IBM business partner ContractPodAi offers an end-to-end contract management solution designed by lawyers for lawyers. The solution aims to dissolve traditional complexity around contract management by providing a single platform designed to augment a legal department’s ability to assemble, approve, sign and manage their inventory of contracts. Using IBM Watson technologies, ContractPodAi helps counsel easily and cost-effectively manage any contract throughout its lifecycle.

Legal operations are an incredibly complex, expensive, heavily governed, and mission-critical unit within any enterprise business — in fact, the top Fortune 500 companies on average spend 0.6% of their total revenue on legal operations. To ensure a contract is “risk-contained” end-to-end, legal operations must be able to find efficiencies with confidence while attempting to avoid errors and omissions.

Enterprise businesses often have a serious volume of contracts, sometimes millions, stored within multiple repositories from multiple years. In some industries, contracts must be preserved indefinitely. ContractPodAi’s platform gives counsel a core repository for contracts and enables a streamlined approach to creating new agreements and managing existing ones. It can also analyze a business’s historical inventory of contracts to provide insight into patterns and uncover best practices. And in an e-discovery event, contract management systems are indispensable for cost, risk mitigation and legal defense.

Today, many companies are looking to strengthen green initiatives or diversity programs, and an important way to institutionalize these initiatives is through a company’s book of business. A robust contract lifecycle management system helps legal operations and other parts of the organization such as procurement and sales to manage vendors and supply chains better. This allows companies to amend and control all contracts more uniformly and institutionalize change across different jurisdictions and business units worldwide.

ContractPodAi uses Watson Discovery to ensure legal readiness is business readiness

Contracts began as a means to structure the rules and business terms between parties that could be adjudicated in a court of law in a predictable and fair way. Over the centuries, with efforts to better limit risk, contracts became more defensive, business-specific, and increasingly arcane. As such, they became too complicated to easily extract business insights from, and they often lost their original purpose — at least for non-lawyers.

ContractPodAi uses Watson Discovery to add insight beyond the ability of human legal specialists. This allows lawyers to create contracts more efficiently, while helping business partners and government regulators better understand the content, risks and obligations of the agreement.

With Watson Discovery’s AI search capabilities, users can quickly get a deeper understanding of contract specifics. AI search is primarily used by counsel to examine their existing inventory of contracts. Counsel finds specific clauses, to judge if they will fit the business requirements the organization is targeting. With thousands of data points to search through, AI search streamlines a typically time-consuming process. ContractPodAi also uses Watson Discovery to find specific key legal obligations and clauses in contracts and to compare the language in those contracts against a company’s “most preferred” position or language. ContractPodAi then determines alignment and scores the risk of the language against that preferred position. This further reduces costs of compliance and optimizes expensive legal talent.

watsonx Assistant is also embedded within ContractPodAi, its conversational AI and chat-based interface helps counsel search through their vast inventory of contracts and find exactly what they need using simple natural language.

By using the Watson suite, ContractPodAi offers an ongoing trainable process and automatically builds a knowledge base of best practices, establishing a virtuous circle of production and efficiency while keeping customers 100% compliant.

Transformations achieved

When clients decide to transform their legal operations, experts at ContractPodAi use Watson to develop clear, measurable objectives.

For example, a business might want to use the solution to shrink the amount of time it takes to renew contracts. ContractPodAi clients have reported reductions in contract renewal time greater than 50%.

Another business may want to analyze their inventory of over 400,000 contracts, looking for indemnification clauses to see if they can expose important and ever-changing risks and reconsider the associated clauses when those contracts come up for renewal. This is a process that most companies would find impossible to take on without AI and automation.

Customers in heavily regulated industries use ContractPodAi to run what-if scenarios to enable their operations to get ahead of problems: for example, to predict potential repercussions of a court decision on a particular new regulation.

Non-compliance is seriously expensive. In 2020, exposure due to fraud, errors, and omissions resulted in over $10 billion in fines, according to a Fenergo report. By design, contracts are supposed to get in front of these potential risks and contain exposure throughout an enterprise and among customers, employees and suppliers.

By providing counsel with an easy-to-use contract lifecycle management system, ContractPodAi makes contracting an organized and proactive experience. A single central repository gives users a way to extract the maximum aggregate benefit from a contract’s entire lifecycle.

What’s next

ContractPodAi recently released ContractPodAi Cloud, an intuitive legal platform that gives teams complete visibility and control over all their legal records including claims, M&A and GDPR. The new platform expands ContractPodAi’s use of Watson services beyond contract management, providing new use cases such as IP management and GDPR compliance to help legal departments stay ready for anything.

Make better-informed business decisions with AI for document insights

Was this article helpful?

More from watsonx Assistant

Chatbot examples: A beginner’s guide 

7 min read - A chatbot is a program or script designed to interact and respond to humans in real-time conversation. Different organizations and individuals employ chatbots for a variety of different uses and business functions. Broadly, chatbots provide pre-written responses and information to handle basic requests or to get enough information from customers to connect them to a live agent for better and more specific service. More advanced chatbots use machine learning, artificial intelligence (AI) and generative AI technology to generate real-time responses…

Beyond basics: Six tips for an exceptional customer service strategy

7 min read - Enhancing the customer experience through customer service is among the most important disciplines for any organization for one simple reason: without customers, organizations would fail overnight. Customer service, sometimes called customer care or customer support, relates to the activities organizations take to ensure their customers’ needs are being met. While every customer interaction is different, organizations that want to improve customer retention and grow their customer base must create an effective customer service strategy. Doing so requires combining customization with…

Transform digital experiences and unlock productivity with advanced generative AI

2 min read - AI and automation are driving business transformation by empowering individuals to do work without expert knowledge of business processes and applications. Whether it’s an employee who knows what they need but doesn’t know how to do it, a knowledge worker who knows how to do the task but needs help doing it more efficiently, or a customer who wants to resolve an issue but struggles with self-help tools, artificial intelligence (AI) unlocks new levels of productivity by empowering individuals to…

IBM Newsletters

Get our newsletters and topic updates that deliver the latest thought leadership and insights on emerging trends.
Subscribe now More newsletters