alert-icon
Only limited material is available in the selected language. All content is available on the global site.
Wolters Kluwer Navigation
  • Solutions
  • Careers
  • INVESTORS

About Wolters Kluwer

Wolters Kluwer is a global provider of professional information, software solutions, and services for clinicians, nurses, accountants, lawyers, and tax, finance, audit, risk, compliance, and regulatory sectors.

About Us
  • About Wolters Kluwer
  • Strategy
  • Our Organization
  • Management
  • Supervisory Board
  • Value Creation
  • Events
Expert Insights
  • All Expert Insights
  • Health
  • Tax & Accounting
  • ESG
  • Finance
  • Compliance
  • Legal
Get Help
  • Contact Us
  • Login
  • View Solution List
  • eShop & Bookstores
  • Media Center
  • News & Press Releases
  • Solutions
  • Careers
  • INVESTORS
PrimaryNav Button
Wolters Kluwer Logo
Search
    No Suggestion
    WK logo

    Visit our global site, or select a location

    • Americas
    • Europe
    • Asia & Pacific
    Brazil
    Home page:
    • Portuguese
    Canada
    Home page:
    • English
    • French
    Latin America
    Home page:
    • Spanish
    United States
    Home page:
    • English
    Belgium
    Home page:
    • Dutch
    • French
    Czech Republic
    Home page:
    • Czech
    Denmark
    Home page:
    • Denmark
    France
    Home page:
    • French
    Current Page:
    • French
    Germany
    Home page:
    • German
    Hungary
    Home page:
    • Hungarian
    Italy
    Home page:
    • Italian
    Netherlands
    Home page:
    • Dutch
    Norway
    Home page:
    • Norwegian
    Poland
    Home page:
    • Polish
    Portugal
    Home page:
    • Portuguese
    Romania
    Home page:
    • Romanian
    Slovakia
    Home page:
    • Slovak
    Spain
    Home page:
    • Spanish
    Sweden
    Home page:
    • Swedish
    United Kingdom
    Home page:
    • English
    Current Page:
    • English
    Australia
    Home page:
    • English
    China
    Home page:
    • Simplified Chinese
    Hong Kong
    Home page:
    • English
    India
    Home page:
    • English
    Japan
    Home page:
    • Japanese
    Korea
    Home page:
    • English
    Australia
    Home page:
    • English
    New Zealand
    Home page:
    • English
    Philippines
    Home page:
    • English
    Singapore
    Home page:
    • English
    Taiwan
    Home page:
    • English
    Thailand
    Home page:
    • English
    Vietnam
    Home page:
    • English
    Primary Navigation
    • Health

      Trusted clinical technology and evidence-based solutions that drive effective decision-making and outcomes across healthcare. Specialized in clinical effectiveness, learning, research and safety.

      Health Overview
      Solutions
      • UpToDateEvidence-based clinical decision support
      • OvidThe world’s most trusted medical research platform
      • Lippincott SolutionsEvidence-based solutions for nursing staff
      • LexicompEvidence-based drug referential solutions
      View All Solutions
      Challenges
      • Optimizing Clinical Workflows
      • Improving Patient Safety
      • Leveraging Clinical Decision Support
      • Reducing Clinical Variation
      View All Challenges
      Expert Insights
      • Post-COVID, UK hospital uses UpToDate to refocus on doctor training and health equity
      • Three pillars of healthcare technology predictions in 2023
      • Developing clinical empathy to improve health equity
      • Six challenges to delivering quality healthcare
      View All Expert Insights
    • Tax & Accounting

      Enabling tax and accounting professionals and businesses of all sizes drive productivity, navigate change, and deliver better outcomes. With workflows optimized by technology and guided by deep domain expertise, we help organizations grow, manage, and protect their businesses and their client’s businesses.

      Tax & Accounting Overview
      Solutions
      • Finsit Cloud financial insights software
      • CCH OneClickCloud accounting software – a truly unique smart workspace
      • Hosting Solution (power by HDUK)Virtual environment for your business-critical applications and data
      • CCH Personal Tax Simplify and streamline every step in the tax return process.
      View All Solutions
      Expert Insights
      • Webinar: Automate, track and report on the right KPIs with CCH KPI Monitoring and Power BI
      • Webinar: Twinfield Software Update - New banking module
      • Q1 2023: Status of OECD’s Two-Pillar Solution for international taxation (BEPS 2.0)
      • Corporate tax technology buying guide
      • How social media equips accountants to grow their practice
      • Could flexible working transform your accountancy practice?
      • Data Privacy Day: responsible data practice in accountancy
      • The marketing channels that accountants should use to achieve practice growth
      View All Expert Insights
    • ESG

      Offering comprehensive tools and expert guidance to companies to help meet regulatory requirements to support sustainability efforts and manage ESG risks efficiently.

