How AI Is Digitally Transforming Contract Management
By David Parks
July 7th , 2023
Excerpt from Digital CxO – How AI Is Digitally Transforming Contract Management
AI is dominating the news with major breakthroughs and scares happening nearly every day. Just recently, the “godfather of AI” blew the whistle on how smart the technology is becoming. While the anxiety around automation taking jobs away from people feels very real, the truth is that automation and AI promises to deliver huge benefits to the operational efficiency of in-house legal teams.
Many organizations are already planning to automate more legal work related to major corporate transactions by 2025, so it’s probably better to view AI as a supplement, not a replacement; something that helps with the time-consuming, administrative tasks that are needed to run a business, but eat into the time you spend on the profit-making parts of your business.
One area where it holds a great deal of promise is contract lifecycle management (CLM. ) CLM is a way that organizations can track and manage a contract from its initial request through its execution and onto its possible renewal, amendment, addendum or termination. Even with all the hype around CLM and AI, there are currently three very practical, real-world use cases of how legal professionals can use AI today.
About David Parks
Dave Parks manages Contract Logix’s overall marketing strategy and initiatives including product marketing, demand generation, digital, content and public relations. He has over two decades of strong product and content experience, having served in senior marketing roles with Progress, Ciena, Lucent and Cascade Communications and as an industry analyst with the Yankee Group. Dave is a passionate marketer who loves creating content that answers people’s questions and delivers his audience value.