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How AI can deliver value to your contract management process
Wolters Kluwer |
March 1, 2023 |

 10,569 total views

How AI can deliver value to Contract Management

As contracts are at the core of any business opportunities, as an in-house lawyer you need to contribute driving agreements that enhance profitability, while fostering trust and mitigating risks. On the other hand, contractual arrangements have become more complex and have expanded to a greater number of locations, therefore your legal team is constantly in demand to protect the organisation from increasing legal risks.

At the same time, you may often find yourself juggling multiple contracts in a shorter time and using manual processes and poor contract management practices may increase the likelihood of severe operational and legal risks.

AI offers better contract visibility to help you mitigate potential risks and drive business growth.

Let’s see how AI can help you! 

AI speeds up contract review 

AI enables you to speed up contract analysis and review using contextual analysis to find specific pieces of information. With AI you can extract each single element of a contract thanks to advanced Machine Learning (ML) algorithms in a few seconds.

Thus, contract analysis empowered with AI enables you to quickly find answers to specific questions, such as which entities are involved in a contract, renewal dates of an agreement, as well as specific clauses, and identify any unknown risks or clauses that require your immediate attention.

In other words, you no longer need to comb hundreds of past agreements and documents, since AI instantaneously retrieves what you are seeking.

The AI-powered contract review process helps you save time enabling you to work on more strategic tasks which drive value in the business.

AI empowers contract playbooks 

Let’s imagine you need to prepare for a GDPR audit and need to ensure that all the company’s contracts and agreements comply with the regulations. How would AI come to the rescue?

AI can massively review all GDPR clauses in a short time, versus manual review.  

It can:

  • Compare all the clauses in each contract and agreement to your playbook
  • Identify any areas that may not be compliant
  • Create and reuse one checklist for multiple types of contracts to verify GDPR compliance to faster detect legal documents that are non-GDPR-compliant
  • Follow contracts and policies end dates (e.g., license renewals, policy updates, etc.).

With AI you can accelerate your business growth 

AI drives efficiency right across the contract management lifecycle, by cutting oversights and speeding contract negotiations. AI-powered contract review features help you ensure better contract visibility and interdepartmental collaboration. In fact, the less time you spend reviewing hundreds of contracts, the less of a bottleneck your legal department gets, and the faster you can contribute to new growth opportunities for your business.

Learn all the benefits of AI for your contract management by downloading the whitepaper “AI: a game-changer for your legal department?” Get the copy

Author: Wolters Kluwer

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