Chief Growth Officer
Over a relatively short period ContractPodAi has built its reputation as a groundbreaking contract management platform due to its breadth of functionality and affordable price point. In this manner, it has become a trusted service for corporate legal teams across the world, looking to take their first steps to digital transformation.
“In the timeline of four years we have grown to around 80 customers globally. Clients value atool like ours because it facilitates their path from cost centre and ‘helpdesk’ within the wider organization and one often criticized for slowing down business to a profit center that can improve resource allocation, reduce wastage and add to the bottom line”, says Jon Squire, Chief Growth Officer, ContractPodAi.
Moreover, the legal tech market is an exciting and fast moving space. What differentiates ContractPodAi’s offering is the fact that it is built with IBM Watson, and the only pure play contract management system to do so. Founders Sarvarth Misra and Robert Glennie, are former commercial lawyers by trade from a Legal Processing Outsourcer(LPO) background. The duo recognized early that the future of contract management was to be driven by artificial intelligence and invested in the best engine available to do that and ultimately cannibalize their original LPO business model. “In this sense, we are proud to take ownership of the term ‘by lawyers for lawyers’ and are rightly seen as pioneers within the market”, adds Jon.
ContractPodAi positions itself as a cost leader globally, with its sales regions being the Americas, EMEA and APAC.
It has a commercial presence in multiple countries, and serves customers in every continent. The provider differentiates its offer with the 'Legal AI as a Service' offering, where the cloud platform, machine learning and legal engineering are included in one simple package. ContractPodAi’s customers are typically in the USD 1-6 billion revenue bracket, whilst a third are enterprise customers with revenues of USD 10B plus.
At its core, ContractPodAi unifies the sales and legal functions to provide users across the business with a contract selfservice desk
In addition to its global sales operation ContractPodAi has major partnerships with IBM, Microsoft, Work share, Salesforce. At its core, ContractPodAi unifies the sales and legal functions to provide users across the business with a contract self service desk, so they can generate high volume contracts with minimal involvement from legal personnel. Jon Squire explains, “Our mantra is ‘Free up the legal team and empower the business’. In this way, as a one stop solution for legal departments, big or small, this product will innovate the way you deal with contracts and provide legal teams with a truly end to end contract management system fully integrated with AI capabilities”.
Debayan Pal, the group’s lead AI Architect adds, “We are the only CLM tool in the market that uses the state of the art cognitive capabilities of IBM Watson to auto extract information like dates, contract types and hundreds of key obligations and clauses from a contract.”
Using advanced machine learning algorithms, the AI is able to predict the inherent risk of a users’ contracts right from when it is created. There after it keeps updating the score as the contract passes through the negotiation and other stages of its lifecycle. The user is also able to query contracts
using multiple layers of filters and simple natural language questions. Likewise it’s possible to compare contracts and playbooks to track deviations from standard practices, generate reports tailored to specific requirements and set reminders based on key dates, obligations and workflow stages to never miss any important contract milestones.”
ContractPodAi understands that contracts are important and valuable assets for an organization and therefore requires to be optimized and processes involving them improved, to magnify the value they represent.
Typical Customer Pain Points and ContractPodAi’s Solution
Pain Point I
Inevitably as a business grows, so does the volume of its contracts. But it’s not viable for employees to be hunting for key obligations every time an audit or compliance check takes place. Failing to monitor and oversee the implementations of various contracts may lead to fines, litigations and damaged reputations. The risk for such incidents is too high in the absence of a contract management tool. ContractPodAi enables the organization to keep track of and report on this critical data, as well as manage the full contract lifecycle workflow.
Pain Point II
Legal departments need an effective, easy to work solution that transforms their work and unifies all functions. Existing solutions in the market do not have such a unified approach. Especially for legacy contracts, it’s difficult to use them digitally and in existing workflows. One needs to first use Optical Character Recognition (OCR) using standalone OCR software, and there are a lot of restrictions on the process currently. Finding the most accurate OCR tool is a challenge in itself. There is also a challenge in using automation to identify which contracts are required to be OCR’d or not. Once the system figures out the document type, it then needs to run the OCR, and then pass the OCRed document to the next stage for processing. As a single platform, ContractPodAi takes care of all these processes by itself allowing users to focus on more important tasks in hand.