Onit, a global leader in AI-enabled workflow automation solutions for the legal industry, has unveiled significant enhancements to its groundbreaking ReviewAI product. Powered by generative AI technology, this launch represents the first of several major AI-driven product releases planned for this year, reaffirming Onit’s position at the cutting edge of legal tech innovation.
- Onit’s Commitment to AI Innovation:
- Onit’s ReviewAI enhancements underscore the company’s dedication to advancing AI in the legal industry.
- The company has invested heavily in AI technology, positioning itself ahead of competitors.
- Michael Farlekas, CEO of Onit, highlights the acceleration of AI as a key product line, with additional major releases planned for legal spend management, contract management, legal operations, and service requests.
- Leading the AI Transformation:
- Onit’s long-standing expertise in AI for legal workflows has established it as a leader in legal tech.
- ReviewAI’s launch reflects Onit’s evolution in generative AI, offering tools that emulate legal reasoning and enhance contract lifecycle management.
- Jean Yang, VP of Onit’s AI Center of Excellence, notes ReviewAI’s progression from emulating legal reasoning to becoming a standalone product powered by the latest AI advancements.
- ReviewAI’s Impact on Contract Management:
- Intuitive Tools: ReviewAI streamlines the contract management process from drafting to execution.
- Integration and Efficiency: Designed to work with any contract management system, it improves workflow efficiency.
- Key Benefits:
- 4x faster contract audit and migration.
- 70% faster contract negotiations.
- 400% faster data entry and validation with Onit CLM.
- Generative AI Features: Includes a contract chat feature for instant answers during reviews and pre-configured playbooks for faster, accurate contract assessments.
- Future Developments:
- ReviewAI is the first of four planned AI-driven releases for 2024, demonstrating Onit’s ongoing commitment to enhancing legal operations and client value.
- The upcoming products will continue to focus on improving operational efficiency and delivering innovative solutions for legal departments.
Onit’s enhanced ReviewAI marks a significant advancement in AI-driven legal technology. By incorporating generative AI, Onit is transforming contract management and reaffirming its leadership in the legal tech space. As the company continues to innovate with additional AI-driven releases planned for 2024, it remains committed to delivering cutting-edge solutions that enhance efficiency and value for legal teams worldwide.
