Contract management AI is not something to be intimidated by. Its goal is not to eliminate jobs or replace valuable employees. Instead, it can add value to contract management software processes by transforming contracts and documents into building blocks for enhanced contract oversight, improved risk mitigation, and more proactive opportunity realization. It can lend a competitive edge by shifting the responsibility of employees from tedious data entry to valuable contract analytics. Organizations that embrace AI-based contract management can maximize growth opportunities and increase their software ROI.
Redefining Roles
Employees should not fear that contract management AI will replace them. Contract AI can automate data entry, streamline data extraction, identify potential oversights, and much more. In turn, it can free contract managers from many time-consuming tasks.
Contract management AI can make contract creation easy and fast! A drag and drop contract creation process allows organizations to import contracts in a variety of file types – such as MS Word and PDF – and choose the type of contract they would like to create. Watch the video below to learn more about contract management artificial intelligence.
Also significantly streamlined with contract AI is the identification of sensitive data. Organizations can define their own rules for the identification and security of specific data points. This process establishes parameters while conveniently consolidating and categorizing data. Cumbersome data import and data import analysis can subsequently be replaced by a more unified, secure, and expeditious procedure.
Natural language processing afforded by robust contract management AI allows for data pre-processing, auto-extraction, and auto-fills of key information from contract documents into contract records. Document clause detection tools allow contract management software users to easily compare clauses within their organization's approved dynamic clause library. Configurable contract management AI provides control over how search algorithm preferences are established and where they are implemented within an organization's contract management software system.
Rather than spending time scrupulously importing contract documents and data manually, analyzing clauses, and tracking sensitive data in a disorganized, spreadsheet-led manner, organizations can focus on more data-driven endeavors with the help of AI-powered contract management software.
Increased Accountability
Fastidious risk management proves essential to contract management duties. But how are contract administrators held accountable?
With contract management AI, organizations can gain quantitative and measurable accountability in mitigating risk. Through contract AI's assessment of document risk factors, contract management software users can see where risk needs further mitigation and prevention.
Risk Mitigation
To help organizations properly mitigate, manage, and assess risk, contract AI can scan contracts for ambiguities and use fuzzy logic matching to highlight words that need further clarification. Specific risk areas of documents prompt contract management software users to alter particular wording. Contract management AI can support simplified data review to save contract managers and their teams time from manually scanning document for keywords.
While contract AI does not replace human care and attention, it can grant organizations peace of mind knowing that risk can be mitigated when time is of the essence. Moreover, these risk-mitigating tools can yield contract consistency, which better represents the company or organization by building trust and improving reputation.
Contract management AI may offer visual data on risk events so that contract managers can assess risk probability and risk exposure and choose to alter specific wording with greater confidence. CobbleStone's risk assessment matrix provides contract managers with the tools to clearly visualize risk and comprehensively analyze possible outcomes.
It's Time to Embrace Contract Management AI
Contract management professionals must power themselves with the tools detailed above for a faster contract lifecycle, increased contract visibility, and decreased risk.
CobbleStone Software's Contract Insight® is a celebrated contract lifecycle management software suite backed by VISDOM® - CobbleStone's powerful proprietary artificial intelligence that equips contract managers with the right tools to manage, track, and draft contracts more quickly while streamlining the contract lifecycle with flexible, robust features such as contract automation, contract writing, intelligent workflow, and contract tracking. Transform source-to-contract management today with a free demo of CobbleStone's acclaimed contract management software.
