What is the true Impact and Role of AI in Contract Lifecycle Management for Legal?

Does a day, week or month go by without hearing how AI can be a productivity booster for your way-of-working or how AI makes it possible to do more with less effort? In today’s hype-filled world of technology, based on artificial intelligence, the value of AI for contract management does not only extend to sales, procurement, and finance departments, but also the legal department is facing this innovative technology to improve their way-of-working. 

What is the true Impact and Role of AI in Contract Lifecycle Management for Legal?

Does a day, week or month go by without hearing how AI can be a productivity booster for your way-of-working or how AI makes it possible to do more with less effort? In today’s hype-filled world of technology, based on artificial intelligence, the value of AI for contract management does not only extend to sales, procurement, and finance departments, but also the legal department is facing this innovative technology to improve their way-of-working. 

A lot of AI ‘noise’, but let’s put aside the commercial bluffing from the start-up scene and point out a realistic view on what AI can do for legal professionals. AI on text, delivering added value, requires years of research & development. The areas in which AI can make a difference to your organisation are classification, search, knowledge and contract management. 

Spend less time on legal review, and more time on high-value tasks

The workload increases and many distractions rise when working on a case. Legal professionals are often unaware of how much time they spend on reviews or repetitive tasks, that can be automated. AI technology is one of the crucial elements for automating certain functions, tasks, or workflows.

So, what impact does AI specifically have on your time management?

  • AI drives down the amount of time to perform a task, create a contract, write a document etc.
  • AI enables multi-tasking on a high-value level, which improves the efficiency
  • AI facilitates the decision-making process by delivering faster and smarter insights

As trailblazers for over 18 years in Artificial Intelligence (AI), and to relieve users of cumbersome tasks such as classification and search, Knowliah developed an AI-enhanced software product that analyses your contracts and surfaces insights.

Quickly capturing all relevant data from your contracts? AI does it in the blink of an eye

Data is key. There are numerous ways a data-driven approach helps organizations with their contract management and discover powerful insights. Having access to the right data makes it possible to improve the current way-of-working, control all costs and mitigate risks.

“Without immediate, easy access to all your contracts and related information, your organization could be at risk.” – Yves Lefere, Digital Legal Expert of Knowliah

Contract Management systems, based on technology such as Natural Language Processing (NLP) and Artificial Intelligence can parse contracts and their metadata quickly and accurately. These functionalities will help the legal team to view all relevant contract data and make better strategic decisions on a higher level. Introducing contract data management software will also help with task management, help other teams within the business to understand the contracts better and get more insight on how many agreements, documents or contracts are up for renewal.

Let AI-based software become your comprehensive and reliable contract data analyst

Managing the full Contract Lifecycle faces a lot of challenges: the lack of solid contract templates, no insight into all relevant data of a contract, manage contract obligations, search, reporting, etc. Most of these challenges can be easily addressed by introducing automatic data capturing for contracts.

To quickly have a structured overview and understanding of all contractual aspects and obligations, AI software can easily extract data and clarify the content of contracts. Being able to identify and extract key data points helps legal teams organize and execute contracts as well.

What are the most crucial key data points of contracts? Have a look at these examples: all relevant dates, contract type, counterparty, number of signatures, duration, applicable law, jurisdiction, region, language, change of control, confidentiality, liability – direct and indirect, data privacy, obligations, etc.

Getting AI-powered software on board, means:

  • Centralize and register contracts in seconds
  • Automatically capture all relevant contract data: from relevant dates to important clauses such as change of control, liability, etc.
  • Immediately detect where contracts are stored, in different sources, everywhere
  • Review contracts more rapidly
  • Organize and locate large amounts of contract data more easily
  • Decrease the potential for contract disputes

Want to learn more?

Thanks to Knowliah’s AI/NLP-empowered Contract Data Extraction technology, you will easily have the control over all contracts and their relevant data. Combined with the powerful Knowliah Enterprise Search, you can identify contracts saved on your file server, Teams, Dropbox, SharePoint, or other Document Management System.

Discover Knowliah: www.knowliah.com/contract-lifecycle-management/

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