Advancing contract management with AI

How is AI changing contract management?

Contract management can be a labyrinthine task for in-house lawyers, with the relentless tide of copious documents each carrying its unique stipulations and deadlines.

The daunting complexity of this process means that it's often prone to human error, potentially leading to lost contracts, missed commitments, or even lapses in regulatory compliance.

This masterclass underscored the transformative role AI can play in this arena, navigating the complexities with surgical precision.

"With the use of AI, lawyers gained ability to highlight what can be discussed, negotiated and operate immediately upon evaluation of the document without spending too much time on first of all finding it and reading through it."

Margo Trebicka - Sales, AI & CLM

The triple advantages of AI 

The masterclass spotlighted the triple advantages offered by AI in contract Management software : efficiency, speed, and risk mitigation.

1. Efficiency: By assisting with routine tasks, AI clears the path for legal professionals, freeing them to channel their focus onto strategic operations.
2. Speed: AI can diminish the risk of human errors, ensuring swifter, more precise, and high-value analysis and review of contracts. 
3. Risk mitigation: The spotlight also fell on AI's pivotal role in compliance. AI keeps legal teams aware of impending contract obligations and deadlines, thereby reducing the risk of costly oversights.  

The potential of AI in revolutionising contract management lies within these three core benefits.

Read also -> How AI con revolutionise your contract management

Orchestrating Legal Symphony: Harnessing AI's power in contract management tools 

Forging a path in the footsteps of Beethoven's Ninth Symphony, our masterclass brought to the fore the transformative power of AI in contract lifecycle management. The intricate symphony of contract creation, storage, organisation, tracking, and alerting is performed by AI with unrivalled precision and efficiency.

Much like Beethoven's exceptional circumstances - his deafness - which led to the creation of his iconic Ninth Symphony, in-house lawyers can create their unique 'symphony' by synchronising their legal expertise with the dynamic capabilities of AI, truly revolutionising the industry.

Contract lifecycle management software powered by AI, such as Legisway, proficiently carries out  a diverse range of contract management tasks, such contract review and analysis, in a few minutes, thus optimising cross-department collaboration and enhancing workflow efficiencies.

Final Reflection: Adopting AI - An imperative, not a luxury

Would you like to complete contract reviews in a single day rather than five? Does saving up to 95% of your time in reviewing Non-Disclosure Agreements sound appealing?

If you answered “yes” to either question, we encourage you to watch the complete recording to unravel the mystique surrounding AI and harness its full potential.

As the role of in-house legal counsel continues to transform, embracing AI technology is not merely an option, but a necessary survival strategy. With the surge in business expectations and requirements for AI use, the legal department needs to evolve in parallel.

Immerse yourself in the world of AI with our dedicated resources.