For senior executives, every decision counts, and contracts play a pivotal role in shaping those decisions. However, uncovering critical insights often means grappling with voluminous documents hundreds of pages long and packed with dense legal language. The process can drain resources, creating roadblocks for fast, effective decision-making.

Sounds daunting, doesn’t it?

Enter… generative AI.

Revolutionizing Contract Analysis with Generative AI

Long gone are the days when generative AI was perceived as science fiction – it’s no longer a futuristic concept. It’s been around for a while and is here to stay. Generative AI has completely transformed how we interact with information. In the contract lifecycle space, it can revolutionize how we analyze and understand contracts. By leveraging the abilities of AI-powered contract management to automate tasks, extract insights, and predict potential issues, organizations can streamline their contract management processes, reduce risk, and gain a significant competitive advantage.

As we move towards AI-powered contract management processes, let’s quickly review the current challenges that arise with traditional CLM.

The Challenges of Traditional CLM

Traditional contract lifecycle processes often involve manual tasks that are prone to errors, time-consuming, and resource-intensive. These challenges include:

1. Data Extraction Challenges: Identifying and extracting critical information from contracts like key dates, clauses, and obligations, can be challenging and error-prone
2. Increased Risks, Errors, and Omissions: Manual data entry and contract redlining can lead to human errors and omissions, increasing the risk of legal and financial repercussions.
3. Manual Contract Reviews: Reviewing and analyzing contracts manually is a tedious and time-consuming process, particularly for lengthy and complex contracts.
4. Limited Insights and Analytics: Traditional methods often provide limited visibility into contract performance, risks, and opportunities, hindering data-driven decision making.

The Transformative Power of Generative AI in CLM

In today’s fast-paced business environment, traditional contract management processes struggles to keep up with the demands of efficiency and accuracy. Where traditional methods lack, Generative AI has been revolutionizing contract management by automating and enhancing various aspects of contract management processes. For instance, AI-powered tools can automatically analyze contracts and extract key data points with high accuracy, including identifying & classifying clauses, extracting key dates & deadlines, and flagging potential risks & inconsistencies. In contract drafting and negotiation, generative AI can assist by suggesting relevant clauses, identifying potential risks & opportunities, and even predicting the likelihood of successful negotiation outcomes.

Furthermore, AI algorithms can continuously monitor contracts for compliance with regulations and internal policies, alerting stakeholders to potential breaches and ensuring adherence to legal and regulatory requirements. By analyzing vast amounts of contract data, AI provides valuable insights into contract performance, identifies areas for improvement, and predicts potential risks, enabling organizations to make data-driven decisions and proactively address potential issues.

Companies like CloudMoyo, along with Icertis, are at the forefront of this transformation. Their AI applications enable enterprises to solve previously intractable contract management challenges, turning contracts from static documents into live contracts that interact with humans and surrounding systems. Icertis Copilots, for example, are revolutionizing enterprise contracting by providing professionals with assistive, generative, natural language capabilities that cut through the legalese to deliver insights and accelerate contract reviews. The impact of generative AI on contract management is significant, with Icertis reporting that the launch of their AI-powered Copilots and continued adoption of contract intelligence worldwide have driven the company above $250 million in annual recuring revenue.

The integration of generative AI into CLM processes not only streamline operations but also offers substantial cost savings. By automating routine tasks and providing deeper insights, organizations can reduce the time and resources spent on contract management, allowing legal teams to focus on more strategic activities. As technology evolves its role in enhancing efficiency, accuracy, and strategic decision-making in contract management is set to become increasingly indispensable.

CloudMoyo’s IntelliDoc Analyze: A Gamechanger in CLM

CloudMoyo’s IntelliDoc Analyze (CDA) leverages the potential of generative AI to power contract management. It can deliver transformative capabilities and much more. CDA enables document intelligence by:

1. Document Segregation (CDC): It can categorize contracts swiftly based on the type. For example, it can seamlessly classify contracts as “sales contracts,” “service agreements,” “NDAs,” etc. for easy organization and retrieval.
2. Data Extraction (CDE): It efficiently extracts key contract information into immaculate Excel spreadsheets. Let’s say you need to compile a list of all contract expiration dates for a large number of agreements. With CDE, you can quickly extract this information from all contracts and automatically populate an Excel spreadsheet within minutes. This eliminates the need for manual data entry and reduces the risk of errors.
3. Contract Intelligence AI (CIA): Ask questions pertaining to information within individual documents through a chatbot. For example, you have a complex legal document and need to find specific clauses or information. Instead of manually searching through the entire document, you can interact with a chatbot powered by CIA. You may ask questions like “What are the termination clauses?” or “What is the governing law?” and the chatbot will instantly provide you with relevant information.
4. Summarization with CloudMoyo IntelliDoc Summarize (CDS): Summarize large and complex documents into short overviews for a quick and clear context with CDS. Take for example the fact that you need to quickly understand the key terms and conditions of a lengthy and complex legal agreement. By utilizing CDS, the system can automatically generate a concise summary of the document, highlighting important aspects. This allows you to quickly grasp core information without having to read the entire document.

Unlock the Future of Contract Management

Generative AI isn’t just a trend – it’s a game changer for contract management. With power to automate tedious tasks, reduce risks, and provide actionable insights, AI is transforming how organizations handle contracts. By embracing AI-driven solutions like CloudMoyo’s CDA, your business can unlock the full potential of its contracts, drive operational efficiency, and stay ahead of the competition.

This is your opportunity to reimagine contract management. By leveraging the capabilities of generative AI, you can streamline workflows, minimize errors, and make data-driven decisions faster than ever before. The future is here – don’t get left behind.

Ready to get started with generative AI? Contact us here and take the first step toward revolutionizing your contract management process.