ContractPodAi®, the leading provider of AI-powered contract lifecycle management solutions, today announced that it has been selected as the winner of the “Best AI-based Solution for Legal” award in the 2020 AI Breakthrough Awards run by AI Breakthrough, a leading market intelligence organization that recognizes the top companies, technologies and products in the global Artificial Intelligence (AI) market today. AI Breakthrough Award recipients in other industries include leaders such as Capital One and IBM Watson.
With an increasing demand for more complex automated contracts in the market, and legal counsel ever more in need of one robust solution to manage the entire end-to-end contract management process, ContractPodAi has created and launched a unique 5 dimension AI model using 5 different types of AI technologies to solve multiple use cases and pain points for the legal function. Designed by lawyers for lawyers, ContractPodAi’s end-to-end contract management solution dissolves traditional limitations by allowing legal departments to assemble, automate, approve, sign and manage all their contracts and documents as a standard out-of-the-box configuration. ContractPodAi partnered with IBM Watson and Microsoft Azure AI to build our 5D AI approach with a multitude of ContractPodAi’s proprietary advanced algorithms. It leverages ContractPodAi’s legal design thinking and enhanced legal engineering capabilities to produce a holistic approach towards an AI-powered Contract Management System.
“It is with great pride and a sense of accomplishment that we humbly accept the AI Breakthrough award,” said Sarvarth Misra, CEO of ContractPodAi. “AI is an important part of helping the in-house legal world to digitally transform from being cost centers, to truly becoming a business partner within organizations. It is with awards like ‘AI Breakthrough’, that a greater spotlight of awareness is shone on the importance of AI technology in the legal and business communities.”
ContractPodAi was recognized specifically for its Auto-Contract Desk functionality, which was recently introduced as an enhanced contract authoring and generation tool that helps business users quickly and efficiently create a high-volume of automated contracts. Auto-Contract Desk allows administrators to create contract templates within the intuitive interface of Microsoft Word, making template creation quick and easy. Users can simply complete a questionnaire linked to the templates, submit, and a contract is generated automatically. This feature helps simplify contracting and frees up legal resources from working on process-oriented, usually repetitive tasks like simple contract generation, to strategic, business-oriented projects that can make a greater impact on the organization.
“With an increasing demand for more complex automated contracts in the market, and legal counsel ever more in need of one robust solution to manage the entire end-to-end contract management process, ContractPodAi has developed a breakthrough AI-based solution,” said James Johnson, managing director, AI Breakthrough. “Auto-Contract Desk is used by organizations across the globe to improve their efficiency and fundamentally change how they do business and we are thrilled to name ContractPodAi a 2020 AI Breakthrough Award winner.”
The mission of the AI Breakthrough Awards is to honor excellence and recognize the innovation, hard work and success in a range of AI and machine learning related categories, including AI platforms, Deep Learning, Smart Robotics, Business Intelligence, Natural Language Processing, industry specific AI applications and many more. This year’s program attracted more than 2,750 nominations from over 15 different countries throughout the world.
Additional key benefits of Auto-Contract Desk are the ability to incorporate a microservice architecture built with out-of-the-box integration into any platform, including SalesForce, e-signature capabilities, the efficient management of complex logic and formats within contracts, and its ability to comprehensively streamline approval and workflow management processes.
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