Information Services secures patent for AI-powered contracting tech

Information Services Group has secured a U.S. patent for its proprietary AI-powered contracting technology. The automated intelligent contracting solution is offered as part of the ISG GovernX vendor compliance and risk management platform to simplify contract generation, negotiation and management, including renewals of existing contracts. ISG said the solution also has future application for the ISG Tango sourcing platform launched earlier this year that digitizes all elements of ISG’s sourcing transactions business to better serve clients, improve transaction speed and efficiency, and allow ISG to expand into other market segments. The newly awarded patent, #12,067,060, issued on August 21, 2024, covers a solution that uses AI to analyze and understand the preferences of all parties to a contract and suggest tailored terms for any contract scenario. It builds on U.S. patent #10,936,672, which was awarded to ISG in 2021 for a system that leverages machine learning and AI to generate documents based on historical contracts and data sets. A third invention, currently patent pending, leverages machine learning and AI across the entire contract generation, pricing and negotiation process with a chatbot-like interaction for multiple parties involved in creating a contract.