Use advanced AI to manage the contract lifecycle
The AI features of the ConvergePoint Contract Management Software leverages the latest industry AI capabilities, including generative AI and Azure AI, to revolutionize how you manage contracts.
The powerful AI tool within the contract management system simplifies your workflow by generating concise summaries of contracts, asking questions on contracts, generating contract documents and clauses, and analyzing contract documents, allowing you to quickly understand key points, flagging issues without having to review lengthy documents.
ConvergePoint's AI features are designed to save you time, reduce the margin for human error, and ensure that all contracts adhere to your organization's standards.
By leveraging AI to draft initial contract versions, your legal and procurement teams can focus on reviewing and fine-tuning contracts, rather than building them from scratch. This accelerates contract turnaround times, ensures consistency, and supports better decision-making.
Smart Contract Summarization with Advanced AI-Driven Features
- Document Search: Search for contracts and supporting documents using keywords. The AI tool searches through document names and content, providing you with a list of relevant files ready for summarization. It supports various file formats, including DOCX, PDF, and TXT, so you can quickly find and review the documents you need.
- Customizable Summaries: Choose to summarize documents from any Contracts page or dive into specific document details. The AI tool intelligently processes the document content, presenting a comprehensive summary that is easy to digest.
- Interactive Q&A: Along with summaries, the AI generates a series of related questions for you to explore further. You can even ask your own specific questions about the document’s content and receive immediate, tailored responses.
Generative AI Features
- Generate Contracts and Clauses: Use our AI to draft new contracts or generate comprehensive clauses. Simply provide prompts and watch as the AI creates a tailored contract or clause draft that you can refine to fit your organization's needs.
- With the Generate Contracts feature, you can create a new contract from scratch by using contract-specific prompts provided by the software. Modify the prompts to tweak the information you would like to see. The AI tool intelligently analyzes these prompts, along with the document metadata, to draft a comprehensive contract document that aligns with your specifications.
- Step-by-step guidance: To initiate contract creation, simply select "Request Contract" within the software and choose a contract request template. From there, you will be prompted to fill in necessary metadata, which the AI will use to customize the draft document.
- ConvergePoint's AI tool can also generate individual contract clauses. By entering the clause title and selecting a category, the tool drafts a comprehensive clause description tailored to the selected contract type. You can then refine and associate these clauses with specific contract types to ensure they fit within your contract standards.
AI Clause Analysis
- The AI Clauses Analysis feature is designed to provide deep insights into the clauses within your contracts, allowing you to maintain consistency, identify potential issues, and suggest improvements. It works by scanning clause content against the document library, highlighting matches, and proposing optimized clauses.
- Identify and Extract Key Insights: The tool inspects the content of the clauses within your documents and compares them with the existing clauses in your published library. This allows you to see how your current clauses align with your standard practices and identify areas for enhancement.
- Initiate AI Clause Review: Simply start the AI Clause Analysis within the software to initiate the review.
- Matched: Displays the clauses that have been successfully matched with your existing library content, giving you insight into which clauses are aligned with your standards.
- Potential Issues: Identifies clauses that contain similar text to what is already present in your document library. This feature is especially useful for spotting inconsistencies or non-standard phrasing in your documents.
- Review and Replace: From the "Potential Issues" tab, you can view highlighted similarities between inserted clauses and suggested standard clauses. If discrepancies or non-standard clauses are found, you have the option to Replace the current text in the document with the suggested, more optimized clause. This allows you to standardize your contracts efficiently, ensuring that every document adheres to your organization’s preferred language and structure.
AI Clause Analysis empowers your team to maintain a high level of contract quality by leveraging AI to automatically detect, compare, and improve clauses within a document, helping you achieve consistent and legally sound contracts.
AI Document Analysis with ConvergePoint
- ConvergePoint’s AI Document Analysis feature empowers you to efficiently identify differences, extract key insights, and optimize document content with targeted suggestions.
- Easily initiate an AI review of your Word documents to compare and match content against existing documents in your library. With a single click, the AI analyzes the document, highlighting changes, suggesting clauses, and summarizing key content.
- The AI identifies entity changes and compares phrases with those in your document library, giving you a comprehensive view of the content's uniqueness and consistency.
- Our AI tool extracts key phrases, terms, and clauses from your documents, comparing them with content stored in your contract repository portal.
- ConvergePoint’s AI suggests top clauses tailored to your document type and context, ensuring consistency and compliance across your contracts and policies.
- Save time with automatic document summarization. Our AI summary feature extracts significant points, allowing users and executives to grasp the document’s essence without a lengthy review.
Originally published by https://www.convergepoint.com/
