Aavenir Launches New Generative Ai Capabilities For Contract Lifecycle Management On Servicenow

Aavenir, the trailblazer behind AI-powered contract lifecycle management on the ServiceNow platform, is excited to introduce the latest iteration of Aavenir Contractflow. This new release introduces innovative generative AI capabilities designed to expedite contract reviews and negotiations, all while maintaining an exceptional level of speed, simplicity, and accuracy.

Empowered by Aavenir's exclusive large language models (LLMs) and conversational AI technologies, this release boasts pioneering generative AI functionalities. These functionalities encompass automated detection of clause deviations, scoring, and recommendations aimed at effectively managing contract-related risks. This release equips legal and procurement teams with the means to address minor clause deviations independently, prioritize negotiations for significantly deviating clauses, and channel critical clauses to legal teams for specialized examination.

When engaging in contract reviews or negotiations through Aavenir Contractflow, the novel clause deviation capabilities automatically identify variations in contract clauses against libraries of legally-approved clauses, repository contracts, and previous versions of contracts. Aavenir's user-friendly interface succinctly presents alternate clauses along with deviation scores, enabling contract managers to seamlessly substitute highly deviating contract clauses with recommended best-fit alternatives. When paired with ServiceNow's versatile workflow capabilities and Aavenir's approval functionalities at the clause level, the handling of sets of deviating clauses across teams becomes remarkably streamlined.

Furthermore, the latest release enriches Aavenir's existing array of potent and widely embraced AI capabilities, including contract clause and obligation extraction, as well as natural language-enabled smart contract search.

Jesal Mehta, CEO and Founder of Aavenir, underscored the transformative potential of Aavenir's proprietary Large Language Model that has been meticulously tailored for contract management. He emphasized its role in enabling swift value augmentation across diverse business applications such as contract generation, risk identification and recommendation, automated redlining, and more. Mehta also pointed to the synergy achieved through data enrichment from interconnected solutions like ServiceNow Source-To-Pay, GRC, and LSD, which promises to reshape procurement, legal, and IT teams' operational landscapes.

Sunil Masand, SVP of Products at Aavenir, highlighted the advanced and comprehensive nature of Aavenir's Generative AI capabilities. These capabilities surpass structural composition and delve into the realm of meaning and intent, ensuring results that align with actual context. Notably, Aavenir's models and solutions adhere to stringent data protection agreements with customers, as well as ServiceNow's rigorous security and privacy standards. This positioning renders Aavenir's solution more secure and dependable than publicly available generative AI alternatives.

With its groundbreaking generative AI features and steadfast commitment to security, Aavenir is poised to reshape contract management and negotiation practices, ushering in new standards of efficiency and accuracy for businesses across industries.

Source:aavenir.com