Artificial Intelligence in Contract Management – The Robot Lawyers are Coming – 1
20th February 2017
by Arthur Raguette
The last few years have added a new abbreviation to our lexicon – AI (Artificial Intelligence). While it has been a staple of sci-fi for decades, the fast growth and adoption of AI in the business world is affecting organizations in myriad of ways.
One of the most important components of business that is sure to get affected by artificial intelligence (AI) is contract management. Most companies have already moved from a manual, or semi-automated contract management tool to a fully automated CLM solution – something that provides enhanced capabilities and more features. However, artificial intelligence in contract management has many more miles to go and is expected to be a game-changer in this evolving field.
Contracts have been the cornerstone of doing business for millennia, but they have always been considered a passive component. The latest wave of artificial intelligence powered CLM solutions (such as Ultria) is looking to change this perception – by leverage AI and LBE (we’ll cover that acronym later) to empower teams through smart contract agents as well as simplify contract drafting for non-legal personnel
Over the next few weeks, we’ll discuss the newest trends in contract automation, how AI can disrupt the industry, and how organizations can (and should) stay ahead of the curve. Meanwhile, you can check out our previous series of blog posts concerning blockchains and smart contracts. Also, we would love to hear your thoughts on everything CLM; please share them in the comments section below.
Learn about Ultria’s Contract Management Solution.