Embrace AI-Powered Contract Management: The Future of Efficiency

We’re at a pivotal time where digital transformation drives business strategies. Failing to embrace technology can lead to inefficiencies and lost opportunities. One critical technology is AI-powered Contract Lifecycle Management (CLM), which is essential for all organisations and isn’t just a trend.

Why AI in CLM is a Game-Changer:

1. Streamlines Review: AI automates third-party contract reviews, reducing labor costs and identifying risky clauses.
2. Assesses Risk: AI evaluates existing contracts for unfavorable terms, preventing costly oversights.
3. Integrates Systems: AI matches data across systems, ensuring contract compliance and performance.
4. Provides Analytics: AI enables quick analysis and adaptation to new requirements.
5. Drafts Contracts: Generative AI speeds up contract creation with intelligent text suggestions.

Furthermore, According to a ServiceNow survey, nearly 9 out of 10 CIOs are using or planning to adopt machine-learning technology. Many know about AI, but its full potential in contract management is still emerging. For those managing contracts and wondering about AI’s impact, this is for you.

Key Areas AI Transforms Contract Management:

1. Contract Data Extraction: Advanced ML algorithms can automatically extract terms and clauses from various contract formats, including scanned images, saving time and reducing errors.
2. AI-Powered Contract Authoring: Modern AI-based CLM tools offer smart suggestions for terms and clauses, optimizing contracts based on past data and reducing business risks.
3. AI-Based Obligations Management: AI can automatically extract and manage contract obligations, ensuring compliance and providing a clear ROI for CLM tools.

Why It Matters:

AI simplifies and accelerates contract management, ensuring better compliance and optimized outcomes. It’s not just a trend but a necessity for staying competitive.

If you manage contracts, explore AI-powered CLM tools now. Embrace the future of contract management and unlock new levels of efficiency and effectiveness.

Curios to know more – Contact the team EvolveCLM for a chat.