How AI Supports Contract Lifecycle Management

Introduction

Hello there,

My name is Quentin Russell, and I am the Engagement Specialist here at Doc 365. Today, I will be presenting a webinar on how artificial intelligence supports contract lifecycle management.

About Doc 365

Before we begin, let me tell you a bit about Doc 365 and who we are. We have over 19 years of experience working with Microsoft solutions to build powerful productivity tools. We are a Microsoft Gold Certified Partner specializing in said Microsoft products and everything. We help companies build out their contract management processes using their existing Office 365 and SharePoint Online subscriptions. We have aided a wide array of companies across various industries to take control of their contract lifecycle management processes. If you are interested in a demo, visit our website at mydoc365.com. You can sign up for a free 30 to 45-minute session where we will go over your needs and see how DocCMS can fit those needs.

Webinar Agenda

In today's webinar, we will cover:

Introduction to Artificial Intelligence (AI)
- How AI works
- Different types of AI
Ways AI is Set to Change Contract Management
- Pattern Identification
- Data Extraction
- Clause Indexing
- Legal Review
- Risk Evaluation
Implementing AI Contract Management in Your Organization
Q&A Session

Artificial Intelligence: An Overview

What is Artificial Intelligence?

Artificial Intelligence (AI) is technology that allows programs to mimic human intelligence. AI learns from experience via iterative processing and algorithmic training. It can solve problems, produce solutions, answer questions, make predictions, and offer strategic suggestions.

How Does AI Work?

AI systems work by combining large sets of data with intelligent iterative processing algorithms to learn from patterns and features in the data they analyze. Each time an AI processes data, it measures its own performance and improves over time.

Types of AI

Machine Learning: Enables computer systems to learn and grow automatically based on experience.
Deep Learning: Mimics the human brain to process data, although it is more resource-intensive.
Neural Networks: Analyzes datasets multiple times to find associations and interpret meanings from raw data.
Cognitive Computing: Mimics human brain function and interaction.
Natural Language Processing (NLP): Recognizes, analyzes, interprets, and understands human language, both written and spoken.

Limitations of AI

Lack of Abstract Thinking: AI cannot react flexibly to small changes or new problems.
Lack of Transparency: Traceability in AI decision-making is minimal.
Lack of Creativity: AI does not think outside the box or deviate from its programmed approach.
Lack of Ethics: AI evaluates information at face value and does not understand ethical considerations.

AI in Contract Management

Pattern Identification: AI can identify connections and form insights between relevant documents and new contracts.

Data Extraction: AI can sift through third-party contracts to extract important pieces of metadata like important dates, parties, and payment terms.

Clause Indexing: AI can identify and index clauses within a contract, making it easier to catalog and reference in future contracts.

Legal Review: AI can aid in reviewing contracts for issues with wording, grammar, and clauses.

Risk Evaluation: AI can help identify data showing potential risks within a contract.

Implementing AI Contract Management

Many AI contract management providers partner with third-party AI companies, posing potential data exposure risks. However, Doc 365 builds its contract management system on top of your Office 365 environment using Microsoft Cognitive Services. Your data remains secure within your Office 365 tenant.

Microsoft Cognitive Services: These allow organizations to leverage AI for contract management purposes. They live within your tenant, ensuring data security.

Doc 365 AI Capabilities

With Doc 365, you can upload contracts and extract meaningful metadata automatically. This includes identifying clauses and important dates seamlessly. Our AI capabilities come with the system, eliminating additional charging for AI functionalities.

How It Works:

Upload a contract (including PDFs).
Extract applicable metadata.
Automatically index and manage clauses.

Q&A Session

Feel free to type your questions in the chat.

Contact Info:

Phone: 904-309-9970
Email: info@mydoc365.com

Thank you for joining today’s webinar.

Keywords

Artificial Intelligence
Contract Management
Pattern Identification
Data Extraction
Clause Indexing
Microsoft Cognitive Services
Doc 365

FAQ

What is AI?

Artificial Intelligence (AI) is technology that allows programs to mimic human intelligence through iterative learning and data analysis.

How does AI help in contract management?

AI aids in pattern identification, data extraction, clause indexing, legal review, and risk evaluation to streamline contract management processes.

What types of AI are there?

Key types include Machine Learning, Deep Learning, Neural Networks, Cognitive Computing, and Natural Language Processing (NLP).

How secure is AI contract management?

With Doc 365, data remains within your Office 365 tenant using Microsoft Cognitive Services, minimizing the risk of data exposure.

What are the limitations of AI?

AI lacks abstract thinking, creativity, transparency in decision-making, and an understanding of ethics.