This is a guest post by Antti Innanen, Partner at Dottir Attorneys.
The need for digitized contract management has emerged in recent years. Artificial intelligence (AI), combined with contract management systems, can revolutionize business opportunities by redefining contracts and contract management.
AI also means better business decision-making, transparency, and management of data in a more human-friendly way. The use of AI in contract management can help companies to identify significant business risks and opportunities. It can help companies solve many challenges by combining efficient contract management with seamless automated solutions.
There are several advantages of AI-based contract management:
1. Strategy: AI understands contract language and the meaning of clauses and turns contract management from a simple document management repository into a live strategy.
2. Efficiency: AI helps companies review contracts faster, create and track large amounts of contract data more efficiently, reduce the possibility of contract disputes, and manage the growing volume of deals they can negotiate and execute.
3. Lean Teams: Instead of having a large group of employees perform due diligence on a business, companies could have a smaller, more agile organization that would review documents, software, flags, and then provide advice.
4. Quality Control: Automated contract review software can help companies maintain uniform terms and language in their contracts. The software harnesses the power of AI and document analysis to extract data easily and clarify the content of contracts. This significantly reduces the time spent reviewing and drafting an agreement.
Automation is an integral part of the business of tomorrow as we strive to increase efficiency and flexibility in our workforce. A contract management strategy helps companies identify significant business risks and opportunities and focus on long term outcomes.
As companies grow out of contract archives and authoring tools, their use of the combination of contract management and artificial intelligence is a critical next step towards the new economy. A legal function should spend its time negotiating high-value contracts. Instead of forcing lawyers to spend time and effort on tasks that computers find easy and people find hard, they will be rewarded for doing tasks that only humans can do.
I wrote this article in less than ten minutes, by combining two different AI-written pieces and adding chapters with GPT-2 autocomplete. Finally, the article was run through Grammarly to correct spelling errors.
Partner at Dottir Attorneys
Antti advises clients on questions related to intellectual property and brands, as well as complex data protection and cyber security matters. He is a pioneer in legal innovation and a frequently requested presenter at various legal tech and legal design seminars.
This is the third part of our Contract Challenges blog…Read More
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