The Cequence company won first place in the Trend Private category at the 10th annual Fair Sourcing Awards (FSA) during the prestigious eBF2023 conference. (source: Courtesy of Cequence)
When Cequence, a Slovak startup from eastern Slovakia, presented its software solution to manage contracts using artificial intelligence some years ago, nobody believed it. The company itself got the feeling that its product was premature. ChatGPT changed this. Not only did the Prešov-based startup improve the functionalities of its own software by integrating ChatGPT, the virtual assistant’s arrival also changed the mindset of potential clients.
“People straightaway got the power of artificial intelligence,” Martin Ragan, co-founder and Chief Revenue Officer of Cequence, told The Slovak Spectator. “We, in turn, quickly realised that these large language models would be a huge asset to the world of contract management.”
Now Cequence’s AI-powered software solution helps companies manage their contracts more efficiently. It streamlines workflows and eliminates human error by automating manual tasks in contract management, as well as taking over the project management part of the agenda. The company’s vision is to go further, creating a negotiation assistant.
“The future in contract management will be two bots negotiating a contract between two parties. Humans won’t actually have to enter this process, only supervise it to ensure that everything is correct,” said Ragan.
To achieve their vision, they clinched a strategic partnership with the Numenta company from Silicon Valley, focusing on AI neurocomputing.
