Law firms, company legal departments and similar organizations have long resisted the move into technology. This is especially true in areas that use artificial intelligence and machine learning. Partly this has been because good tools designed for these organizations have been lacking. One company that’s trying to move past this barrier is SpotDraft, which brings AI to contract management.
SpotDraft is a legal technology startup that has entered in the legal industry with AI-based contract management and drafting software. SpotDraft provides a solution for businesses looking to streamline their legal workflows and improve efficiency.
The platform is user-friendly and was designed to help businesses create and manage contracts more efficiently, with the help of AI and machine learning. SpotDraft uses natural language processing algorithms to identify key clauses and legal terms within contracts, making it easier for users to review, edit and negotiate contracts in real-time.
The platform’s AI also helps to identify potential legal risks and provide insights into potential areas of concern. This helps businesses reduce legal exposure and minimize the risk of costly litigation. The product operates in real-time which, according to Shashank Bijapur, the company’s CEO and Co-Founder, “enables law firms to do more for their clients in a shorter period of time.”
Easy To Use Dashboard
SpotDraft’s interface includes a dashboard that keeps major functions on one screen. Contract templates are customizable for specific business needs. As a result businesses can create and manage contracts quickly and easily, without the need for extensive legal expertise.
In addition to its core contract management and drafting software, SpotDraft includes a range of other legal tools and services. These include a contract repository, which allows users to store and manage all their contracts in one central location, and a contract analytics tool, which provides insights into contract performance and compliance.
“Our AI driven contract management platform enables us to excel at looking into a contract and understanding what’s written on it. Once you understand that, you can automate a lot of functions both upstream and downstream,” said Bijapur.
SpotDraft’s said that their AI-powered contract lifecycle management has processed over 1 million contracts and has freed up over 1.5 million hours previously spent on tedious paperwork for customers such including Airbnb and Panasonic. The company’s AI adoption speeds up various aspects of the contract review and management process, such as providing a quick summary of tracked changes received, enabling semantic search across contracts, and generating follow-up tasks on contract execution.
“The volume of work flowing through legal teams can often cause bottlenecks,” said Bijapur, “Apart from dealing with legal work, today’s legal teams are expected to be leaders in everything from business strategy and governance to compliance and risk management. However, they’re often being asked to do all of this with one hand tied behind their backs. We like to think of what we are building as a co-pilot for legal teams by taking care of the repetitive tasks and thereby enabling them to focus on higher leverage activities.”