Aavenir launches Generative AI solution

Friday 11 August 2023 12:35 CET | News

Aavenir has unveiled Contractflow, a Generative AI product that comes with advanced AI for streamlined contract reviews, negotiations, and risk management.


The company presented its latest product release: Aavenir Contractflow, which features new generative AI capabilities designed to enhance contract reviews and negotiations. This release includes automated clause deviation detection, scoring, and clause recommendations to manage contract risk, empowering legal and procurement teams to address deviations and prioritise negotiations effectively.

Aavenir's large language models (LLMs) and conversational AI technologies power these capabilities, detecting variations in contract clauses when compared to approved clause libraries, archived contracts, and previous versions. The user-friendly interface summarises alternate clauses and deviation scores, facilitating the replacement of deviating clauses. This streamlines the handling of diverse clauses across teams, thanks to ServiceNow's workflow flexibility and Aavenir's approval capabilities.

Additionally, the company’s existing AI capabilities encompass tasks like extracting contract clauses and obligations, enabling intelligent contract searches using natural language processing.

Aavenir has unveiled Contractflow, a Generative AI product that comes with advanced AI for streamlined contract reviews, negotiations, and risk management.


Insights from Aavenir

Jesal Mehta, CEO and Founder of Aavenir, believes that their tailored Large Language Model for contract management has the potential to revolutionise value enhancement across various applications, such as contract generation, risk detection, and automated redlining. When combined with enriched data from interconnected solutions like ServiceNow Source-To-Pay, GRC, and LSD, this synergy could reshape how procurement, legal, and IT teams operate.

Sunil Masand, Senior Vice President of Products, further explains that Aavenir's advanced Generative AI capabilities surpass conventional boundaries, producing clause deviation outcomes rooted in genuine meaning and intent. This approach goes beyond structural composition. Aavenir's models and solutions demonstrate a commitment to upholding data protection agreements with clients while adhering to ServiceNow's stringent security and privacy standards.

Aavenir offers AI/ML-powered solutions for Sourcing Management, Vendor Onboarding, Contract Lifecycle Management, Contract Compliance Management, and Accounts Payable Automation, all designed on the ServiceNow platform.

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Keywords: artificial intelligence, generative AI, risk management, smart contracts
Categories: Banking & Fintech
Companies: Aavenir
Countries: World
This article is part of category

Banking & Fintech


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