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AI & Legal 29th July 2024

LEDOX365 Version 5.0: Empowering Legal Teams with AI Innovations

Release 5.0 Blogfoto

We’re happy to announce the upcoming LEDOX365 Release 5.0, marking a significant leap forward in our continuous effort to enhance your experience and streamline legal processes. We focused on providing the best AI support functionalities to simplify your day-to-day work. This release enhances efficiency, reduces administrative burdens, and provides deeper insights through state-of-the-art AI functionalities.

Thoughtful AI Integration Philosophy

At LEDOX365, we see AI as a supportive tool that enhances, rather than replaces, human expertise. Our AI Assistant follows the human-in-the-loop principle, allowing users to review and refine AI-generated outputs. This collaborative approach ensures that legal professionals remain in control, using AI to manage data processing while maintaining accuracy and compliance. We provide and think AI support functionalities in LEDOX365 in two different ways. On the one hand, we provide centralized functionalities with the LEDOX365 AI Assistant and, on the other hand, integrate them into workflows and digital processes. Here’s a closer look at what this new version offers for you and our user community.

Introducing the centralized LEDOX365 AI Assistant

LEDOX365 Version 5.0 introduces the central LEDOX365 AI Assistant, a versatile tool designed to assist in various document-related tasks. The AI results can always be edited afterwards, copied into the clipboard or exported as Word or PDF format. This assistant offers:

  • Contract and Management Summaries: Generate concise summaries for quick review and decision-making.
  • Completeness Checks and Risk Analyses: Ensure comprehensive coverage and identify potential risks in your contracts.
  • Extraction of Rights and Obligations: Simplify the process of identifying key contractual elements.
  • Customizable Outputs: Choose outputs in English or German, with export options to suit your needs.
  • Creation of text, letters, or documents: Generate and draft documents (e.g. termination letter) with copy and export options.
  • Information and Metadata Extraction: Standardize information extraction and let the work be done by the AI.
  • Bulk Analysis of Documents: You can choose more than 1 document and process all of them with the same function and get notified once the AI completed your task.
  • Configuration options for customized functions: You can realize your own functions with specific prompts. That means that you can add new buttons to the Assistant, choose an icon, and provide your user with new functions.

Seamless Integration with LEDOX365 Workflows

Our AI functionalities are now seamlessly integrated into LEDOX365 workflows, enhancing the efficiency of document management tasks:

  • Key Meta Data Extraction: Automatically extract and verify essential contract details when uploading third-party drafts or archiving signed contracts.
  • Automated Summarization: Quickly generate summaries for approval workflows, streamlining the review process.
  • Termination Letter Generation: Efficiently create termination letters, ensuring consistency and saving time.

Technical Integration and Advanced Security

LEDOX365 Version 5.0 leverages Azure OpenAI Services to deliver state-of-the-art AI functionalities while ensuring data security and compliance. This integration allows us to offer innovative AI features within a secure environment, adhering to the highest industry standards. All data is processed securely within your private tenant environment, benefiting from Azure’s proactive security measures and privacy practices. This robust security architecture ensures that your data is protected at all stages, from processing to storage​.

You can choose the model of your choice and also integrate personalized models within the Azure OpenAI Studio. We recommend the GPT-3.5turbo (0613) 16k or the GPT-4o model, hosted in Sweden Central,  as the models to use in LEDOX365.

Enhanced Features and Improved User Experience

Version 5.0 introduces several new features and improvements:

  • Direct Upload of 3rd Party or Signed Contracts: Simplify the document management process with direct uploads.
  • Enhanced Platform Reminder Calendar: Create and assign reminders and tasks for others and assign them to the right object.
  • Enhanced Approval and Signature Workflows: Easily manage the contract status and set due dates for approvals or signatures.
  • Improved Relations Function: A new filter for object types facilitates setting relations to other documents.
  • New Admin Function: Design and provide standard functions within the LEDOX365 AI assistant with individualized prompts.

Achieving Efficiency and Cost Savings with the use of AI

With the advanced AI functionalities of LEDOX365 Version 5.0, users can achieve substantial efficiencies in both time and cost. By automating routine tasks like summarizing contracts, generating letters, and managing metadata, we estimate that businesses can save a significant percentage of their administrative time. These efficiencies translate to notable cost savings, potentially reducing overall operational expenses. The exact savings will vary depending on usage patterns and specific business processes, but our internal estimates suggest that the use of AI functionalities could lead to a substantial reduction in manual effort and associated costs. Please reach out to us for calculations and optimization potentials.

Explore the Future of Contract Management

Upgrade to LEDOX365 Version 5.0 today to experience these powerful new tools. We believe these innovations will make your legal processes more efficient and provide the insights needed for better decision-making.

For more information or support, visit LEDOX365 AI Assistant and stay connected for future updates.

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