System of AI-Assistants: The Foundation of Intelligent Contracting

Intelligent contracting is an AI-powered contracting system that involves AI-assistants for the execution of specialized tasks with minimum human intervention. A System of AI-Assistants refers to a network of AI-driven entities that work collaboratively to perform complex tasks. Right from data gathering to the execution of specific tasks, AI-assistants do them all.

System of AI-assistants are virtual coworkers who can plan, execute workflows, collaborate seamlessly with humans. They can adapt to real-time challenges, operate autonomously as per unique capabilities and roles assigned to them. For instance, AI-powered assistants such as Data Extractor, Data Explorer or Workflow Operator assistants are revolutionizing the way legal teams handle contracts by automating the review process, ensuring compliance, and minimizing risks.

This system of assistants is intelligent and proactive, where each assistant specializes in certain tasks and collaborates with others to achieve common objectives.

^{A System of Assistants: Bringing Contracting to Life}

A system of assistants is an AI collaborative team that is aimed at enhancing contracting processes, taking repetitive tasks while allowing legal and procurement teams to focus on strategic goals. Specific AI-assistants collaborate with each other to execute their role-based tasks while deriving learning from each other. With AI assistants at its core, intelligent contracting is redefining enterprise CLMs, streamlining contracting by handling the busywork, surfacing insights on what to prioritize, and adapting to the organization's evolving needs—thereby allowing legal and procurement teams to focus on strategic work.

^{Intelligent Contracting with SimpliContract}

SimpliContract is at the forefront of integrating a system of assistants into contract management. Here are some examples of how they are utilizing this technology:

‍SimpliContract’s CLM Platform and AI Assistants

AI assistants work alongside your teams, handling everything from reviewing within your guardrails, routing approvals, assessing risks, and responding to inquiries, so you can focus on driving strategic growth These assistants are easy to deploy & customizable for personalized contracting use cases and needs.

For Instance, various AI assistants executing tasks across contracting phases, such as:

Automated Intake: SimpliContract's system of assistants can intelligently draft contracts by pulling relevant clauses and terms from a vast database. This reduces the time and effort required to create contracts from scratch. The assistants can review requests, categorize the contract type, prioritize workload, generate draft terms, customize clauses, perform research and gather inputs. Workflow Operator enables self-serve intakes across IT, HR, CRM,etc.

Intelligent Negotiation: Assistants such as Data Extractor and Workflow Operator can analyze and negotiate terms, redline documents, ensure compliance, exchange emails with counterparties, identify and mitigate risks, obtain approvals and follow up. Data Extractor extracts contract terms, clauses, obligations, with context from all contracts to unlock deeper insights. Whereas Workflow Operator Orchestrates workflows that adapt to the unique needs of every business relationship, system, information, and people involved.

Compliance Monitoring: Once a contract is in place, AI assistants continuously monitor compliance with the agreed terms. They can detect deviations and alert relevant stakeholders, ensuring that contractual obligations are met without manual oversight.

Risk Management: By analyzing past contracts and external data, Risk Analyzer AI Assistant identifies potential risks and suggests mitigation strategies. It provides risk scores by classifying contract clauses as high, medium, or low risk in real-time. The assistant contextualizes risk scores by comparing them to predefined thresholds and suggests genuine alternatives, aligned with the company's library and language. This proactive approach helps businesses avoid common pitfalls and ensures smoother contract execution.

Contract Lifecycle Management Process: From initiation to renewal, intelligent contracting with the system of AI assistants at its core, seamlessly manages the entire contract lifecycle processes. They track key dates, automate renewals, and ensure that all contractual milestones are achieved on time.

^{System of AI-Assistants: Real-World Impact}

The implementation of a System of AI-Assistants in contract management offers several tangible benefits:

Efficiency: Automating repetitive tasks frees up human resources to focus on strategic activities.

Accuracy: AI-driven assistants reduce the likelihood of errors, ensuring that contracts are precise and compliant.

Scalability: Businesses can manage a larger volume of contracts without a proportional increase in workload.

Cost Savings: Reduced manual intervention leads to significant cost savings in contract management processes.

^Conclusion

The ‘System of AI-Assistants’ is transforming the way businesses handle contracts and serving as the foundation of intelligent contracting. SimpliContract's innovative, multi-faceted AI-assistants like Data Extractor, Workflow Operator, Data Explorer, Risk Analyzer, Report Builder provide personalized user experiences and are highly adaptive to evolving business needs. As AI continues to advance, we can expect even more sophisticated applications of NextGen AI-based intelligent contracting systems, driving efficiency and innovation across industries.

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Discover how SimpliContract’s AI Assistants can revolutionize your contract lifecycle. Start your intelligent contracting journey today. Book a demo.

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FAQs

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Q. What is a System of AI-Assistants in intelligent contracting?

A System of AI-Assistants refers to a network of AI-powered virtual assistants that collaborate to manage and automate various stages of the contract lifecycle—from intake to negotiation, compliance, and renewal—minimizing human intervention.

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Q. How do AI assistants improve contract management?

AI-assistants automate repetitive tasks, ensure compliance, extract insights, manage workflows, and proactively identify risks—allowing legal and procurement teams to focus on strategic decision-making.

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Q. What types of AI-assistants are used in SimpliContract’s platform?

SimpliContract uses specialized assistants like Data Extractor, Workflow Operator, Risk Analyzer, Data Explorer and Report Builder.

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Q. Can they handle contract negotiation?

Yes, they can redline, analyze terms, and communicate with counterparties.

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Q. How is compliance ensured?

AI-assistants monitor contracts post-signature and alert teams to any deviations.

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Q. How does the Risk Analyzer assistant work?

The Risk Analyzer evaluates contract clauses in real-time, assigns risk scores (high, medium, low), and suggests mitigation strategies based on company policies and historical data.

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Q. What are the benefits of using a System of AI-Assistants?

Increased efficiency, and accuracy, reduced manual workload, scalable contract management, cost savings, enhanced compliance and risk mitigation.

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Q. Are the assistants customizable?

Yes, they can be tailored to fit specific business and departmental needs.

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Q. How can I get started?

Book a demo with SimpliContract to explore the platform.

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