Quickly and Accurately Draft, Review, Redline, and Edit Contracts in Minutes
HOUSTON, Sept. 9, 2024 - Onit, the global leader in AI-enabled workflow automation solutions for the legal industry, announced significant enhancements to its groundbreaking ReviewAI product, powered by generative AI technology. This launch marks the first of several major AI-driven product releases scheduled for this year, underscoring Onit's commitment to remaining at the forefront of AI innovation. Onit's continued leadership in AI stems from years of investment and expertise, positioning the company well ahead of competitors.
"AI has been our fastest-growing product line for the past three years, and that momentum is accelerating," said Michael Farlekas, CEO of Onit. "The launch of ReviewAI into the mid-market is just the beginning, with three more major AI-driven releases coming this year, targeting legal spend management, contract management, legal operations, and service requests."
Leading the AI Transformation
Onit has been pioneering AI capabilities designed specifically for legal workflows for years, building its reputation as a leader in legal tech. The launch of ReviewAI is a testament to the company's advanced generative AI capabilities, transforming contract lifecycle management by offering tools that can read, write, and reason like a lawyer.
"Eight years ago, we became one of the first companies to deliver software that could emulate legal reasoning with ReviewAI," said Jean Yang, VP of Onit's AI Center of Excellence. "Today, we're proud to offer ReviewAI as a standalone product, powered by the latest advancements in generative AI and large language models."
ReviewAI's Impact on Contract Management
ReviewAI delivers intuitive, AI-driven tools that streamline the contract management process from drafting and negotiation to review and execution. Designed to integrate with any contract management system, it allows legal teams to enhance their workflows without disruption.
With ReviewAI, legal teams benefit from:
4x faster contract audit and migration
70% faster contract negotiations
400% faster data entry and validation with Onit CLM
The generative AI-powered contract chat feature provides instant answers during reviews, while pre-configured playbooks enable faster and more accurate contract assessments customized to align with business standards.
Looking Ahead
ReviewAI is just the first of four AI-driven launches for 2024, reinforcing Onit's dedication to delivering innovative solutions for legal departments worldwide. The company's future AI-driven products will continue to enhance operational efficiency and client value.
About Onit
Onit is a global leader of AI-enabled workflow automation solutions for legal, compliance, sales, IT, HR, and finance departments. With Onit, companies can transform best practices into smarter workflows, better processes, and operational efficiencies. With a focus on enterprise legal management, matter management, spend management, contract lifecycle management and legal holds, the company operates globally. It helps transform how Fortune 500 companies and billion-dollar corporate legal departments bridge the gap between systems of record and systems of engagement.
Onit helps customers find gains in efficiency, reduce costs, and automate transactions faster. For more information, visit www.onit.com.
SOURCE Onit, Inc.
