ISG Secures Patent for AI-Powered Contracting Technology
Comprehensive approach to automating contract generation and negotiation wins patent protection
The automated intelligent contracting solution is offered as part of the ISG GovernX® vendor compliance and risk management platform to simplify contract generation, negotiation and management, including renewals of existing contracts.
ISG said the solution also has future application for ISG Tango™, the firm’s groundbreaking sourcing platform launched earlier this year that digitizes all elements of ISG’s market-leading sourcing transactions business to better serve clients, improve transaction speed and efficiency, and allow ISG to expand into other market segments. It would be used initially, ISG said, to support the sourcing transaction needs of midmarket companies—a new market segment and growth area for ISG—and later for larger, more complex contracts as the AI model that powers the solution grows in capability and sophistication.
The newly awarded patent, #12,067,060, issued on
A third invention, currently patent pending, leverages machine learning and AI across the entire contract generation, pricing and negotiation process with a chatbot-like interaction for multiple parties involved in creating a contract.
“We can now offer our clients exclusive access to automation technology that can build tailored contracts, increase compliance and compress negotiation timeframes,” said
The patents include methods for training models on historical documents to understand and predict the best language to include in a new contract. This involves determining associations between different document sections and optimizing the document generation process.
Users can input their preferences, view ranked candidate documents, and interact with the system to refine the final document. The interface can emphasize selected sections and provide feedback based on a scoring mechanism. The system also facilitates automated negotiation by adjusting document sections in real-time based on the preferences and priorities of multiple parties, reducing the need for manual negotiation.
“Our AI-driven contract automation inventions will help our clients improve their business operations and the management of their supplier ecosystems while lowering operational costs,” Dreger said. “As the field of AI continues to evolve, we’re confident the technologies covered by these patents will drive meaningful value for our clients by meeting their needs for fast, accurate, compliant contracting.”
The patents bolster the market-leading ISG GovernX platform, which currently has more than
For more information about ISG GovernX, visit this webpage.
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