While a manual review would take a few hours to complete a contract analysis, AI can perform it in just two or three minutes. Learn all the benefits of bringing AI to your legal department and the way it can enhance your contract management process!
While AI has been valued as a common technology in recent years, many still are unfamiliar with what it means and how it works.
The role of AI is to bridge the gap between what automation cannot do and tasks that need exclusively human skills and offers augmented assistance for humans by providing analysis that automation is not capable of doing.
Contract review empowered with AI uses contextual analysis to analyse a contract – either in PDF or scanned version – to extract the information you need in a matter of a few seconds!
Thus, you can rapidly find specific pieces of information, such as dates, clauses, renewal dates, and proactively identify any legal risk for your business, and ensure to not miss any business opportunities.
Speeds up contract analysis and review
By bringing AI to contract review, legal departments spend 75% less time reviewing each contract. That’s how with AI you can turn 3 hours of contract review into 45 minutes, saving up valuable time on doing what matters the most!
AI drives efficiency right across the contract management lifecycle, by cutting oversights, risk of human errors and speeding contract negotiations across different stakeholders. That means that your legal department will no longer be a bottleneck in your organisation, but rather a strategic business ally.
Free up more time to focus on high value-added tasks
The AI-powered contract review process also frees up time, enabling you to work on more strategic tasks which drive value in the business, by accelerating your legal workflow and decision-making process.
As you play now a more strategic advisory role in your organisation, you should ensure to dedicate more time to your high-value duties which drive growth in your business.
That’s why you need to rely on AI to automate manual tasks and ensure you have time to do what matters the most.
Enable visibility on your contract landscape
AI-contract analysis enhances visibility into your enterprise contract portfolio.
A manual system of contract analysis would let you spend hours reviewing and tracking all renewal dates across contracts scattered across many repositories and locations. Conversely, with AI you can perform an advanced search and rapidly find the data you need: AI will simply extract and organise for you the renewal dates and renegotiation terms from all contracts.
It is important to know that the fewer contracts you have in your database, the more difficult it will be for artificial intelligence to deliver a relevant analysis.
That is why it is of foremost importance to import your historical contracts into the CLM software to check your risk and obligations of corporate transactions, for regulatory, commercial, and purchasing management, as well as for GDPR compliance and security reasons. That way, it becomes easier to access existing information and you will have a clear overview of your contractual “landscape” - either active or non-active contracts.
Want to learn more about the benefits of AI for your contract management? Check out our dedicated whitepaper and discover how AI can be vital for your legal department and entire business.
