Talk to Sales: The Frustrating Buyer Journey for Contracts Tech
At Zuva, we pride ourselves on being transparent. So, we researched 130 CLM and Contracts AI vendors to learn how many provide accessible pricing information.
Read Article arrow_forwardTalk to Sales: Data on the Buyer Journey for Contracts Tech
TL;DR: Based on reviewing 130 contracts tech company websites, 75% require a sales conversation for a trial, 72% do not share any pricing information on their website, and 0 (apart from Zuva) offer pay-as-you-go pricing. You’re in the early stages of trying to buy some software. You go to a vendor’s site, trying to learn some key details - what it does, how it looks, what it costs. You see a “Try it out” button in the top right corner.
Do you need a CLM to manage your contracts?
In-House Legal Teams Favor Familiar Tools over CLM Systems for Contract Management The legal industry is fascinated with contract lifecycle management (CLM) technology, and for good reason. Adding the right CLM tool to a legal team’s contracting processes can save significant time and money. With all the talk around CLM technology – social media content, whitepapers, podcasts, features at industry events — fear of missing out can leave some legal teams with a perceived urgency around implementing a CLM tool, or a feeling of inadequacy if their team is not ready to do so.
How To Extract Data From Your Contracts in SharePoint Using DocAI & Microsoft Power Automate
There are many reasons why one might need to analyze the content of a contract – contracts are what make a business operate, after all!. However, contract analysis and review can be a time-consuming, error-prone, and costly task, especially when performed across hundreds or thousands of documents. To address this challenge, Zuva DocAI specializes in extracting valuable information from contracts, with 1,400+ built-in AI fields and 29 Answer fields to make it easier for you to extract the data you need from your contracts.
Separating the Wheat from the Chaff: The Exclusion Method for Classifying Law Firm Documents
Introduction Law firms rely on vast document collections. A large firm can have more than one hundred million files in its document management system. While there is very valuable information in there, finding it can be hard. To help the firm’s personnel better find what they’re looking for, knowledge management and IT professionals spend huge amounts of time and money trying to improve document search. One way to improve search is to supplement document specific metadata contained in the document management system.
We released our first document type classifiers back in the early days of Kira. The classifiers could identify if a document was a contract or not, and put documents into one of ~35 buckets. Ever since then, we’ve been working hard to build a taxonomy and expand the scope of documents that our AI software can automatically classify. That work has been a heavy lift—it’s taken years—but now the wait is over, big time!
TL;DR: Generative AI builders are getting sued for (among other things) breaching website terms of use. We examined 43 relevant websites to see whether their terms of use might have been breached by generative AI training. A heavy majority explicitly or implicitly prohibit use for generative AI training. Shrek movie - Welcome to Duloc song Generative AIs face significant legal risks.
Who Pays If Generative AI Runs Into Legal Troubles, You or Your Provider?
TL;DR: Customers often care that their SaaS user agreements protect them from claims. We looked at a bunch of generative AI user agreements to see how they were at this. Most weren’t very protective. LOTS of details below. There’s a real risk that courts will find that generative AIs infringe other’s copyrights and/or website terms of use. (To read >3,000 more words on this, check out our recent (well-reviewed!
Did My Prompt Break The Law? Potential Copyright and Breach of Contract Issues with Generative AI
TL;DR: Don’t underestimate the risks of copyright and breach of contract issues with generative AIs. Claims on either ground could be successful, and there will be lots of problems for vendors (and, maybe, end users) if they are. Imagine it’s November 2023. The district judge in Getty Images v. Stability AI has just issued an injunction against Stability AI, prohibiting them from selling any generative AI trained with Getty Images’ copyrighted content.
Problems With Prompts? Measurability & Predictability of LLM Accuracy
TL;DR: We are somewhat uncomfortable with prompt engineering, because it’s hard to know how accurate a given prompt really is, and responses can be inconsistent and unreliable. There are ways to mitigate this. There are a lot of factors you could consider in evaluating Large Language Models (LLMs) in contract analysis. Accuracy is likely near the top of any list. Recently, we wrote a piece evaluating how GPT-4 is at finding information in contracts.