SAN FRANCISCO, Dec. 10, 2020 /PRNewswire/ -- Ironclad, the leading digital contracting platform, today assembled pioneering experts in AI and law at its Winter 2020 State of Digital Contracting summit. Vinod Valloppillil, Head of Product at Google Cloud Language & Vision AI, and best-selling author and legal futurist Richard Susskind OBE unveiled how AI has recently passed an inflection point, including in its application to contracts. The advances in AI were illustrated by a first-ever demo of the most powerful metadata extractor on the market, built using the Google AutoML technology Mr. Valloppillil's team had worked on.
Ironclad's quarterly State of Digital Contracting (SDC) summit brings together the leading authorities in law and technology to prepare professionals for the future of business contracting. The Winter 2020 SDC was the first event of its kind on AI's implications for contracts. Mr. Valloppillil illustrated the pivotal advancements in Natural Language Processing (NLP) since 2019, as shown by his team's work on Google AutoML. Mr. Susskind, the author of Tomorrow's Lawyers and Technology Adviser to the Lord Chief Justice of England and Wales, explained AI's implications for the legal industry.
"2019 opened up a whole world of possibilities for the future of contracts," said Ironclad CTO and co-founder Cai GoGwilt. "The game has been raised so much that any legal NLP product built before 2019 will need to radically re-engineer their whole approach, if they are to remain competitive."
Contracts are the lifeblood of modern business, but because they're so connected and complex, they've remained essentially untouched by digital transformation until recently. "I believe the single biggest opportunity for AI in the enterprise is going to be turning unstructured data into structured data. And, bit for bit, the most valuable unstructured data document type is going to be the contract," said Mr. Valloppillil.
With Ironclad's AI capabilities, customers who are alpha users are already working 50% faster and obtaining 3 times more contract data than before. "We don't want to build AI because it's the flashy thing to do, but because the technology is finally able to improve all teams' day-to-day experience of contracting," said GoGwilt. "We're just getting started. We can't wait to bring the latest technology to bear against the most challenging problems of modern contracting."
Ironclad is the leading digital contracting platform. By streamlining contract workflows, from creation and approvals to compliance and insights, Ironclad frees teams to focus on more strategic priorities. Ironclad is used by industry leaders and top innovators like L'Oréal, Mastercard, and Dropbox to unlock the power of their contract data. Ironclad was named one of Forbes 2020 Next Billion-Dollar Startups and one of the 20 Rising Stars on the Forbes 2019 Cloud 100 list, the definitive list of the top 100 private cloud companies in the world. The company is backed by investors like Accel, Sequoia, Y Combinator, and Emergence Capital.
SOURCE Ironclad Inc.