Contract intelligence enables forward-thinking organizations to work smarter, not harder. It makes sales contracts more lucrative, sourcing deals drive savings and supply chain performance, compliance becomes the default, and risk is visible and manageable. Using an intelligent CLM solution fueled by machine learning and optical character recognition, contract intelligence automates contract review, reduces revenue leakage, and allows legal teams to focus on the most critical terms and obligations.
For contract management, artificial intelligence (AI) is a game-changer. Gone are the days of highlighting and faxing contracts. Instead, teams can now use finely tuned AI to review and manage business agreements at scale. AI contract analysis helps identify risks, opportunities, and compliance issues that would never be surfaced in a manual review. It can also compare different versions of agreements and recommend alternate terms that reduce risk. The correct AI contract management technologies may increase team productivity and help you get better outcomes. The secret is to pick the best technology for your requirements, put it into use, and provide training to support it. When selecting an AI solution for contract management, consider its complexity, functionality, scalability, and implementation requirements. Ensure that your choice supports your organization’s goals and objectives, is compatible with existing technology, and integrates with other systems. Establishing a transparent and efficient technique for utilizing the system once it has been built is essential to ensuring that your team makes the most of its possibilities.
A proper contract intelligence platform enables users to work smarter by automating tasks, eliminating manual processes, and delivering accurate insights. It is accomplished by leveraging AI to identify critical data points such as payment terms, compliance obligations, and performance information. A machine learning approach to contract intelligence allows the software to structure new contracts. It brings static legal agreements to life, allowing teams to review contracts faster, streamline negotiations and gain visibility into contractual commitments and obligations. ML tools can also identify errors in contract language, drafting mistakes, and other omissions that may result in regulatory pitfalls, flagging such issues for immediate remedial action. A contract intelligence platform enables legal teams to focus on strategic, needle-moving initiatives that drive business value. Schedule a free contract intelligence demo to see how a finely tuned CLM solution can help your team work smarter, not harder.
Natural Language Processing
NLP refers to a computer program’s ability to understand spoken and written human language. It’s an essential component of AI because it allows computers to recognize patterns and interpret data as humans do. NLP solutions are becoming increasingly common in business because they can help companies process unstructured data and extract valuable insights. Examples include customer feedback collected via emails, social media posts, or product reviews. NLP technology can also be used to create and improve chatbots. Regarding contracts, NLP can help businesses streamline their drafting and editing processes by identifying key terms and clauses.
Additionally, it can aid in locating any problems that must be resolved before contract signing. NLP technology can also be used to analyze and compare contracts with each other. It helps ensure that all parties know their obligations and rights.
Contract intelligence goes beyond analyzing words and numbers, using deep learning to understand meaning in context. It allows it to quickly sift through contracts and clauses, identifying essential data points like the riskier terms for your company or those due for renewal. In addition, AI can speed up contract setup by recognizing contract relationships and leveraging a library of thousands of similar contracts. It helps your team structure new contracts and brings static documents to life. It also automates contract analysis and alerts on critical milestones such as expiration dates or upcoming tender opportunities, saving you time and effort while improving accuracy. Ultimately, contract intelligence transforms your CLM platform into a powerful tool that gives sales, procurement, legal, and compliance teams complete visibility into contract data. It allows them to mitigate risks, optimize processes, and uncover new opportunities. Schedule a demo today to learn how it can improve your business and accelerate performance.