Thanks for being part of our blog series on AI-driven futuristic CLM capabilities. In part 1, we talked about predictive risk profiling. Today’s blog post will focus on advanced data analytics.
Advanced data analytics
CLM is a repository of thousands of contracts, clauses, compliance-related documents, and more. Up until now, this data was merely being stored so as to be able to dig it up later and look for necessary information, whenever required. Courtesy Artificial Intelligence, modern data analytics capabilities allow this data to be harnessed to learn about organizational behavior and performance in dealing with specific scenarios involving different contracts.
CLM is now able to provide intelligence on how the organization responds to a particular clause being added or removed, the time spent in closing a specific kind of deal, and so on. This intelligence drives the CLM to suggest the more rewarding clauses with lower risk scores for a specific contract. Data analytics further helps identify pricing and payment patterns and track various contractual milestones.
Such capabilities help enterprises make informed decisions regarding a contract, prepare beforehand for the testing situations ahead, gain insight into the efficiency of their contract management practices, while also contributing to the bottom line.
Artificial Intelligence is the force behind the modern CLM’s machine-learning based data analytics capabilities. Data analytics, together with other futuristic capabilities such as predictive risk profiling and context sensitivity (which we will discuss in part-3 of this blog series), is sure to bring a new wave of change over the way contracts are managed globally.
Watch this space for the third and final instalment of this blog series on AI-driven futuristic CLM capabilities. For any questions about contract management, please feel free to reach us at email@example.com.