The post-pandemic economy calls for better transparency into contract lifecycle management (CLM), especially for enterprises that need improved compliance in the age of connected systems and intelligent services. Technologies like AI provide CLM systems the technological foundation they need to make and manage contracts better. Research by the International Association for Contract and Commercial Management shows that companies stand to gain an additional 9% on their annual revenues by improving their contract management processes. Legacy mindsets and organizational silos are the largest impediments to enterprise-grade guided contracting systems. However, AI-driven CLM systems that have the potential to make collaborative processes smarter can drive lasting change.
Through machine learning(ML), natural language processing(NLP), and more such components, AI helps build better contracts based on the lessons learned from those built before. Contracts become digital entities that can be easily tracked and managed for better collaboration, compliance, and lower risk. Adopting sound AI-driven CLM practices can unlock meaningful ROI for your organization.
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