New AI-Powered SAAS solution that automates the creation and negotiation of contracts, launches at SIG Global Summit

CARLSBAD, CA ,October 15, 2019 /24-7PressRelease/ — App Orchid, a leading enterprise AI platform company launches its newest solution, ContractAI at the SIG (Sourcing Industry Group) Global Summit. App Orchid CEO, Krishna Kumar will be speaking about how the App Orchid AI platform can the leveraged to transform the negotiation process and the App Orchid team will be demoing the solution at its booth throughout the two main days of the conference.

ContractAI is an AI powered SaaS-based solution that automates the creation and negotiation of contracts. ContractAI utilizes AI to automatically analyze historical contracts to author templates and identify clause options that are win-win, contentious, or high risk. This allows all parties to better understand negotiation boundaries, legal and compliance implications, obligation intents and permissible thresholds to make better contracting decisions.

ContractAI utilizes AI generated templates to eliminate the painful redlining process. Enterprises can streamline the terms of negotiation based on past learnings, thereby reducing exposure to high-risk terms and conditions. Vendors can easily choose alternative acceptable terms and significantly reduce the business, legal and procedural costs utilizing an AI-based scoring system.

“As the trend continues to have more SaaS-based contracts and reduce length of contract terms, procurement organizations are under tremendous pressure to make the contracting process more efficient while simultaneously reducing contracting risk. ContractAI is the first solution we have seen on the market that is truly using AI in an innovate way to transform the creation and negotiation process,” says Dawn Tiura, President & CEO of SIG.

“We are very excited to launch our new solution, ContractAI at the SIG Global Summit. SIG provides the perfect audience of executives in sourcing, procurement and outsourcing to help validate the need for a solution such as ContractAI in the marketplace and to give us feedback on where to take the solution next,” says Krishna Kumar, CEO App Orchid.

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About App Orchid
The App Orchid platform helps enterprises build AI fueled apps for the Energy & Utilities, Insurance and Healthcare industries. The App Orchid platform uses deep learning and natural language processing with industry specific content delivered through knowledge graphs, to create powerful predictive apps. App Orchid blends historical and real-time, structured and unstructured data with user “tribal knowledge” to deliver innovative enterprise apps, including solutions bucketed into four functional areas: AssetThink, CustomerThink, PeopleThink and DocuThink. The Big Data based in-memory technology helps to identify patterns, risks and opportunities previously impossible with traditional analytical tools. A natural language powered user experience interface makes information retrieval as simple as using Google. App Orchid helps enterprises achieve their digital transformation objectives easily through rapid deployment, low cost implementation and minimum disruption across their organization.

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