Ironclad, the leading digital negotiation platform, today announced the launch of Ironclad AI, an AI-powered layer of its platform designed to change the way companies create, understand, and manage their contracts. Ironclad is the only platform that integrates AI across the entire contract lifecycle, including an innovative AI-based tool to intelligently negotiate and review contracts at scale.
Ironclad has announced enhancements to Ironclad Smart Import, an artificial intelligence-based contract migration tool that uses optical character recognition (OCR) to scan, index, tag, and archive contract data at scale. With Smart Import customers can:
- Make contracts text-searchable: Leading OCR technology makes all your contracts text-searchable, including scans of signed contracts.
- Automate data extraction with confidence: Ironclad AI extracts key terms and clauses with greater than 90% accuracy.
- Use your contracts and data immediately: make your contracts and data fully searchable and immediately reportable.
Manage contracts with AI-powered review and negotiation
Launched in beta today, Ironclad Playbooks leverages artificial intelligence clause detection to help customers review and negotiate contracts more intelligently. With Playbooks, businesses can:
- Automatically analyze and negotiate contracts smarter and faster: Ironclad AI automatically analyzes contracts, points out areas that require thorough review, and provides suggestions on how to act according to approved guidelines.
- Review third-party documents at scale: Ironclad AI automatically goes through the right approvers at the right time to simplify negotiations, improve contract collaboration and compliance, and accelerate contract review times.
- Convert PDF files to DOCX for contract review: Ironclad provides the ability to instantly convert PDF files to DOCX while editing documents to reduce the time and effort required to submit, review and approve contracts.
“When it comes to supplier contracts of 20 to 30 pages, the manual review process is time-consuming, but it is a critical task,” said Charles Hurr, associate general counsel of L’Oréal. “Ironclad AI automatically reviews these contracts, reports language and clauses that don’t work for us, and suggests L’Oréal-approved swap clauses. This shortens the review process from hours to minutes, improves our team’s efficiency, and frees up time for the team to focus on the work with the greatest impact.”
“Our goal is to keep 95% of our legal contracts, and Ironclad’s AI-powered workflows, consent checks, and analytics help us get there,” Catherine Choe, Everlaw’s Chief Legal Officer. “Ironclad has helped our team facilitate growth by significantly accelerating contract upload and review, maintaining compliance, and reducing risk.”
These new AI tools follow the launch of Ironclad Insights, a large-scale contract analysis, and visualization platform. Because Ironclad automatically captures metadata and process data, Insights enables users to create visualizations of critical business and operational data to make faster decisions, identify bottlenecks, and present results to key stakeholders in an easy-to-understand way.