How AI Contract Management Improves the Legal Team's Value
Contract Management Software
It’s no secret that Artificial Intelligence (AI) is making a huge impact on a variety of industries and disciplines, and contract management is no exception. Contract management has historically been a very manual process, but CLM software has been able to automate much of that manual work in recent years. The addition of AI is now making contract management simpler and more efficient than ever, which is paying significant dividends for legal teams of all sizes.
How Will AI Help the Contract Management Process?
Before AI, even the most sophisticated contract lifecycle management tools required plenty of repetitive, mundane processes to properly work with corporate agreements. Once a document was successfully uploaded into the system, a paralegal or another member of a legal team would then have to apply notes, tags, and other pieces of information to make an agreement actionable. Thanks to AI technology, contracts can now be uploaded to a contract repository, analyzed, and automatically tagged with key data points, including agreement type, agreement terms, parties involved, and more. What does this mean for you? Legal teams can take almost immediate action on contracts that have been uploaded into the software, easily finding and reviewing the most important sections of an agreement.