Concord has launched AI Copilot, a cutting-edge tool aimed at transforming contract management by enabling users to ask natural language questions about contracts and receive immediate, actionable answers. This innovation not only speeds up the contract review process by up to twice as fast as traditional methods but also proactively identifies potential risks and opportunities, facilitating swift, informed business decisions.
The technology incorporates instant contract intelligence, proactive risk identification, smart contract summarization, universal accessibility, and integrated workflow, addressing the typical challenges encountered by teams in Legal, Procurement, Finance, and Sales Operations. By making critical information readily accessible, AI Copilot eliminates bottlenecks in contract management.
Matt Lhoumeau, CEO and Co-founder of Concord, was motivated by his own frustrations with the inefficiencies of manual contract review to develop AI Copilot. This tool aims to democratize legal knowledge, enabling team members across all levels of expertise to comprehend and act on contract details without diminishing the role of legal professionals.
AI Copilot's advanced analytics allow for the quick identification of essential contract elements, such as payment terms, data privacy clauses, and termination provisions, thereby accelerating decision-making and enhancing business outcomes. Contracts are thus elevated from mere legal documents to pivotal components of business processes.
Immediately available within Concord's platform, AI Copilot boasts a seamless user experience with no complex setup required. Concord also offers extensive support and training to help users fully leverage the tool's capabilities, setting a new benchmark in contract management for speed, efficiency, and accessibility.
