Contracts today are not static, unyielding documents to be archived, rather, live, strategic tools that drive operational value from the written word to the enterprise. With 60-80% of business transactions governed by written contractual agreements, tracking and managing them effectively is an urgent requirement to extract maximum value from the. But, to turn them into a powerhouse of operational excellence, rudimentary contract management processes are just not enough.
Here’s where Artificial Intelligence powered Contract Management solutions come into the picture. Artificial intelligence in the form of Machine Learning, Robotic Process Automation, Smart Clause Library and Intelligent Risk Analysis takes Contract Management to a whole new level. It makes authoring, tracking and managing contracts an easy task while ensuring maximum compliance and reduced risk. In this white paper, we have covered in detail, the transformations brought about by introduction of Artificial Intelligence in Contract Lifecycle Management and their benefits for Contract Management as a whole.