Knowable Unveils Groundbreaking “Ask Knowable” AI Suite Powered by Accurately Structured Contract Data
New York, NY, Nov. 19, 2024 (GLOBE NEWSWIRE) -- Knowable, a LexisNexis® company and pioneer in enterprise contract intelligence, today announced the commercial preview of "Ask Knowable," a revolutionary AI suite that transforms how organizations interact with and understand what’s in their contracts. Tightly integrated with Knowable's industry-leading contract management platform, Ask Knowable leverages advanced natural language processing and generative AI to allow users to ask questions of their contracts, and get relevant, actionable answers.
At the core of Ask Knowable is an advanced AI assistant purpose-built to understand the nuances of contract language and interconnected agreements and share them from the security of your existing Knowable Insights. Leveraging Knowable's proprietary platform with 98% accuracy in contract data and family mapping, this AI capability can quickly comprehend how contract terms change and evolve over time from the master agreement to its amendments and all other ancillary agreements. This unparalleled visibility reduces the time to answer day-to-day contracts questions and enables precise, contextual summaries and answers to queries spanning an organization's full contract portfolio that are otherwise extremely difficult to get.
Key features of the Ask Knowable suite include:
- AI Contract Search: Locate contracts instantly using conversational prompts without complex filters or data modeling expertise
- AI Contract Summaries: Quickly digest critical terms and obligations with AI-generated summaries of individual agreements and full contract families
- AI Chat: Get answers to specific questions by engaging directly with advanced Generative AI that can understand the evolution of contract terms across interrelated agreements leveraging Knowable’s proprietary family mapping.
"Ask Knowable represents a major leap forward in making contract data not just findable, but truly knowable," said Nik Reed, CEO of Knowable. "By combining our Knowable Essentials data model and proprietary contract family mapping structure with the latest in Large Language Models, we've created a seamless experience to elegantly answer the most frequently asked questions by contract professionals.”
A Unique Approach
Ask Knowable leverages the LexisNexis Privacy by Design principles to ensure interactions are backed by state-of-the-art security and privacy technology to keep data and user information highly secure.
"There is tremendous potential for generative AI to transform the way that executed agreements are managed and activated in large enterprise,” stated Mike Walsh, CEO of LexisNexis Legal & Professional. “Using the latest in AI, combined with cutting edge contracts IP, Knowable can unlock the full value of customer contracts, allowing our clients to quickly answer questions like never before.”
"At Knowable, we're uniquely positioned to develop AI solutions that directly address the needs of anyone who manages contracts across legal, procurement, commercial, and finance," said Nik Reed, CEO of Knowable. "Our unparalleled accuracy in data, coupled with our patented approach to creating contract families, provides Ask Knowable’s intelligent insights a contextual grounding that others simply cannot match. While many are exploring AI for contract data, we've gone further - leveraging our proprietary data model, 15 years + of legal and contracts IP, to build an experience that genuinely enhances how organizations interact with and derive value from their executed agreements."
Availability
Ask Knowable will be available in March 2025 as part of the Knowable Essentials subscription plans. Knowable will showcase the Ask Knowable suite, including live demos highlighting its AI summarization and user-friendly capabilities, at the upcoming LegalWeek conference in New York City from March 24-27, 2025. Request an exclusive preview at www.knowable.com/ask-knowable.
About Knowable
Knowable is a leader in enterprise contract management, helping organizations maximize revenue, reduce risk, and enhance efficiency by transforming post-signature contracts into structured data. Many of the world's largest companies rely on Knowable’s contract system of record to gain complete visibility into their agreements through the company's unique combination of artificial intelligence, advanced analytics, and legal expertise. For more information, visit www.knowable.com.
Name: Clint Cannon Email: clinton.cannon@knowable.com Job Title: Chief of Staff
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