Contract Insights

Conversations about artificial intelligence in a business setting are important. According to a study performed by MIT Sloan Management Review, over 80% of organizations see AI as a vehicle for strategic opportunity. Additionally, 85% of organizations view AI as a means for competitive business advantages.¹

This interest in – and implementation of – AI applies to legal teams and other contract managers as well. Manually managing and reviewing an ever-increasing number of contracts of varying complexity is stressful and inefficient. But it does not have to be.

Organizations can improve contract review with AI-powered contract management software.

When managing contracts, performance monitoring is one of the most important ways to measure success.  With a large variety of contracts, all with different terms, it can be difficult to know how you should assess contract performance.  Luckily, you can boil down the success of each contract, no matter the complexity, to four key contract performance metrics. Read on to discover how contract management software can help you optimize four key contract performance metrics.

Contract data import and export processes can be riddled with bottlenecks, including challenges with data accuracy, format compatibility, and manual effort. Tedious input and validation processes slow down workflows, especially when handling large volumes of contracts and associated documentation, increasing the risk of human error. But it does not have to be this way. Here are three reasons contract data import and export can be easy with contract management software.

The healthcare industry provides services to treat patients with curative, preventive, rehabilitative, and palliative care. Healthcare organizations need to manage various types of contracts, which are rife with critical and sensitive data that are even more complex due to the regulations inherent to the industry. Winning healthcare organizations trust healthcare contract lifecycle management (CLM) software to assist with managing these contracts and data. To that end, here are four example scenarios with hypothetical organizations that elucidate challenges in contract management for healthcare, solved with an effective contract management solution!