Artificial Intelligence + Contract Management = Contract Intelligence

Contracts are complicated. There is no denying that. They traverse vertically and play functional roles in each one. If the format and the legal complexity didn’t discourage one then the myriad processes behind it were sure to do the job. Albeit that was the time when contracts were created, processed, and managed manually; when the amendments seemed never-ending, and the renewals were taxing to say the least. A sophisticated contract management system was thought to be necessary as the contracting base expanded along with increasing company operations. And so, experts poured the best of their capabilities into creating a tech-based solution for Contract Management.

With technology in the playing field, a lot more is now expected of any digitised, automated system. Add Artificial Intelligence (AI) and Machine Learning (ML) into the mix, and it becomes a whole other ball game. With AI and ML driving innovations, contracts too have evolved. But what about the ripple effects on the landscape of contract management?

Enter Contract Intelligence.

In any given instance, numerous details are concealed in contracts. They include a lot of crucial insights that could aid firms in risk analysis, cost-saving opportunities, liability management, and other areas. Developers made a breakthrough when they combined AI with a Contract Management to track and map out these insights and turn them into useful, easily assimilable information. Using AI, the new and advanced Contract Management System could also recognise and translate unstructured input into organised enterprise data using AI.

Today, AI comes with the capacity to automatically generate reports on the contracts stored in the system. Understanding the meaning of clauses and the legalese at play, the advanced system has surpassed the mere document management functions of the previous system. When equipped with AI, contract management systems can provide a thorough perspective into any contracting portfolio.

Advanced Machine Learning techniques have made it possible for the system to read through and process clauses and information – directly impacting the businesses, capacity to assess contracts and streamline necessary procedures; all the while handling a considerable number of contract data. The result: every aspect of contract management, from negotiations, amendments, turnarounds and renewals to identification and classification of clauses and authentication and security concerns, is overhauled and given the boost it requires.

An advanced AI-enable contract management system, i.e., Contract Intelligence comes with massive potentials that can help businesses evolve in an increasingly digitised and automated world. Identifying hidden possibilities in a contract, it offers them the chance to move beyond the limitations of existing systems and incorporate more viable and economically profitable procedures. In India, where, with good reason, any technological move is met with apprehension and resistance, experiments with AI are still at a nascent stage. What shape will contract management of the future eventually take here? Only time will tell. All we have learnt from Contract Intelligence is that it is always safe to be a step ahead.