Shares of Persistent Systems Ltd surged 5% on 15 January after the company announced the launch of ContractAssIst, an AI-driven contract management system developed in partnership with Microsoft.
ContractAssIst was developed to provide advanced contract administration capabilities to companies that have numerous contracts from various providers. The Azure AI-based solution ensures smooth compliance, advanced search capabilities, and safe data handling.
The advanced models, such as GPT-3.5 and GPT-4 via Azure OpenAI Service, enhance contract analysis with natural language processing and provide teams with real-time collaboration tools and AI-enabled decision aid through integration with Microsoft 365 Copilot and Microsoft Teams.
In its regulatory filing, the company said, “Addressing key challenges, ContractAssIst consolidates workflows into a centralized dashboard within Microsoft Teams. Its AI-powered chatbot enables conversational queries and offers intelligent suggestions within group chats, reducing delays and optimizing processes.”
The petition claims that the unique features of ContractAssIst are its deep integration with Microsoft technology and its capacity to deliver immediate, practical insight. Its auditable and transparent workflows enhance compliance with internal contract management, lower risks, and ensure that companies can make confident, data-driven decisions and maximize operations.
Sandeep Kalra, Chief Executive Officer and Executive Director of Persistent Systems said, “At Persistent, our AI-led, platform-driven approach is central to solving complex enterprise challenges with practical, scalable solutions. ContractAssIst, developed in collaboration with Microsoft, exemplifies how we leverage innovative technologies to reimagine heavily manual tasks with AI, such as contract management. This solution is a result of our deep partnership with Microsoft and our shared vision of driving AI adoption to deliver measurable efficiencies and tangible outcomes for our clients.”
At 2:48 pm, the shares of Persistent Systems were trading 4.39% higher at Rs 6,138.25 on NSE.
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