How AI is Changing the World of Contract Review and Management

Gartner predicts that 50% of all businesses will support supplier contract negotiations using Artificial Intelligence (AI)-enabled contract risk analysis and editing tools. This prediction?clearly?proves how AI is entrenching and disrupting the contract management space.?

The Need for Change in Contract Management?

The diversity of contracts within a portfolio can further complicate matters for contract management teams, leading to challenges in achieving a consistent and unified view of clauses, milestones, and other critical terms.?This inconsistency?not only?results in compliance issues?but?also contributes to longer contract review turnaround times.?

This is where AI-powered Contract Analytics solutions or intelligent contract lifecycle management systems can play a crucial role.?

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AI's Transformative Impact on Contract Management?

AI technologies are transforming contract management in several ways:?

• Faster Metadata Extraction:?AI-driven solutions automate the extraction of key metadata fields across the entire contract portfolio, quickly creating a unified and structured contract repository. This not only saves a substantial amount of time but also minimises human errors, ensuring accuracy and consistency in managing contractual data.?
• Proactive Compliance:?AI solutions provide a holistic view of contractual clauses, terms, and obligations, enabling proactive measures to ensure compliance. Additionally, these solutions provide alert mechanisms that enable timely auto-renewals.?
• Enhanced Negotiation Capabilities:?With granular-level insights across each contract, AI solutions empower businesses to improve their negotiation strategies with suppliers. These solutions help identify opportunities for cost savings, secure better terms with suppliers and improve supplier relationships.??

?Explore More in Our Upcoming Webinar?

Our upcoming webinar, "How AI is Changing the World of Contract Review and Management," offers an in-depth exploration of how AI is changing?the world of?contract management.?This webinar?is ideal for procurement officers, contract managers, legal and?para-legal?professionals, vendor managers, sourcing managers, and finance leaders.?

We also have a?complimentary offer?for our webinar registrants: Send?us 10 of your contracts,?and?we will analyse them for free with our cutting-edge contract analysis solution.?

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Register for the webinar now -?https://www.dhirubhai.net/events/webinar-howaiischangingtheworld7189559196361572354/theater/?

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