If you’ve spent any time online since December, you’ve seen the wave of excitement around ChatGPT (powered by OpenAI’s GPT3) – which allows users to input a simple prompt and quickly generate complete, shockingly accurate paragraphs. And while it’s fun to write poems and ask questions of ChatGPT, the possibilities for this technology are incredible – and quite literally endless. And there are, of course, many use cases for the world of contracts.
There has been a “race for novelty” in our industry, but Ironclad has always prioritized investing in technology that drives impact and real business results for our customers. After testing GPT3 within Ironclad for several months, it’s clear that this is much more than novelty; it’s a groundbreaking innovation.
In that spirit, we have been working with OpenAI to put the power of GPT3 to work across our product. Today I’m thrilled to announce Ironclad’s latest AI advancement, AI Assist.™
AI Assist™ powers rapid redlines for contracts
Now in beta, AI Assist™ lets users instantly generate redlines to an entire document. Those redlines – made using generative AI – appear as tracked changes, which allow human users to quickly scan and accept, or reject, those redlines in just a single click. Multiplied across a week’s or month’s worth of contracts, AI Assist™ will save countless hours of manual review and is based upon pre-approved clauses and language set by your legal team (as part of Ironclad AI’s Playbooks functionality).
Generate edits via open-ended prompts
AI Assist™ also gives users the ability to highlight a block of text, give a prompt for editing, and generate several redline options based on your prompt. This allows users to target certain contract areas and get as creative, or as conservative, as their Playbook allows.
AI Assist™ helps customers:
- Dramatically speed up the contract review process: instantly identify and redline irregularities in contracts and save countless hours of manual review.
- Optimize ROI of existing contracts: AI Assist™ makes redline suggestions based on a company’s preferred clause and language guidelines in your existing Playbooks – meaning companies don’t have to reinvent the wheel every time you review a contract.
- Scale and ensure compliance: by using a set library of preferred language and clauses, companies can ensure that every contract has been vetted against company standards – no matter who is reviewing.
- Do more, with less: especially in times of economic uncertainty, doing more with less is a superpower. Using generative AI to automate redlines frees up valuable time for legal teams to focus on the deep work that requires human intelligence.
Cutting edge solutions for cutting edge companies
We pride ourselves on having the most innovative, forward-looking customers on the planet. And when it comes to innovation, there are few companies closer to the bleeding edge than OpenAI. And who better to understand the potential impact this technology can deliver for legal teams than OpenAI’s own legal team. “Contracting is a notoriously manual and labor intensive process – a perfect example of where AI can help push an industry forward,” said Jason Kwon, General Counsel at OpenAI. “As both partners and users of Ironclad, we see their technology and leadership as incredibly impactful for both businesses and the humans driving them.”
Ironclad AI puts artificial intelligence across the platform
From day one, Ironclad has built AI across our entire platform to speed up the negotiation and contract review process, ingest data from uploaded and in flight contracts, and analyze that data to produce unparalleled business insights from those contracts.
Interested in learning more about Ironclad AI? Register for our upcoming webinar on February 23rd as we chat with L’Oréal about how they review and analyze contracts faster with Ironclad AI. Or sign up for a custom demo here.
Ironclad is the #1 contract lifecycle management platform for innovative companies. L’Oréal, Staples, Mastercard, and other leading innovators use Ironclad to collaborate and negotiate on contracts, accelerate contracting while maintaining compliance, and turn contracts into critical carriers of operational business intelligence. It’s the only platform flexible enough to handle every type of contract workflow, whether a sales agreement, an HR agreement or a complex NDA. The company was named one of the 20 Rising Stars on the Forbes 2019 Cloud 100 list, and is backed by leading investors like Accel, Y Combinator, Sequoia, and BOND. For more information, visit www.ironcladapp.com or follow us on LinkedIn and Twitter.
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