Key takeaways
- SpotDraft is an AI-powered platform designed to simplify contract management for businesses.
- The platform enables users to draft, sign contracts, send reminders, and receive payments automatically.
- Co-founders Shashank Bijapur and Madhav Bhagat aimed to reduce the burden of cumbersome paperwork.
- The technology leverages Natural Language Processing and Machine Learning to enhance the contracting process.
- SpotDraft originated from a shared vision between the founders to integrate technology into professional tasks.
...This brought SpotDraft to life
Explaining the way SpotDraft works, Shashank said that it enables their users to create contracts, using the templates on their platform, answer a handful of questions and execute it in a matter of seconds. “Thereafter, the contract management system is responsible for extracting key pieces of information and comparing the user’s contract to other contracts in its database. Once the contract is created, our algorithms automatically create invoices, payment reminders and track payments that have become due”, he added. The AI platform can also analyse legal documents to give the users the good-bad-ugly in the contracts, so that the users know what clauses to negotiate on. He further explained: “Take for example, a small company, who simultaneously, executes employment agreements, supply agreements, services agreements, development agreements, etc., as part of its business operations. On SpotDraft, this company can create these contracts and, in parallel, track the obligations and responsibilities, like payments, expiry dates, invoices, etc., without any human involvement. Thus, not just saving a lot of time but also a substantial sum of money.”
