Contract Lifecycle Management and Artificial Intelligence: The Future is Now
We see numerous applications of Artificial Intelligence (AI) in our day-to-day lives. Be it in the form of voice recognition, predictive analytics, or machine learning—AI has truly opened new vistas of innovation.
Yet, this remarkable field of technology has, so far, made few inroads in tools for legal professionals. In terms of a substantive tool, the introduction of AI into law is just dawning, but as implementation accelerates, the changes that accompany it are potentially dramatic. Perhaps most significantly, it promises to vastly improve the Contract Lifecycle Management (CLM) tools now available to law departments and firms.
New developments will bring life to CLM tools and allow users to discover new relationships and build intelligence around the data available. Our recent article in ACC Docket ‘Contract Lifecycle Management and Artificial Intelligence: The Future is Now’ summarizes some of those opportunities. It explains the uses for AI throughout the contract lifecycle i.e. authoring, storing, and analyzing. Each of these areas allows for the use of cutting-edge automation and AI features.
READ THE ARTICLE to find out the many new applications of AI in CLMs, such as:
- Pertinent clause suggestion based on the type of contract.
- Automated sending of warnings, penalties, and debit memos.
- Intelligence on specific customers, clauses, or issues, derived from the knowledge of previous interactions.
To learn more about AI-based contracting, write to us at email@example.com.