How Will AI Realistically Change the Way You Manage Your Contracts?

Whether it’s the personalized list of movies recommended to you by Netflix or customer service chatbots that get you the answers you need day or night, AI has already had a transformative effect on everyday life and will continue to expand as technology evolves. Within the business world – including within contract management-related functions – we’re seeing growing benefits.

But how has AI – or artificial intelligence – already changed some of the key tasks associated with managing corporate agreements? And what realistic expectations should we have for AI’s ongoing impact on how contracts are managed? Keep reading to find out.

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Artificial Intelligence in Contract Management: 5 Things You Need to Know

Across functions and industries, executives are excited about the potential of artificial intelligence – or AI – to transform key business functions. According to a report from Deloitte about the state of AI in the enterprise, businesses believe that the improvements AI can deliver are an important way to help them compete in today’s fast-moving marketplace, with software representing one of the easiest paths to AI adoption.

Among the top benefits, executives say AI is helping them to optimize internal processes and make better decisions. And while these findings are not focused strictly within the contract management function, the opportunities artificial intelligence technologies provide to help businesses manage their portfolios of vendor and supplier agreements, employment contracts, and other key documents are equally great.

But in order to develop an artificial intelligence strategy for contract management that delivers on expectations, it’s important to understand both the capabilities and potential of AI as they pertain to the discipline of contract management. Before you get started, here are five key things you need to know.

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Announcing ContractWorks' New Artificial Intelligence Feature - AI Auto-Tagging

After months of hard work, conceptualizing, designing, and testing, we’re excited to announce our new artificial intelligence feature - AI Auto-Tagging! Upload your documents and let ContractWorks do the tagging for you. Enjoy more control and productivity with a tagged contract repository ready for searching and reporting.

Read on to learn how AI Auto-Tagging can make managing your contracts easier.

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ContractWorks is Sponsoring ACC Xchange 2019 in Minneapolis

The ContractWorks team is headed to Minneapolis as a sponsor and exhibitor of the Association of Corporate Counsel (ACC) Xchange 2019 from April 28 to 30th 2019.

ACC Xchange will be held at the Hilton Minneapolis and is a combination of ACC’s Mid-Year Meeting and Legal Operations Conference and includes an exciting line-up of sessions surrounding In-house Litigation and Next Gen Contracting, Legal Operations, and Leadership and Business Training. The event attracts over 500-600 law department executives and ContractWorks is excited to be there.

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Artificial Intelligence: The Basics

It’s hard to escape the footprint of artificial intelligence. Though once thought of in futuresque, sci-fi terms, artificial intelligence (AI) in its various forms has proliferated everyday life both at home and in the enterprise. According to a report from Gartner, the number of enterprises using AI has tripled in the last four years, meaning that from Amazon product recommendations to voice-controlled light switches to automated functions that improve key pain points and boost productivity at work, AI is now everywhere.

But what does AI actually mean and what do you need to know about it now? Keep reading to learn the basics.

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A Brief History of AI: And How It Has Already Affected You

Both at home and in the workplace, artificial intelligence (AI) has been hyped as a transformative force, improving the ease and efficiency of performing everyday tasks. “The future is now,” the tech blogs all tell us.

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5 Ways AI Contract Review Can Improve Efficiency and Workflows

Business analysts regularly point to improving contract management as one of the largest opportunities within the enterprise to yield savings and improve profitability. According to a review from EY, “having commercially-efficient contracts, effectively managing these throughout their operational life and minimizing waste in business activities with suppliers, an organization can typically save between five percent to 15 percent of contract spend.”

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Cutting Through the Hype: AI and Contract Management

As Artificial Intelligence continues to capture the imagination of many industries, its true potential rests on how it is used. For legal departments, the promise of AI lies in its ability to take intricate, labor-intensive tasks and - through automation and machine learning- simplify and expedite workflows. While the possibilities and promises associated with AI are alluring, it’s important to take a more practical approach when it comes to introducing these new tools to your department.

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What is AI and How Will It Impact Contract Management?

It seems you hear the words “AI” and “machine learning” everywhere these days. Although the terms AI and machine learning are getting lots of buzz, many people are still confused about what these terms actually mean and their implications for business and legal departments. Before one can begin to understand the potential uses and benefits of AI and machine learning for contract management, it’s important first to have a clear understanding of what the two terms mean.

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5 Things Every General Counsel Should Know About AI

Although AI offers a lot of promise for the legal field, it’s not a golden ticket to bigger profits and improved efficiency. Before you take the leap and adopt AI for your organization, you should understand how it works: its processes, its capabilities, and its limitations. In this article, we’ll discuss five of the most important things that every general counsel should know about artificial intelligence.

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