⚖️ The trends for 2024's Contract & Legal leaders

As AI-enabled technologies continue to rapidly advance, the integration of machine learning into solutions supporting Contracting & Legal is a primary driver.

The use of AI and Machine Learning for Contracting and Legal activities is generating invaluable, actionable insights, and with continued leverage of Generative AI in particular, users are realising the benefits of highly intelligent capabilities.

In pursuit of these advanced capabilities, the core areas of focus for Contract & Legal solutions are:

• Use of Generative AI to creat initial contract drafts

• Creation of digitally smart contracts and agreements

• Integration of secure e-signing solutions at scale

• Advanced contract data analysis focused on:

• Renewal dates

• Compliance obligations

• Performance indicators

• Heightened collaborative review functionality

The combined use of these tools enables corporations, suppliers, and sub-tier suppliers to seamlessly collaborate to create, edit, and approve contracts in real-time.

With all these capabilities at users’ disposal, contracts are becoming fluid, dynamic documents, which can respond to events as they happen. In turn, this enables organisations to embed greater agility, resiliency, and collaboration into these contracting and legal processes.

🔥 The 2024 ProcureTech100 pioneering solutions for Contract & Legal 

This year’s leading digital procurement solutions were selected through a rigorous process, including the comparison of over 40 data fields, and extensive discussions between expert panellists that highlighted the significance of this capability across the procurement landscape.

This year’s Contract & Legal leaders are: 

• Agiloft - An adaptable no-code platform, which ensures rapid deployment and a fully extensible system. Using contracts as the core system of commercial record, Agiloft’s CLM software leverages AI to improve contract management for legal departments, procurement, and sales operations. 

• Docusign - With intelligent agreement management, Docusign unleashes business critical data that is trapped inside of documents that were, until now, disconnected from business systems of record, costing businesses time, money, and opportunity.

• dSilo.AI - A GenAI company that contracts and spend data into a cost savings, productivity and compliance engine. Its advanced AI-powered SaaS platform extracts and reconciles unstructured data from commercial documents. Plus, dSilo's proprietary and patented deep learning natural language AI technology means an enterprise can get these insights rapidly, and maintain this intelligence on an ongoing basis.

• Harvey - A domain-specific AI for law firms, professional service providers, and the Fortune 500, which has enjoyed a highly successful year of awards. With the tool, users can delegate complex tasks in natural language to their own domain-specific personal assistant.

• Icertis - An AI-powered contract intelligence leader, revolutionising contract management, equipping customers with powerful insights and automation to grow revenue, control costs, mitigate risk, and ensure compliance.

• Ironclad - Powering billions of contracts every year, Ironclad is a pioneering contract lifecycle management that enables users to collaborate and negotiate on contracts, accelerate contracting while maintaining compliance, and turn contracts into critical carriers of operational business intelligence.

• Leya - An AI-powered workspace designed for law firms and legal professionals. The tool enables users to automate their repetitive tasks, while accessing public sources and their own data in a single platform.

• Luminance - Built on a proprietary LLM, Luminance brings specialist AI to every touchpoint a business has with its contracts, from generation to negotiation and post-execution analysis. Developed by AI experts from the University of Cambridge and validated by leading lawyers, Luminance has received a number of prestigious awards.

• Robin AI - A legal AI assistant is used by hundreds of businesses globally to harness the power of GenAI for legal.

• Sirion - Driven by a best-in-class AI powerhouse, relentless innovation and a deep commitment to customer success, Sirion’s end-to-end, enterprise-grade CLM solution drives digital transformation across the entire enterprise. Its AI-driven CLM technology is trusted by some of the world’s most successful organisations.
• Terzo - An applied AI that uses NLP and neural networks to extract metadata from any document with 99% accuracy, including inventory and SKU level data, helping users to optimise costs and reduce risks.
  
  

Ultimately, the focus across Contract & Legal is on leveraging technology to facilitate a dramatic increase in speed, simplified contract execution for all parties, improved (and continuous) risk and compliance monitoring, and pronounced user experience improvement. 

👉 To explore these solutions and the rest of this year's ProcureTech100 cohort, read the full Yearbook here.