      ESG Overview
      Solutions
      • CCH TagetikUnified performance management software
      • OneSumXDiscover our solution for ESG climate risk and regulatory requirements
      • TeamMateSolutions for auditors
      • EnablonSoftware solutions for risk & compliance, engineering & operations, and EHSQ & sustainability
      View All Solutions
      Expert Insights
      • Oil and gas: 5 CFO secrets for building a stronger business
      View All Expert Insights
    • Finance

      Our solutions for regulated financial departments and institutions help customers meet their obligations to external regulators. We specialize in unifying and optimizing processes to deliver a real-time and accurate view of your financial position.

      Finance Overview
      Solutions
      • CCH TagetikUnified performance management software
      • OneSumX for Finance, Risk and Regulatory ReportingIntegrated regulatory compliance and reporting solution suite
      • CCH Tagetik: Budgeting Planning & ForecastingConnect Finance & Operations. Explainable Predictions. Actionable Insights.
      • CCH Tagetik: Predictive IntelligenceExplainable Predictions. Actionable Insights. Smart Decisions.
      View All Solutions
      Expert Insights
      • From a legacy consolidation and close process to CCH® Tagetik
      • Five paybacks of CCH® Tagetik’s consolidation and close solution
      • xP&A for oil and gas: Get a joined-up picture through CCH Tagetik
      • Oil and gas: 5 CFO secrets for building a stronger business
      • KWH easily handles multi-entity consolidations with unlimited hierarchies in one database and one source of truth.
      View All Expert Insights
    • Compliance

      Enabling organizations to ensure adherence with ever-changing regulatory obligations, manage risk, increase efficiency, and produce better business outcomes.

      Compliance Overview
      Solutions
      • TeamMateSolutions suite for auditors
      • CCH GDPR ComplianceGDPR compliance and training
      • EnablonSoftware solutions for Risk & Compliance, Engineering & Operations, and EHSQ & Sustainability
      • OneSumX for Finance, Risk and Regulatory ReportingIntegrated regulatory compliance and reporting solution suite
      View All Solutions
      Expert Insights
      • A better approach to risk management
      • The modern banking leader: Emerging trends and tomorrow’s opportunities
      • Preparing for UK SOX 3 things to know
      • Enhancing fund transfer pricing (FTP) systems at a time when they are needed most
      View All Expert Insights
    • Legal

      Serving legal professionals in law firms, General Counsel offices and corporate legal departments with data-driven decision-making tools. We streamline legal and regulatory research, analysis, and workflows to drive value to organizations, ensuring more transparent, just and safe societies.

      Legal Overview
      Solutions
      • LegiswayAll-in-one legal management software
      • KleosCloud-based practice management technology
      • Legal SmartDocumentsAutomate the creation and management of contract templates
      • Legal SoftwareExpert software solutions helping legal professionals increase efficiency and drive results
      View All Solutions
      Expert Insights
      • Board and General Meetings in Financial sector: when digitalisation is required
      • How you can benefit from hybrid and virtual AGMs, and online voting
      • The rise and future of hybrid AGMs
      • Lawyers and the great resignation
      • How can General Meetings be organised using Microsoft Teams?
      • Corporate Governance - the role of the legal department
      • 5 tips to improve collaboration between the legal department and the business
      • Why collaboration is essential for the modern legal department
      View All Expert Insights
    1. Back to Home >
    2. Back to Expert Insights >
    3. Using artificial intelligence for contract management
    guy behind the computer in an open office space
    Legal02 May, 2022

    Using artificial intelligence for contract management

    According to The Future Ready Lawyer Report 2021 by Wolters Kluwer, 70% of legal professionals say Artificial Intelligence will have an impact on their department, up from 58% in 2020*. As legal departments are increasing their adoption of technology to improve efficiency, it is natural to ask, “how can AI help?”

    Teaching a machine to perform routine tasks – like data extraction, contract review or analytics reporting – is not only attractive but entirely possible. That said, AI is not a magic wand, nor does it replace the vital role of lawyers. The law remains complex, and even though intelligence can be taught, subtleties can escape the machine. The key is to adopt AI technology to automate your manual processes to become more productive, not to adopt AI simply for the sake of it.

    Contract management is at the core of every legal department and there is no doubt that lawyers spend much of their time storing contracts, scrolling through archives, searching for information, and trying to understand them. With bigger workloads due to increased regulations and associated complexity, inefficiencies in contract processes can lead to lost deals and unmitigated risks.

    With AI, Legal can be free from the drudgery of tedious contract-related tasks that hold them back from reaching their true potential.

