Digital contracting company Ironclad has leveraged it partnership with Google Cloud to launch a new contract review tool, as co-founder and CTO Cai GoGwilt says the partnership enables them to apply Google’s “best-in-class AI, rather than pursuing AI innovation ourselves.”
As a contracting solution partner for Google Cloud’s Contract DocAI, Ironclad is launching a new feature, Smart Import, that will help customers unlock valuable data in their existing contracts.
Google Cloud’s Document AI solution is a scalable cloud-based platform that helps businesses process, analyse and understand documents. Contract DocAI, the newest addition to the solution unveiled in October, helps users to extract insights from the unstructured text in contracts, helping to accelerate contract lifecycles and reduce the cost of contract processing.
Powered by Contract DocAI, Ironclad’s Smart Import enables companies to ingest contract documents from anywhere and automatically classify, extract and schematize all key pieces of data from the contracts.
“By partnering with Google Cloud, we’ve been able to focus on extracting more value for our customers with its best-in-class AI, rather than pursuing AI innovation ourselves,” said Cai GoGwilt, Ironclad CTO and co-founder. “With Smart Import, we’ve helped our customers gain more access, visibility and insights for all their contracts, which enables them to make better, faster decisions. Our customers can now upload contracts 75% faster while saving up to 40% on costs.”
“Bit for bit, contracts are one of the most valuable types of documents,” said Vinod Valloppillil, head of product management for language and vision for Google Cloud, “which is why we’re partnering with Ironclad to solve digital contract management.”
caroline@legaltechnology.com
Let’s separate fact from fiction.
1) It’s machine learning. From Google.
2) Ironclad gave up on AI/machine learning, so they are completely dependent upon Google (and what Google decides to work on and when),
3) Google is years behind the industry for machine learning on docs, especially in this domain
4) The “Suggested Properties” that Google contributes are very limited and require the customer to validate the suggestion, therefore, limited in value to any customer
5) Google is enjoying the data from your contracts