Into the Age of AI-Enhanced Contract Management

There is no beating around the bush – we are, right now, living in the ripe age of Artificial Intelligence (AI). Every day the internet gets flooded with news articles about new and ground-breaking interactions with ChatGPT and Bard and every day we hear about new, curious and at times troubling claims where the expert systems even surpass collective human imaginations. It would be a gross understatement to claim that AI has had an enormous impact on the world today. In many facets of our daily life, from the way we work, shop, and even interact with each other, AI has substantially grown in significance – forever changing the norm and our expectations with it.

Automation and Artificial Intelligence and its Role in Digital Transformation 

From a business perspective, AI is now being used to evaluate client data and provide specialised campaigns and services. With AI, today, businesses can quickly predict trends, create better products and services, and streamline their processes. Automation powered by AI is now all the rage and it has helped organisations cut expenses and increase efficiency at an unprecedented rate. And nowhere has the impact been more evident than in the complex, high-pressure domain of Contract Management.

Contract Management is Primed for AI-adoption. Here’s How

With the technology behind Natural Language Processing, Deep Learning and Machine Learning developing at an exponential rate, AI is quickly becoming an invaluable tool for contract management. Overcoming the limitations of the previous means of practice where the amendments seemed never-ending, and the renewals were taxing to say the least, the new AI-empowered Contract Management Systems or ‘Contract Intelligence’ (as they have been cleverly dubbed) allow companies to automate tedious contract processes and make better decisions about contracts. Apart from the immediate and obvious benefits of improved accuracy, faster response times, and cost savings, the AI-powered systems analyse copious amounts of data to help identify trends, problems, and potential opportunities.

Benefits of AI Contract Management 

Currently, AI is being utilised to automate operations related to contract administration, including document tracking, signature gathering, and compliance checks. At BIGFORMULA Solutions, we are acutely aware of the potential benefits of automation in terms of cost and productivity improvements. We also understand that Contract Intelligence can offer businesses powerful analytics that can enhance the performance of their contracts and make adjustments as required.

In any given situation, contracts conceal several things. They contain a lot of valuable information that businesses may use to analyse risks, and manage expenses and liabilities, among other things. Developers were able to track and map out helpful insights and convert them into easily digestible information when they paired the effectiveness of AI with the capabilities of Contract Management. Using AI, the new and advanced Contract Management Systems can even recognise and translate unstructured input into organised enterprise data.

In Eager Expectation 

With technology raising the bar, a lot more is now expected of digitised, automated systems. Add generative Artificial Intelligence and Deep Learning into the mix, and we are in previously uncharted waters. With AI driving innovations, contracts too have been forced to evolve. But to what end and how will AI’s butterfly effect impact the larger landscape of contract management? Time will tell, and perhaps the wait will not be too long.

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