How AI is Set to Revolutionize Contract Life Cycle Management

Introduction

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.

Introduction

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.

What is Artificial Intelligence?

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.

The Core Tenets of AI:

Think Humanly: AI must emulate human-like thinking processes.
Think Rationally: AI must make rational decisions.
Act Humanly: AI must behave in ways that a human would.
Act Rationally: AI must act in a rational manner.

Categories of AI:

Artificial General Intelligence (Strong AI): The type of AI depicted in movies, capable of human-level intelligence.
Narrow AI (Weak AI): AI designed to perform a specific task very well.

How AI Works

Machine Learning: Involves feeding data to a computer and using statistical techniques to help it get better at tasks without explicit programming.
Deep Learning: Utilizes neural networks to make connections and weigh inputs for the best results.

Tasks AI Can Perform:

Recognize speech and objects
Make decisions based on data
Translate languages
Predict outcomes
Interpret meaning and intent in text or speech

Impact of AI on Contract Management

Standardized Templates

AI can help create standardized templates for drafting contracts by analyzing previous contracts and suggesting necessary inclusions or exclusions.

Identifying Contract Types

AI can determine the type of contract by analyzing the language used, streamlining the sorting and storing process.

Assisting in Processes

AI can assist in various tasks like approval processes, reviews, and edits, ensuring a smoother workflow.

Searching Contracts

AI can search contracts for obligations, expirations, and renewals, and set up notifications for important dates to ensure nothing is missed.

Identifying Clauses

AI can determine missing clauses and flag problematic ones, allowing for timely reviews and edits to mitigate risk.

Benefits of AI in Contract Management

Reducing Time Spent

AI reduces the time spent on contract lifecycle management by speeding up processes and ensuring efficient document sorting.

Reducing Risk with Third Parties

AI minimizes risks with third parties by identifying problematic clauses and suggesting necessary adjustments or negotiations.

Increasing Negotiating Power

AI allows quicker responsiveness and more thorough preparation, leading to stronger negotiating positions.

Ensuring Compliance

AI helps ensure compliance with contract terms, reducing the risk of regulatory fines and legal fees.

Making Informed Decisions

AI provides insights and connections that might not be apparent to humans, allowing for more informed decision-making.

Conclusion

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.

Contact Us

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.

Upcoming Webinars

Important Employee Data You Should Be Tracking: Next week at 11 am EST.
Why Vendor Compliance is Necessary for Business Success: April 6th.
SharePoint Basic Series - Metadata: Second Tuesday of the month.
Important Customer Data You Should Be Tracking: April 20th.

FAQ

What is AI in contract management?
- AI in contract management involves using machine learning and deep learning to automate and streamline various tasks involved in managing contracts.
What benefits does AI offer in contract management?
- AI can reduce the time spent on contract management, minimize risk with third parties, increase negotiating power, ensure compliance, and help make more informed decisions.
How does AI reduce risks with third parties?
- AI can identify problematic clauses, track third-party performance, and suggest necessary adjustments to mitigate financial and operational risks.
What tasks can AI perform in contract management?
- AI can automate tasks like creating standardized templates, identifying contract types, assisting in processes, searching contracts for key information, and flagging missing or problematic clauses.