Ironclad Announces New AI-Powered Guided Negotiation Tools and Expanded Contract Repository to Accelerate Deals, Reduce Risk and Work More Effectively
Ironclad, the leading digital contract platform, announced the launch of Ironclad AI, an AI-driven layer of its platform designed to transform the way businesses create, understand and control their contracts. Ironclad is the only platform that integrates artificial intelligence throughout the contract lifecycle, including a unique AI-driven tool for intelligently negotiating and reviewing contracts at scale.
“We’ve quietly built AI on our platform from day one and are incredibly excited about these new tools that will help companies transform the way they contract,” he said Jason Boehmig, CEO and co-founder of Ironclad. “Ironclad AI was built to give customers the right information at the right time; We are able to uncover data that was never available before, giving leaders unparalleled insight into their operations to help them make better decisions and create impact.”
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Understand contracts with enhanced AI functionality in the Ironclad Repository
Today, Ironclad announced enhancements to Ironclad Smart Import, an AI-powered contract migration tool that uses optical character recognition (OCR) to scan, index, tag, and store contract data at scale. With Smart Import, customers can:
- Make contracts full-text searchable: Industry-leading OCR technology makes all your contracts full-text searchable, including scans of wet-signed contracts.
- Automate data extraction reliably: Ironclad AI extracts key terms and clauses with over 90% accuracy.
- Use your contracts and data immediately: Instantly make your contracts and data fully searchable and reportable.
Control contracts with AI-powered review and negotiation
Launched today in beta, Ironclad Playbooks uses AI-powered clause recognition to enable customers to review and negotiate contracts more intelligently. With playbooks, companies can:
- Automatically analyze and intelligently negotiate contracts faster: Ironclad AI automatically analyzes contracts, flags areas that require thorough review, and offers suggestions for negotiation based on legally recognized guidelines.
- Large scale third-party paper review: Ironclad AI automatically engages the right approvers at the right time to streamline negotiations, improve contract collaboration and compliance, and reduce contract review times.
- Convert PDF files to DOCX for contract reviews: Ironclad offers the ability to instantly convert PDF files to DOCX as you edit documents, reducing the time and effort required to upload, review, and approve contracts.
“When you’re processing 20-30 page supplier contracts, the manual review process takes an enormous amount of time — but it’s critical work,” said Charles Hurr, associate general counsel at L’Oréal. “Ironclad AI automatically reviews these contracts, flagging language and clauses that don’t work for us and proposing L’Oréal-approved terms for replacement. This cuts the review process from hours to minutes, improving our team’s efficiency and freeing up time for the team to focus on more impactful work.”
“Our goal is to keep 95% of our contracts legal, and Ironclad’s AI-driven workflows, eligibility controls and analytics help us achieve that goal.” Catherine Choe, Director, Legal at Everlaw. “Ironclad has helped our team facilitate growth by significantly speeding up the contract upload and review process while maintaining compliance and mitigating risk.”
These new AI tools follow the release of Ironclad Insights, a comprehensive contract analysis and visualization platform. Because Ironclad automatically collects both metadata and process data, Insights enables users to create visualizations of key operational and business data to make faster decisions, pinpoint bottlenecks, and present results in a way that key stakeholders can understand.
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