Contracting is a common practice across multiple businesses. However, it is something that is rarely executed effectively, especially by big companies that have so many contracts to consider it can be a minefield to navigate through.
Technological developments have changed the landscape considerably, with the potential to help organizations overcome the loss of value on deals associated with inefficient contracting.
The biggest challenge of all is the sheer volume of contracts businesses must manage, maintain and update. These are rarely uniform either. In fact, most contracts are unique in nature. Difficulties lie in extracting critical data in an effective fashion, especially without advanced Contract Management Software. Even then these systems don’t address every nuance.
However, emerging AI software does. It can extract meaningful information with ease, effortlessly clarifying the content of contracts. This is in contrast to the significant manpower required to execute, draft and improve contracts. AI software can navigate a mass of renewal dates and negotiation terms, tasks which would take a team of contract managers hundreds or perhaps even thousands of hours to execute.
If you take advantage of this software you’ll be in a position to review contracts quickly, organize and locate vast swatches of contract data, decrease the incidence of contract disputes, and ultimately expand your business operations with the number of contracts you can manage at once.
More advanced software with AI capabilities seems set to be the future of contract management as we know it. It has the potential to help you achieve the following:
- Influence the content of contracts
- Affect the processes involved
- Change the tools firm use
With this being said, what are some of the most recommended AI software programs in existence? Let’s take a look:
Here are some of the best AI software platforms for contract management:
Evisort is one of the leading, emerging AI platforms that enables you to extract, classify and track key provisions within documents. Solutions are delivered via a cloud-based platform, where you can access, upload, search, monitor, deliver results and run reports across multiple facets of your business. Evisort works across various document formats, from PDF to Word. It can also stand alone as a centralized repository, one which integrates with your storage locations. You’ll also benefit from the ability to manage contract deadlines, key provisions, contract language and more. The ability to streamline the contracting process is a huge advantage, as part of an end-to-end approach to better productivity.
This AI platform specializes in legal due diligence. It can understand legalese in the same way humans do, except at speeds unachievable by humans. This offers an immediate advantage for users, where software can execute tasks at a rate which would consume thousands of hours if people were responsible for the same thing. Luminance can provide a global overview of a company, picking out warning signs and offering instruction. Whether it’s used for due diligence, insurance or contract management, Luminance adds significant value to any legal operation.It doesn’t replace staff, instead of realigning staff goals so they can focus on the important tasks.
This powerful machine learning software can identify, extract and analyze text across various contracts and documents. It is an intuitive piece of software that helps you uncover relevant information, activating critical data from contracts without the need for significant manpower.
Kira intends to make artificial intelligence accessible to everyone who can benefit from it, leveraging an effective user interface for real-time collaboration and project management.
ROSS has embraced artificial intelligence at its core, in connection with some of the leading legal firms and in-house teams in the world. The smart system it deploys makes legal research considerably easier, with additional opportunities for contract management.
It will essentially cover every legal aspect imaginable to ensure you’re positioned to win arguments.