REDWOOD CITY, Calif., Feb. 9, 2021 /PRNewswire/ -- Agiloft, the global standard in no-code contract and commerce lifecycle management, today announced it has been named a winner in the 2021 BIG Innovation Awards presented by the Business Intelligence Group. This annual awards program recognizes organizations, products, and people that are bringing new ideas to life.
"2020 was a year of major developments in our AI Core, and we are very pleased to gain recognition with this Innovation Award," said Colin Earl, Agiloft CTO. "With the increasing demand for contract lifecycle management software and the speed in which digital transformation is moving, Agiloft is the solution for businesses looking to transform contract processes with an AI-enabled CLM system that easily adapts to an ever-changing business climate. We are committed to accelerating development of our platform to further empower our customers."
As the only no-code CLM platform that provides open AI capabilities, Agiloft accelerates enterprise contract transformation. The robust AI Core simplifies the intake and organization of existing contracts by instantly extracting metadata, scoring contract and clause risk based on customer preferences, and prioritizing clauses for review. This enables large organizations to quickly classify, extract, and analyze documents. Agiloft's unmatched configurability also enables the creation of entirely custom AI tools, as well as integration with existing AI and machine learning models, so that organizations can customize complex contract and commerce workflows without writing a single line of code.
The functionalities of Agiloft AI Core help organizations centralize and digitize thousands of contracts, as well as better manage risk, ensure compliance, and drive efficiencies. By leveraging AI-enabled contract review, customers have reduced review time by up to 95% and increased accuracy by 8.2%. As well, customers report a 20% savings in procurement from contractual efficiencies.
"More than ever, the global society relies on innovation to help progress humanity and make our lives more productive, healthy, and comfortable," said Maria Jimenez, chief operating officer of the Business Intelligence Group. "We are thrilled to be honoring Agiloft as they are one of the organizations leading this charge and helping humanity progress."
Organizations from across the globe submitted their recent innovations for consideration in the BIG Innovation Awards. Nominations were then judged by a select group of business leaders and executives who volunteer their time and expertise to score submissions.
This award continues accelerated momentum for Agiloft following the recent Silver Stevie in the 2020 American Business Awards for AI product innovation. It was also ranked a leader in the 2020 Gartner Magic Quadrant, received the highest scores in every use case in the 2020 Gartner Critical Capabilities for Contract Life Cycle Management.
As the global leader in contract and commerce lifecycle management (CCLM) software, Agiloft is trusted to provide significant savings in purchasing, enable more efficient legal operations, and accelerate sales cycles, all while drastically lowering compliance risk. Agiloft's adaptable no-code platform ensures rapid deployment and a fully extensible system. Using contracts as the core system of commercial record, Agiloft's CCLM software leverages AI to improve contract management for legal departments, procurement, and sales operations. Visit www.agiloft.com for more.
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About Business Intelligence Group
The Business Intelligence Group was founded with the mission of recognizing true talent and superior performance in the business world. Unlike other industry award programs, these programs are judged by business executives having experience and knowledge. The organization's proprietary and unique scoring system selectively measures performance across multiple business domains and then rewards those companies whose achievements stand above those of their peers.