Aavenir, the pioneer of AI-powered contract lifecycle management on ServiceNow, proudly unveils its latest Aavenir Contractflow release with exciting new generative AI capabilities that accelerate contract reviews and negotiations, with remarkable speed, ease, and precision.
Powered by Aavenir’s proprietary large language models and conversational AI technologies, the release offers industry-first generative AI capabilities that include automated clause deviation detection, scoring, and clause recommendations to manage contract risk. The release will enable legal and procurement teams to self-rectify low-deviant clauses, focus on negotiation of highly deviant clauses, and redirect critical clauses to legal teams for specialized review.
While reviewing or negotiating contracts within Aavenir Contractflow, the new clause deviation capabilities auto-detect contract clause variations against legal-approved clause libraries, repository contracts, and prior contract versions. Aavenir’s intuitive user interface summarizes alternate clauses along with deviation scores and provides contract managers with the ability to replace highly deviant contract clauses with suggested best-fit clauses. When coupled with ServiceNow’s robust workflow flexibility and Aavenir’s clause-level approval capabilities, the management of batches of deviating clauses across teams is immensely simplified.
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The latest release further adds to Aavenir’s arsenal of robust and widely adopted AI capabilities such as contract clause and obligation extraction, and natural language-enabled smart contract search.
“Aavenir’s proprietary Large Language Model fine-tuned for contract management will pave the way for rapid value addition with business-enabling use cases like contract generation, risk detection and recommendation, auto-redlining, and more. This, in conjunction with data enrichment from connected solutions such as ServiceNow Source-To-Pay, GRC, and LSD will become a game changer for procurement, legal, and IT teams,” said Jesal Mehta, CEO and Founder of Aavenir.
“Our Generative AI capabilities are far more advanced and extensively trained to provide clause deviation results based on actual meaning and intent, and not just structural composition. Aavenir’s models and solutions ensure adherence to data protection agreements we have with our customers and adherence to ServiceNow’s security and privacy requirements, which makes it far more secure and reliable than publicly available generative AI solutions,” added Sunil Masand, SVP of Products.
SOURCE : BusinessWire