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 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 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, 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.
That’s just one example of how AI is improving the contract management process for legal teams. You can discover much more about AI and contract management by reading How AI Contract Management Improves the Value of the Legal Department.
By reading this guide, you’ll learn:
How AI is impacting legal departments today
Where AI helps, and where it doesn't
Why legal teams should identify their core challenges before implementing AI technology
How to manage departmental adoption of new AI technology
What the future of contracting looks like
Once you learn everything you can do with AI in contract management, you can decide whether or not it makes sense to implement this technology for your team. Download your copy here.