ISG Secures Patent for AI-Powered Contracting Technology
Information Services Group (ISG) has secured a U.S. patent (#12,067,060) for its AI-powered contracting technology. This automated intelligent contracting solution, part of the ISG GovernX® platform, simplifies contract generation, negotiation, and management. The technology will also be applied to ISG Tango™, the firm's new sourcing platform.
The patented solution uses AI to analyze preferences of all contract parties and suggest tailored terms. It builds on a previous patent (#10,936,672) for AI-driven document generation. A third, pending patent covers the entire contract process with chatbot-like interaction.
ISG GovernX currently manages $65 billion of annual contract value across 13,000+ client contracts. The platform automates the contract lifecycle, improving supplier performance, decreasing spend, and reducing third-party risk.
Information Services Group (ISG) ha ottenuto un brevetto statunitense (#12,067,060) per la sua tecnologia di contrattazione basata sull'AI. Questa soluzione automatizzata di contrattazione intelligente, parte della piattaforma ISG GovernX®, semplifica la generazione, la negoziazione e la gestione dei contratti. La tecnologia sarà inoltre applicata a ISG Tango™, la nuova piattaforma di approvvigionamento dell'azienda.
La soluzione brevettata utilizza l'AI per analizzare le preferenze di tutte le parti contrattuali e suggerire termini personalizzati. Si basa su un brevetto precedente (#10,936,672) per la generazione di documenti guidata dall'AI. Un terzo brevetto, attualmente in sospeso, copre l'intero processo contrattuale con un'interazione simile a quella di un chatbot.
ISG GovernX attualmente gestisce 65 miliardi di dollari di valore contrattuale annuale su oltre 13.000 contratti clienti. La piattaforma automatizza il ciclo di vita del contratto, migliorando le prestazioni dei fornitori, riducendo le spese e diminuendo il rischio dei terzi.
Information Services Group (ISG) ha obtenido una patente de EE.UU. (#12,067,060) para su tecnología de contratación impulsada por IA. Esta solución de contratación inteligente automatizada, parte de la plataforma ISG GovernX®, simplifica la generación, negociación y gestión de contratos. La tecnología también se aplicará a ISG Tango™, la nueva plataforma de aprovisionamiento de la empresa.
La solución patentada utiliza IA para analizar las preferencias de todas las partes del contrato y sugerir términos personalizados. Se basa en una patente anterior (#10,936,672) para la generación de documentos impulsada por IA. Una tercera patente, que está pendiente, cubre todo el proceso contractual con interacción similar a la de un chatbot.
ISG GovernX actualmente gestiona 65 mil millones de dólares de valor contractual anual a través de más de 13,000 contratos de clientes. La plataforma automatiza el ciclo de vida del contrato, mejorando el rendimiento de los proveedores, disminuyendo los gastos y reduciendo el riesgo de terceros.
Information Services Group (ISG)는 AI 기반의 계약 기술에 대해 미국 특허 (#12,067,060)를 확보했습니다. 이 자동화된 지능형 계약 솔루션은 ISG GovernX® 플랫폼의 일환으로 계약 생성, 협상 및 관리 과정을 간소화합니다. 이 기술은 회사의 새로운 조달 플랫폼인 ISG Tango™에도 적용될 것입니다.
특허 받은 솔루션은 모든 계약 당사자의 선호를 분석하기 위해 AI를 사용하고 맞춤형 조건을 제안합니다. 이는 AI 기반 문서 생성을 위한 이전 특허(#10,936,672)를 기반으로 합니다. 세 번째 특허는 챗봇 유사 상호작용으로 전체 계약 프로세스를 포함합니다.
ISG GovernX는 현재 연간 계약 가치 $650억를 13,000개 이상의 고객 계약에서 관리하고 있습니다. 이 플랫폼은 계약의 생애 주기를 자동화하여 공급업체 성과를 개선하고 지출을 줄이며 제3자 위험을 감소시킵니다.
Information Services Group (ISG) a obtenu un brevet américain (#12,067,060) pour sa technologie de contractualisation alimentée par l'IA. Cette solution de contractualisation intelligente automatisée, partie de la plateforme ISG GovernX®, simplifie la génération, la négociation et la gestion des contrats. La technologie sera également appliquée à ISG Tango™, la nouvelle plateforme d'approvisionnement de l'entreprise.
La solution brevetée utilise l'IA pour analyser les préférences de toutes les parties au contrat et suggérer des conditions adaptées. Elle s'appuie sur un brevet précédent (#10,936,672) pour la génération de documents contrôlée par l'IA. Un troisième brevet, en attente, couvre l'ensemble du processus contractuel avec une interaction semblable à celle d'un chatbot.
