The ROI Rules of AI: Sirion's Legal AI (Sponsored Content)

Since you're a subscriber to this Bloomberg podcast, we thought you'd be interested in a new 4 episode sponsored podcast called the ROI Rules of AI. Produced by IBM and Bloomberg Media Studios, it explores how business leaders are thinking about the return on investment of artificial intelligence projects. You can subscribe wherever you listen to your favorite podcasts. Here's a recent episode. If your company is like most, after a contract is negotiated and signed Congratulations. It gets filed away in a lawyer's office, not to be consulted again until it has run its course and needs to be re

It gives you real time information on how to run your business. It gives you the insights you need to pivot, so that you can make the best decisions with the best data at the right time.

That's Gordon Thompson, Sirion's executive vice president of presales and business strategy. He and his colleagues are planning a future where contracts are integrated into a company's day to day operations. From IBM and Bloomberg Media Studios, this is the ROI Rules of AI, and I'm your host, Edward Adams. On this podcast, we're exploring how companies of all sizes are using AI to remake their operations, increasing their return on investment and that of their customers. Cyren has been in business for a decade. It enables companies to digitize their universe of contracts into a single database

From our inception, we were using natural language processing. As the technology evolved over the years, we started using machine learning. We've built over 600 small and medium sized language models that are purpose built to extract very specific pieces of data out of contracts at a very high precision rate.

But when it wanted to improve its contract review function and turn contracts into a device to run a business, it needed to employ generative AI. It had to move from simply copying and pasting an approved clause in place of a riskier one to rewriting the proposed contract as a lawyer might do. That meant using a large language model or LLM. The problem is

LLMs are expensive to build and maintain, and so we wanted to create a solution that was scalable, that was cost effective.

To understand Sirion's solution, it helps to first understand what contract lawyers actually do. Lawyers call reviewing a contract redlining. And like a lot of things in the world of law, it's got some history to it. For those, of the audience who are not lawyers, what does redlining a document mean?

So redlining got its name from when we used to do paper contracts. Right? So you would send a paper contract over to your counterparty. They would literally take a red pen or red pencil, and they would review it and strike through it and make changes. That name has really persisted into the digital age. Ultimately, redlining, it boils down to making sure that you identify issues, risk, compliance, terms and conditions that meet your ultimate goals as an organization.

When lawyers redline by hand, it can be a slow process.