ELM Amplify 2020, the ELM Solutions annual user conference, took place online this year from October 20th through 22nd. We are highlighting a few of the sessions that were offered at the conference and all are available to watch on demand here.
Artificial intelligence (AI) may already be improving performance in many aspects of your company’s operations, both outside of and within Legal Operations. Use of AI is widespread – and growing - because organizations are more interested than ever in leveraging data to get the best results and AI is perfectly suited to analyzing large data sets quickly. AI Innovations Throughout the Contract Lifecycle focused on the ways AI can specifically ease the process of migrating current and archived contracts when on-boarding a new contract lifecycle management (CLM) solution.
Migrations pose a challenge
When implementing a CLM solution, most companies choose to migrate existing contracts into it so that they can reap the benefits of CLM technology with their legacy contracts. However, this process becomes time-consuming and labor-intensive when executed manually because there is no automation to extract and classify the metadata associated with contracts, of which there can be a very large number for typical organizations. It can be difficult for individuals to find the key data and elements in existing contracts that are most important to the business. Additionally, manual migration often leads to errors and poor data quality, creating confusion and risk.
Companies often hire temporary staff to execute this work, which can be expensive, and normally means that people unfamiliar with your particular business are tasked with an important part of your implementation. Perhaps worse, the slowness and inefficiency of a manual migration process can detract from the energy and enthusiasm that your team has for their new CLM system.
How AI helps
AI tools can address these limitations by automating some of the most repetitive and time-consuming aspects of the migration process. This technology can read, dissect, and calibrate contracts to extract metadata, as well as language to be used in clauses. Well-designed solutions, such as CLM Matrix, then allow you and your team to review and approve the results obtained by the AI to ensure accuracy.
The results are more efficient contract migration and data that is more complete and of higher quality. A central repository of data from all of your legacy and third-party contracts, built by an AI-powered system and verified by your in-house team. provides your organization with a single, shared virtual space for your contracts and a foundation for more informed business decisions.
The CLM Matrix approach
When migrating legacy contracts into CLM Matrix, contract managers choose the contracts they want to load and the AI automatically combs them to extract relevant information. This extraction process includes optical character recognition and sanitation phases, to process data contained in scanned/paper contracts and ensure data quality. The system then records the extracted metadata and clauses it has identified. The solution is robust enough to apply this process across multiple documents at the same time.
Once the automated processes are complete, a contract manager goes through results to validate them and add any necessary details before saving to CLM Matrix. This approach uses AI to maximize efficiency and incorporates your team’s expertise to verify that the data being added to CLM Matrix is correct and reflective of your organization’s needs. Just as has always been the case, the expertise of the contract management team is key. But AI is now available to help that team become even more effective.
To access a recording of this session, visit the ELM Amplify page and fill out the registration information or, if you previously registered for ELM Amplify, click the Already Registered button and enter your email address. Once you’re in the event page, click on Theater at the top and select Agenda C for a list of all on-demand videos. For this session, click the On Demand button next to AI Innovations Throughout the Contract Lifecycle. Be sure to check out our other on-demand sessions for more valuable information and thought leadership.