Contract intelligence is a digital transformation of the foundation of commerce, transforming contracts from static repositories of agreements to dynamic assets that power growth and unparalleled efficiency.
Manually reviewing contracts is a laborious and error-prone task that can take hours to complete. Contract intelligence automates the process, eliminating errors and enabling teams to review contracts quickly.
Artificial Intelligence
Although some businesses are concerned that AI tools will take over their jobs, most current AI contract management systems focus on improving employee productivity and streamlining workflows. Rather than replacing staff, they enable employees to spend more time analyzing data and making business decisions that will improve revenue.
For example, automated contracts can sift through thousands of pages and identify a variety of clauses, provisions, obligations, and regulations. It is a task that would take legal and compliance teams days to accomplish manually.
Organizations can use contract intelligence tools to restrict access to sensitive information in digitized contracts. It provides an extra level of security that prevents a malicious hacker from accessing confidential information and causing financial harm to the company.
Data Analysis
Like any new technology, contract intelligence is associated with a learning curve. Implementing AI tools can also be expensive and time-consuming, but that is to be expected.
Once deployed, however, it is a game-changer for CLM. An effective contract intelligence platform adapts to your processes and workflows instead of forcing you to adopt a different one. It also integrates with other business systems and offers several advanced analytics to provide unprecedented insights into your contracts.
Credible contract intelligence platforms streamline contract creation, automate workflows, and perform task performance monitoring to reduce inefficiencies in the CLM process. They help you to identify risks in your contracts and highlight any contractual violations that may result in legal issues. They can even predict upcoming compliance obligations and alert you accordingly to enable you to take corrective actions before it is too late. They can also improve search capabilities, allowing you to find and retrieve information faster.
Automated Processes
Contract intelligence tools automate processes, allowing teams to focus on critical tasks. The tool can also identify sensitive information and scrub it from contracts to avoid getting into the wrong hands. It protects the business from potential liabilities arising from sensitive data breaches.
Contract management AI uses machine learning algorithms to find critical metadata in complex contracts. It includes words, dates, numbers, clauses, and other relevant details. It can reduce time spent sifting through contracts and eliminate errors arising from manual management.
This platform can also automatically sift through contracts to ensure current regulatory and compliance rules. It can alert teams of any mismatches and allow them to take corrective actions before they become a legal liability. It can help businesses remain in compliance with regulations and enhance their reputation for transparency. It can also help them capitalize on new opportunities and stay competitive.
Reporting
Contracting is the heart of every business, and managing contract risks, disputes, and compliance issues effectively is critical. Using the right online reporting tools, you can automate operational and strategic reports that deliver the information your teams need to make better decisions.
An inefficient contracting process can lead to revenue leakage of up to 40%, according to KPMG. To avoid this loss, intelligent contract management AI reduces review time and automates tasks typically completed manually by busy teams.
The patented, human-reviewed, and validated AI platform structures and connects mission-critical contract information that defines businesses’ operations. It’s the only CLM solution that combines powerful, category-defining technology with analyst-validated contract data to unlock the hidden value in your contracts and empower your teams to crush your unique revenue lifecycle complexities.