ISG GovernX gère actuellement 65 milliards de dollars de valeur contractuelle annuelle à travers plus de 13 000 contrats clients. La plateforme automatise le cycle de vie des contrats, améliorant la performance des fournisseurs, réduisant les dépenses et minimisant le risque tiers.
Die Information Services Group (ISG) hat ein US-Patent (#12,067,060) für ihre KI-basierte Vertragstechnologie gesichert. Diese automatisierte intelligente Vertraglösung, Teil der ISG GovernX®-Plattform, vereinfacht die Erstellung, Verhandlung und Verwaltung von Verträgen. Die Technologie wird auch auf ISG Tango™, der neuen Beschaffungsplattform des Unternehmens, angewendet.
Die patentierte Lösung verwendet KI zur Analyse der Präferenzen aller Vertragsparteien und schlägt maßgeschneiderte Bedingungen vor. Sie baut auf einem früheren Patent (#10,936,672) zur KI-gesteuerten Dokumentenerstellung auf. Ein drittes, noch ausstehendes Patent deckt den gesamten Vertragsprozess mit chatbot-ähnlicher Interaktion ab.
ISG GovernX verwaltet derzeit 65 Milliarden Dollar an jährlichem Vertragswert über mehr als 13.000 Kundenverträge. Die Plattform automatisiert den Vertragslebenszyklus, verbessert die Leistung der Lieferanten, senkt die Ausgaben und reduziert das Risiko von Dritten.
- Secured U.S. patent for AI-powered contracting technology
- Technology applicable to ISG Tango™ platform, enabling expansion into new market segments
- ISG GovernX platform manages $65 billion of annual contract value across 13,000+ client contracts
- AI-driven solution expected to improve business operations and supplier ecosystem management
- Potential for cost reduction and increased efficiency in contract management
- None.
Insights
ISG's patent for AI-powered contracting technology marks a significant advancement in contract automation. The solution's ability to analyze preferences and suggest tailored terms could revolutionize contract management, potentially reducing negotiation times and improving compliance. This technology could be a game-changer for ISG's market position, especially as it expands into the midmarket segment.
The integration with ISG GovernX and future application in ISG Tango demonstrates a strategic approach to product development. With
This patent could significantly enhance ISG's competitive edge in the technology research and advisory market. By offering exclusive access to advanced AI-driven contract automation, ISG may attract new clients and increase retention rates. The potential for increased operational efficiency could lead to improved profit margins for ISG.
Investors should note the company's focus on expanding into the midmarket segment, which represents a new growth opportunity. If successful, this could diversify ISG's revenue streams and potentially accelerate growth. However, it's important to monitor the costs associated with implementing and scaling this technology, as well as any potential regulatory challenges related to AI in contract management.
The patented AI-powered contracting technology raises interesting legal considerations. While it promises to streamline contract generation and negotiation, there may be concerns about the legal validity and enforceability of AI-generated contracts. Regulatory bodies and courts might scrutinize such contracts more closely, particularly in complex or high-stakes agreements.
Additionally, as AI becomes more involved in contract creation, questions of liability and responsibility may arise if errors occur. It will be important for ISG to ensure transparency in the AI's decision-making process and maintain human oversight. The technology's ability to comply with varying jurisdictional requirements and adapt to changing laws will be critical for its long-term success and adoption in the legal community.
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 August 21, 2024, covers a solution that uses AI to analyze and understand the preferences of all parties to a contract and suggest tailored terms for any contract scenario. It builds 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 Todd Dreger, partner and president, ISG GovernX. “We are delighted to have received patent recognition for our distinctive and important inventions of AI-powered, automated document generation capabilities.”
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.
About ISG
ISG (Information Services Group) (Nasdaq: III) is a leading global technology research and advisory firm. A trusted business partner to more than 900 clients, including more than 75 of the world’s top 100 enterprises, ISG is committed to helping corporations, public sector organizations, and service and technology providers achieve operational excellence and faster growth. The firm specializes in digital transformation services, including AI, cloud and data analytics; sourcing advisory; managed governance and risk services; network carrier services; strategy and operations design; change management; market intelligence and technology research and analysis. Founded in 2006, and based in
View source version on businesswire.com: https://www.businesswire.com/news/home/20240909452683/en/
Press:
Will Thoretz, ISG
+1 203 517 3119
will.thoretz@isg-one.com
Julianna Sheridan, Matter Communications for ISG
+1 978 518 4520
isg@matternow.com
Source: Information Services Group, Inc.
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