvoAI Document Q&A ability, which enables users to leverage genAI to find, analyze, and extract information from any contract through the standard Agiloft document viewer.
They are also adding: ‘direct interactions with clause libraries and AI capabilities within the Google ecosystem’ and ‘bi-directional record sync that connects contract data between tools so Agiloft users see the most accurate information’.
Is this a big deal? Clearly these additions will be useful. But, perhaps of greater importance from a market development perspective is how CLMs are now once more increasingly battling against one another for market share, with genAI as both the catalyst for this new intensity and also its use forming the basis for differentiation.
While the super-large funding rounds for CLM now seem like a distant memory, there is a battle still to be won. At the same time, selling CLM into corporates is no easier than it was 18 months ago. Moreover, the number of companies wielding AI in some shape or form to help corporates keep on top of their contracts just seems to grow and grow.
Although, not everyone is presenting themselves as a CLM. Some companies are often taking a slice of what these larger platforms offer, such as redlining and negotiating contracts, or handling intake.
In short, there definitely seems to be an intense CLM battle for market share once more, but this time it’s less about who has got the most funding, and rather about who has the best AI strategy. And that’s got to be a good thing for the clients.