Aligning Legal Contract Management with AI and ML initiatives

By PracticeLeague, January 10, 2021   |   10 Min Read

Legal Contract Management is one of the most common functions for legal departments and yet may suffer from intractable challenges for several reasons. Gone are the days of Ad hoc approach for creating, drafting, amending, storing, tracking, reviewing of legacy contracts. With the growing business challenges, it has become imperative for companies to align themselves with tech-enabled platforms to not only manage contracts but also gain actionable insights for transactions. This necessitates a deviation from the earlier methods of CLM and involvement of cutting-edge technology, Artificial Intelligence ai based contract management and contract management machine learning, to be specific.

At the outset, AI helps improve tasks and manage end-to-end contract management for the use of in-house counsels. What earlier used to be conducted by human intelligence, is now taken over by Artificial intelligence in the contract lifecycle management. ML algorithms, on the other hand, is about gleaning insights from the data and consumer habits. Put, integration of AI, and ML help reduce operational inefficiencies and transform CLM processes considerably for legal functions. There are a number of ways how ai is changing contracts for legal departments. Read on to known more:

How Legal Departments Can Meet Contract Milestones with Artificial Intelligence?

From Risk assessment to better control, AI and ML enable efficient management of contracts; it boosts productivity as well.

While intuitive processes augment most of the functions that humans do, it is also about creating a seamless process to manage the CLM efficiently. In-house counsels can now focus on the critical aspects of contracting such as negotiating deals, litigation and mentoring and advisory roles for their organizations

Next-gen AI-powered Legal Contract Management Platform

Contract Management software for in-house counsels typically have huge volumes of contracts involving vendors, suppliers, clients, who carry out primary and third-party contractual obligations. Understandably, one of the top priorities here is to reduce and control legal costs, minimize the dependence on external counsels, and improve matter and contract management operations by leveraging the right technology platforms. PracticeLeague’s "Next-gen AI-powered Legal Contract Management Platform" comes to play. With its cognitive and predictive capabilities, ai powered contracts attunes itself to improve outcomes and build efficiency in the existing processes.