Generative AI is a game-changer for contract management. It addresses many challenges that traditionally stall or slow down the process. By using generative AI to quickly generate clauses, you can ensure consistency and significantly reduce errors and omissions. Chatbots offer real-time assistance, answer queries, and guide you through complex aspects of contract lifecycle management. AI-driven risk analysis identifies potential issues in contracts and enables you to proactively address risk before it becomes untenable. To that end, let's explore how CobbleStone Software's VISDOM+ - built on OpenAI - can help you manage contracts faster, more accurately, and more confidently.
VISDOM+: Game-Changing Generative Contract AI
CobbleStone's next-level generative AI is here, and it's called VISDOM+!
CobbleStone® has taken its powerful VISDOM® AI, backed by machine learning, to the next level with VISDOM+ generative AI, complete with functionality for clause generation, advanced chatbot functionality, streamlined risk and language analysis, and other helpful features.*
*VISDOM+ can be licensed separately.
AI Assist Chatbot: Your User-Friendly CLM Companion
VISDOM Assist is your user-friendly CLM companion - with options for both VISDOM+ and VISDOM standard users!
Using VISDOM, you can leverage VISDOM Assist to receive swift answers to questions about system-related queries!
However, the real magic happens when you license VISDOM+!
In addition to the functionality mentioned above, VISDOM+ users can leverage user-friendly and powerful technology to draft clauses and ask contract-related questions - including those about applicable laws and compliance regulations such as GDPR, CCPA, and OFAC. What's more, you can review chat history as needed.
Add a Contract & Analyze Risk and Language
CobbleStone's drag-and-drop functionality is boosted with the power of VISDOM+!
Once a contract has gone through the OCR process, you can experience a new page, "Create Record with VISDOM+," which offers new VISDOM views such as Record Creation, High-Risk Findings, VISDOM Assist, and Confirmed Matches.
Furthermore, the rightside panel has two tabs: a preview of the document and Key Info. The Key Info tab offers a dropdown to effortlessly view important clauses and sections while also leveraging the options available with VISDOM Basic.
The High-Risk Findings tab brings items such as clauses with non-standard language or uncommon clauses to your attention in a filterable list. You can dismiss clauses from the list that do not apply as "high risk" while restoring dismissed clauses to the list if needed. This central location is helpful in identifying if contract language is safe and preferred!
The VISDOM Assist tab of VISDOM+ contains two areas: Possible System Additions and Sentiment.
The "Possible System Additions" tab shows you clauses, counterparties, and locations from the uploaded contract that were not found in your system. This allows you to quickly add the newly introduced data to your system if desired with the click of a button!
On the "Sentiment" tab, you can choose to view the list of clauses as your own company or as the counterparty. This will then call out clauses that are positive (in the selected company’s favor), neutral, or negative (against the selected company's favor) so that you can enjoy risk-averse and proactive governance over contract language.
The Confirmed Matches view shows you clauses, counterparties, locations, and other data found in the uploaded contract which already exist in the system. So no unnecessary duplicates!
This is Just the Start!
Keep in mind that this is our inaugural rollout of VISDOM+, so keep an eye out for future releases with additional VISDOM+ and VISDOM assist features!
If you like what you see and want to learn more, book a free demo of CobbleStone Contract Insight® today!
*Legal Disclaimer: This article is not legal advice. The content of this article is for general informational and educational purposes only. The information on this website may not present the most up-to-date legal information. Readers should contact their attorneys for legal advice regarding any particular legal matter.
