AI Engine Provides Contract Automation on No-Code Platform
- By John K. Waters
Contract and commerce lifecycle management (CCLM) software provider Agiloft has added artificial intelligence (AI) to its namesake CCLM platform.
The new AI Engine comes with prebuilt AI Capabilities for contract management and an open AI integration that allows customers to incorporate custom-built AI tools into the company's no-code platform, the company says.
The list of updates in this release includes:
- Contract automation for AI-enabled CLM: The Agiloft AI Engine adds advanced artificial intelligence to the company contract lifecycle management software. Key components of the AI offering include out-of-the-box AI capabilities designed to solve common problems in contract management, including metadata and clause extraction from contracts and other documents, document classification, and contract risk scoring. Prebuilt machine learning models also enable users to implement their own custom AI tools with existing data. The open AI Engine also provides an integration template to bring in machine learning models from Amazon SageMaker and Google TensorFlow to build entirely custom AI tools on company's no-code platform.
- Advanced translations with Google Translate: New integration with Google Translate allows users to translate new or changed field labels from any language supported to any other language.
- MS Dynamics integration: Agiloft's integration with MS Dynamics automates commercial processes across the enterprise and adds to the platform's ability to connect data across departments. Agiloft is integrated with a number of leading business applications, including Salesforce, Jira, and MS Office.
- Alexa integration: Agiloft's integration with Amazon's Alexa utilizes voice commands to boost productivity and allow hands-free connectivity with the Agiloft platform. The integration lets users interface with Agiloft directly, including search, reading, or editing fields and records, as well as counting. (For example: "Alexa, how many contracts are due this month?") In addition to the Alexa skills included in this release, Agiloft customers can add their own custom skills as needed.
- GUI upgrades: The new release also includes upgrades to the Agiloft graphical user interface (GUI) to improve productivity and user experience, including resizable charts and dashboards, summary layout preview, chart drill-down enhancements, among others.
CCLM is an emerging contract-centric methodology that extends beyond traditional contract lifecycle management, the company said. Using contracts as its core system of record, CCLM "integrates the full scope of internal and external commercial systems to enhance security and compliance while driving enterprise-wide value creation." Christian Thun, VP of engineering at Agiloft, said his company is now the only no-code CCLM platform that provides open AI capabilities. The company introduced what was then called AI Core during its inaugural user conference, Agiloft Summit, in 2019.
John K. Waters is the editor in chief of a number of Converge360.com sites, with a focus on high-end development, AI and future tech. He's been writing about cutting-edge technologies and culture of Silicon Valley for more than two decades, and he's written more than a dozen books. He also co-scripted the documentary film Silicon Valley: A 100 Year Renaissance, which aired on PBS. He can be reached at email@example.com.