Contract AI takes legal technology to a new level of value. It offers a powerful combination of speed, performance, visibility, and scalability, delivering unmatched value for your organization.
Robust contract AI software allows business users to centrally scan contracts for structured, connected, and on-demand data.
Streamlined Processes
With automation, legal teams can reclaim significant time that would otherwise be spent on repetitive tasks. This enables them to devote more attention and resources to contract analysis, identifying compliance issues, risks, and opportunities for the business.
In addition, AI augmentation helps speed up the contract review process and improves accuracy by flagging errors and inconsistencies for further investigation. This helps the business avoid the costly consequences of a missed deadline or unenforceable agreement and ensures that business objectives are met and contractual obligations are met.
A leading AI contract management platform adapts to users’ existing processes and workflows. This includes smart features like built-in approvals workflows, document synching with repositories and e-signature platforms, automated parent-child matching, and preventing duplicates that streamline contract creation, renewal, and management. The system also supports multiple user access roles and a secure repository for sensitive information. Additionally, ML tools enable smart extraction of obligations, terms, service levels, and more from contracts to support risk mitigation.
Better Insights
Contract intelligence platforms provide advanced analytics to harvest and deliver data to stakeholders. For example, suppose a platform reveals that the legal department must properly track contract approvals. In that case, it can flag these issues to be addressed before regulatory pitfalls arise.
This technology reduces manual processing costs, allows teams to review more documents, and enables the platform to learn over time. Through auditable processes and quality assurance workflows, it also mitigates human error and continuously improves accuracy and efficiency. This provides a competitive advantage and helps to reduce risks, increase revenue, and meet compliance requirements.
Better Decision-Making
Legal and contract services teams must extract, analyze, and act upon meaningful information buried in documents. But, this work requires time and resources that can be diverted from value-creating tasks. Contract intelligence automates the process through document AI and delivers measurable business value.
This technology provides greater contracting consistency and speed by leveraging ML learning to identify and automatically classify contracts into pre-established clause types. And the more contract data is fed into the system, the better it gets.
It also reduces manual work and empowers legal and contract services teams to focus on more strategic initiatives, such as reducing risk exposure, ensuring compliance with regulations, and maximizing opportunities. And it enables them to better serve clients by improving communication and collaboration and minimizing contract errors. Contracting errors often result in costly disputes, litigation expenses, and regulatory penalties and fines. Contract intelligence reduces these risks by ensuring that contracts contain standard terms and provisions, mitigating the impact of non-compliance.
Reduced Risk
Contract intelligence turns unstructured contract data into structured, connected, and on-demand business intelligence. It speeds up contract creation, negotiation, and renewal while ensuring compliance with commercial terms.
Whether it’s due diligence, document review, identifying critical clauses and risks, or analyzing a high-risk contract, accessing and analyzing the right information is vital for legal and other teams. AI-powered tools can assist with these functions, speeding up the process and reducing costs.
Contract intelligence is transforming the role of legal operations by automating tasks, enhancing accuracy, and enabling faster analysis while also allowing teams to scale their operations without compromising on control and quality. As a result, businesses can refocus on the more strategic and value-added parts of their work. This can majorly impact the long run, especially given that many contracts contain vital data and risk management details that can drive success or failure. This is why choosing a solution that adapts to your processes is essential, not vice versa.