    Contract indexing with artificial intelligence

    Nowadays, it is impossible to imagine understanding a new PDF contract just by clicking through it. More concretely, the lawyers can load their file into the AI software, the process starts, and within a few seconds, the user will receive a report containing all the key information extracted from the contract. Before AI, it would take on average 20 minutes for a lawyer to understand a new contract; with AI-assisted contract review, it will take between 4-5 minutes with the lawyer’s analytical skills, which are still crucial in detecting anomalies, as the law itself remains complex and certain subtleties may escape the machine.

    Traditionally, to compile reports, get alerted on contracts and search for a single company contract among thousands, you would need to have them all recorded beforehand. This work is not only time-consuming, but it leads to a build-up of contract archives scattered across the business. As a result, lawyers tend to prioritise these archives by only recording risky contracts, i.e. those with priority maturities or those formatted in the same way. This means that the recovery of historical records becomes just as complicated to deal with. What could be more frustrating when you deploy legal software than to open it and find that it is completely empty – especially when the company has negotiated thousands of contracts.

    Data migration with artificial intelligence

    Performing data migration manually is time consuming, costly, and risky. There is a high probability of mistakes with no guarantee of accuracy and a significant recovery time. You can also incur high costs of data entry and checking, and you will need to redo indexing for each new data point.

    AI makes it possible to mass import your contract database. The idea is to be able to deal with an archive of contracts that lawyers simply never have the time to manage. This is a major step forward in terms of reliably securing the company’s assets – and the AI integrated software can do this instantly.  

    AI technology makes data migration quick and painless! With automatic data migration you can guarantee data accuracy, have full control over indexing time with a mass analysis, eliminate import costs and have a better outcome. Simply put, with AI-assisted data migration, you can bring the entire contract management activity under control and enrich the data points with no interruptions.

    Improving legal department performance with AI

    Lawyers can seamlessly leverage unique AI technology and deep learning capabilities to automate contract indexing, streamline, and simplify their tasks, by resolving critical pain points in the contract management lifecycle. This essentially allows legal departments to

    • Deliver work in a timely manner by analysing contracts simultaneously
    • Improve the quality of service while reducing costs thanks to higher data accuracy
    • Ensure compliance with contractual obligations
    • Mitigate risks across contract processes
    • Enable a smooth contracting process to support the revenue goals of the business, adhering to deadlines
    • Empower the business to be self-sufficient
    • Evolve at the pace of growth of your business.
    Explore related topics
    Enterprise softwareDigital transformationArtificial intelligenceTechnology and Innovation
    solutions

    Legisway

    All-in-one legal management software
    Learn more
    Ready to see what Legisway can do for your business? 
    Request a demo

    Related insights

    A better approach to risk management
    A better approach to risk management The modern banking leader: Emerging trends and tomorrow’s opportunities

    Related Insights

    • Board and General Meetings in Financial sector: when digitalisation is required
      Article
      Legal
      March 13, 2023
      Board and General Meetings in Financial sector: when digitalisation is required
      Digitalising corporate meetings is now possible for Financial sector with hybrid format and online voting. It saves Corporate lawyers time and limits the risks of error in their organisation.
      Learn More
    • How you can benefit from hybrid and virtual AGMs, and online voting
      Article
      Legal
      February 15, 2023
      How you can benefit from hybrid and virtual AGMs, and online voting
      A virtual AGM platform can help you streamline and optimise key processes of general meetings, such as voting, resulting in a more secure, transparent, and efficient AGM.
      Learn More
    • The rise and future of hybrid AGMs
      Article
      Legal
      February 15, 2023
      The rise and future of hybrid AGMs
      Hybrid meetings have become commonplace amongst organisations of all sizes, and the importance of this trend should not be overlooked. A hybrid AGM combines the benefits of both the in-room and online experience.
      Learn More
    • Lawyers and the great resignation
      Article
      Legal
      January 27, 2023
      Lawyers and the great resignation
      Followed by telework and geographical mobility, the phenomenon of the great resignation impacts all law firms in Europe and the United States.
      Learn More
    Footer Navigation
    • About Us
    • Strategy
    • Organization
    • Management
    • Supervisory Board
    • Value Creation
    • News & Press Releases
    • Events
    • Solutions
    • Health
    • Tax & Accounting
    • ESG
    • Finance
    • Compliance
    • Legal
    • Expert Insights
    • Careers
    • Investors
    • Sitemap
    • Site Owner
    Follow Wolters Kluwer
    • Facebook
    • Twitter
    • LinkedIn
    • YouTube
    Wolters Kluwer Logo

    When you have to be right

    • Terms of Use
    • Privacy & Cookies

    © 2023 Wolters Kluwer N.V. and/or its subsidiaries. All rights reserved.

    Back To Top