Arteria AI and our collaboration with Goldman Sachs has been profiled in Forbes
Contributor: Tom Davenport
Goldman is using Arteria as well as some other software tools to dramatically redesign the contract lifecycle. Borok said that the primary goal is to bring some leverage to the process and improve the employee experience.
“We have highly skilled and trained legal professionals,” he noted. “We’d like to use their skills more effectively. Searching through alternative document templates and editing them isn’t a good use of their time or capabilities.”
Arteria leads document creators through a workflow that assembles key data elements and data values into contractual documents. The workflow can be customized for each user persona: creator, negotiator, approver, etc. The contract lifecycle would not only take place within the originating firm, but also within the counterparties with which negotiations take place. The eventual vision is that AI would be used to assist both parties in negotiating, interpret markup language from counterparties, and rapidly create consensus among all parties to a contract.
Pieck added that the redesign effort is also focused on extracting the value from contractual data.
“There is lots of value in the resulting documents, and facts that need to be monitored. We can’t get at them in unstructured documents. We need to understand what’s in them and operationalize the terms.”