by Adam Pease
Google has elevated its cloud AI offerings by providing an enhanced form of contract lifecycle management software it calls DocAI. This solution helps enterprises support an end-to-end infrastructure for contract management within contact centers and other settings. This blog reviews the Google announcement and its place in the contract management market.
Aragon has covered the market for automating contracts considerably in the past, observing as providers have stepped up to offer more comprehensive methods of accelerating the contract lifecycle. The improvement of AI has been pivotal to this process, as older methods of autonomous document scanning such as OCR have been supplemented by deep learning.
Google has elevated its cloud AI offerings with DocAI.
DocAI combines a suite of features into a single solution for managing contracts. DocAI can parse contracts for keywords, dates, and other important category queries. It also incorporates knowledge graphs, natural language processing, and OCR to facilitate contract interpretation. Enterprises are already using Google’s product as a foundation to develop their own tailored solutions. One vendor in the legal space, Ironclad, has already made moves in this direction.
The Power of Automating Contracts
In our Research Note about Hot Vendors in Workflow and Content Automation published earlier this year, Aragon analyzed a series of providers who are offering solutions to the automated management of contracts and other forms of business-critical documents. We identified contract intelligence as a key growth area for this market, which is enabling organizations to process agreements faster and with more consistency.
One of the benefits of incorporating AI into contract management services is the way that algorithms can provide new insights that would have been difficult for human analysts to parse and track. By reliably and intelligently indexing the data it has been semantically organized to review, the algorithm can open up new ‘dark data’ in documents that were previously imperceptible, enabling business leaders to observe new patterns.
Bottom Line
The future of contract management lies in AI. Google’s newly announced DocAI offering will bring about a world of automated contracts faster, enabling businesses to execute their deals more efficiently and effortlessly.