Welcome to our webinar on how AI is set to revolutionize contract life cycle management. My name is Quinton Russell, and I am the Content Marketing Specialist at Doc 365. Today, as part of our ongoing weekly webinar series, we will explore the transformative impact of AI on contract management.
Let's begin with who we are at Doc 365. We are based in Jacksonville, Florida, and over our 17 years working with SharePoint, we have delivered a wide range of productivity solutions. These include intranet portals, contract management systems, CRM solutions, and more. Our latest focus is on integrating AI into our contract management system, anticipated to be available by the end of quarter two.
Artificial intelligence (AI) is a broad field of computer science involved with making smart machines capable of performing tasks that usually require human intelligence. AI is developed through machine learning and deep learning, which, while similar, have distinct differences.
AI can help create standardized templates for drafting contracts by analyzing previous contracts and suggesting necessary inclusions or exclusions.
AI can determine the type of contract by analyzing the language used, streamlining the sorting and storing process.
AI can assist in various tasks like approval processes, reviews, and edits, ensuring a smoother workflow.
AI can search contracts for obligations, expirations, and renewals, and set up notifications for important dates to ensure nothing is missed.
AI can determine missing clauses and flag problematic ones, allowing for timely reviews and edits to mitigate risk.
AI reduces the time spent on contract lifecycle management by speeding up processes and ensuring efficient document sorting.
AI minimizes risks with third parties by identifying problematic clauses and suggesting necessary adjustments or negotiations.
AI allows quicker responsiveness and more thorough preparation, leading to stronger negotiating positions.
AI helps ensure compliance with contract terms, reducing the risk of regulatory fines and legal fees.
AI provides insights and connections that might not be apparent to humans, allowing for more informed decision-making.
Although AI is a new field in contract management, its applications are growing rapidly. At Doc 365, we are integrating AI to pull important information from contracts, set up notifications, and more to streamline your contract management processes.
For more information, visit mydoc365.com and sign up for a free demo. Feel free to reach out at info@mydoc365.com or call us at 904-309-9970. Follow us on LinkedIn at Doc365 for updates.
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