Ironclad, the leading digital contracting company, announced it has teamed up with Google Cloud to bring cutting-edge artificial intelligence (AI) to digital contracting. As a contracting solution partner for Google Cloud’s Contract DocAI, Ironclad is launching a new feature, Smart Import, that will help customers unlock the valuable data in their existing contracts.
Every dollar in an organization is governed by a contract, making contracts one of the most high-value documents for a business. They define whom the business engages with, what’s been promised, cost of services, when deals expire, and so much more. But these contract documents are lengthy, voluminous and complicated and until now, unlocking this data within legacy, pre-existing and third-party contracts has been difficult.
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Google Cloud’s Document AI solution is a scalable cloud-based AI platform that helps businesses efficiently process, analyze and understand documents. Contract DocAI, the newest addition to the solution unveiled in October, is purpose-built for the most important and complicated documents of all: contracts. With Contract DocAI, users are able to extract insights from the unstructured text in contracts, helping to accelerate contract lifecycles and reduce the cost of contract processing.
Powered by Google Cloud’s Contract DocAI, Ironclad’s Smart Import enables companies to ingest contract documents from anywhere and automatically classify, extract and schematize all key pieces of data from the contracts.
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“By partnering with Google Cloud, we’ve been able to focus on extracting more value for our customers with its best-in-class AI, rather than pursuing AI innovation ourselves,” said Cai GoGwilt, Ironclad CTO and co-founder. “With Smart Import, we’ve helped our customers gain more access, visibility and insights for all their contracts, which enables them to make better, faster decisions. Our customers can now upload contracts 75% faster while saving up to 40% on costs.”
“Bit for bit, contracts are one of the most valuable types of documents,” said Vinod Valloppillil, Head of product management for language and vision for Google Cloud, “which is why we’re partnering with Ironclad to solve digital contract management.”
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