The speed at which AI is revolutionizing the business world is – dare I say it – unprecedented. It’s fun to watch from afar, but it’s even more fun that we’re doing it right here at Ironclad, upping our best-in-class contract lifecycle management (CLM) platform daily to be stronger and more powerful than ever.
Today I’m proud to announce a new milestone in our product development: Ironclad’s AI model now supports 194 contract properties, out-of-the-box and included in every subscription, making it the most comprehensive AI contract analysis and management tool available. Automated review of contracts can be done with a level of accuracy and speed that was previously impossible.
How do AI contract properties work?
Ironclad AI helps teams quickly analyze contracts by automatically extracting key contract properties in context. Yes, a lawyer or contract expert could pick these out of the text, but Ironclad AI is able to do this in a matter of seconds – for thousands of contracts at a time. AI contract analysis instantly transforms contracts from legalese to data to actionable information, so teams can skip tedious, manual review and start doing more strategic work. That’s right: Ironclad AI essentially lets lawyers do more lawyering.
Ironclad processes more than one billion contracts annually, offering ready-to-use AI contract analysis to help customers improve their efficiency. With 194 out-of-the-box contract properties, Ironclad AI supports most of the contracts that any customer will need without having to train their own models. Ironclad AI can identify, extract, and analyze a huge range of contract provisions, including cancellation, confidentiality, governing law, indemnification, renewals, and limitation of liability, among others. Check out the full list here.
What does this mean for you?
- Ironclad AI can review and flag 100+ provisions as the first line of defense for the legal team, further reducing the time and effort for legal teams to review contracts.
- Our Smart Import uses optical character recognition (OCR) to scan, tag, and store contract data at scale, giving you more insights into what’s in your contracts.
- Businesses can expect to see significant improvements in their contract management processes, including increased efficiency, better compliance, and improved risk management.
What differentiates Ironclad AI
At Ironclad, we’ve always taken a human-centric approach to AI. We know AI contract management tools don’t eliminate the need for people; rather, they allow them to do more with contracts – to work faster, collaborate more effectively, and make better decisions.
With 194 out-of-the-box AI detection contract properties (and counting!), Ironclad is the clear market leader in AI contract analysis and management software. But our success comes from more than just that number; the platform itself is incredibly intuitive. As always, customer experience is our north star, making ease of use our goal with every update. This is achievable thanks to the power and accuracy of the underlying models – and because the user experience has AI deeply embedded, rather than bolted on. These new contract AI property updates only add more fuel to that fire.
What’s ahead for Ironclad AI
The rate of innovation at Ironclad has been truly astronomical, and we’ve got an incredibly exciting roadmap ahead for AI contract analysis and management software.
Sign up for a custom demo now to see how Ironclad AI helps you work faster, streamline operations, and collaborate more effectively. You can also join us at Ironclad Live on April 11 in San Francisco to get the latest announcements in person, along with demos, sessions, and Q&A with product experts.
Ironclad is not a law firm, and this post does not constitute or contain legal advice. To evaluate the accuracy, sufficiency, or reliability of the ideas and guidance reflected here, or the applicability of these materials to your business, you should consult with a licensed attorney. Use of and access to any of the resources contained within Ironclad’s site do not create an attorney-client relationship between the user and Ironclad.
