As we approach ELM Amplify 2020, the ELM Solutions online user conference, we are highlighting a few of the informative and thought-provoking sessions that will be a part of this unique event. Keep checking back to the blog for more about what you can expect at ELM Amplify.
Artificial intelligence (AI) is growing in importance and usefulness in many areas of legal operations, and contract lifecycle management (CLM) is no exception. As with other processes, AI can make some of the more tedious aspects of CLM more efficient and can free up staff members to focus on more valuable and interesting work. Our CLM experts will share details about these process improvements in a session called AI Innovations Throughout the Contract Lifecycle, which will be presented on the first day of ELM Amplify.
Among the improvements AI can offer is automating aspects of the contract migration process. When adding existing contracts to a new CLM solution, AI can dissect and standardize data from your contracts to create clauses to be included in your clause library, as well as metadata about the contracts. All of this information can be reviewed by your contract experts to ensure accuracy, and the process saves the work of needing to manually create each piece of data.
In the session, you’ll learn more about AI’s applicability to an expedited CLM onboarding, how a machine learning engine analyzes a contract to deliver accurate results, and what dashboards and visualizations are then available for your contract management activities.