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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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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Customer Success Profile: Ampla Health

ContractWorks helps businesses in the healthcare industry by giving them the ability to reduce risk across their organization by giving them an easy-to-use and secure way to sign, organize, track, and report on the information critical to their success. For Renee Leduc-Pereira, Patient Navigator at Ampla Health, choosing the right option for her team included finding a solution that was easy to use and quick to implement.

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A Guide to Contract Management Software Implementation

Most of the time, sticking with the status quo makes sense: familiar systems and protocols are time-tested and easy to follow. In fact, upending traditional workflows or introducing new tools can trigger fear and frustration, and sometimes a new option isn’t always the best fit.

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IT Contract Management: 4 Keys to Successful Implementation

When you consider how many business functions take place online these days, it’s no surprise that IT-related contracts are some of the most important to businesses. From video-conferencing with clients to e-commerce to apps that enable key finance and marketing functions, businesses are more reliant than technology than they ever have been in the past.

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Sharpen Your Competitive Edge by Prioritizing Automation

For many businesses automation has become a game changer for countless industries in virtually every department of an organization. Continuous technological advancements have allowed companies to work faster, cheaper, and smarter. That's because these days, automation is not just restricted to manufacturing or other industries involved in churning out tangible goods, it can be deployed in almost every type of organization, including legal departments.

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Cloud Tech: The Next Chapter for Contract Management

Cloud-based applications and working environments offer unparalleled amounts of flexibility when it comes to handling day to day operations.   The improved versatility that hosted solutions and cloud-based services afford has led to many companies pursuing a complete digital transformation of their business model, significantly changing how they work with their clients on a daily basis. This change is especially prevalent in legal organizations who have adopted newer, more innovative ways to manage their contracts.
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How to Solve Your Biggest Procurement Contract Problems

If one of the main goals of procurement is achieving the best possible ROI from company vendors and suppliers, then contracts - the binding guidebooks for these relationships - are vital tools for achieving these objectives.

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Will Fintech Usher in a New Era of Contract Management?

For the last few years now, blockchain technology has continuously disrupted the way companies do business, especially in the financial industry. More than just the foundation for cryptocurrency investments, however, blockchain technology has completely innovated everyday processes and the supply chain efficiency of businesses in nearly every industry.

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