More conversations in personal and professional settings are focusing on AI and generative AI such as ChatGPT. That’s even the case for contracts and contract management systems. While many may fear these capabilities, we are openly embracing them! We see AI as real assets to our industry and our customers as we start incorporating them into our contract management services, processes, and procedures.
Predict Responses: Through the use of AI and generative AI, we can easily conduct contract comparisons that can predict responses. This is quite amazing and exciting!
Contract Reviews: Contract reviews against company standards will become more streamlined with the use of AI technology. These reviews can be done quickly as the systems work effortlessly to provide results.
Contract Simplification: Through these technological advancements, no longer will contracts seem too complex or full of legalese. The understanding – and ultimately necessary negotiations – can happen more effectively with a better experience for all parties involved.
Monitor Obligations: As the contract is in place, AI can help to monitor obligations quickly. This will allow for proactively meeting obligations as well as being aware of potential weaknesses in the overall process.
We realize this is a new area within our profession with contracts, contract management, and the contract life cycle. However, this does not mean technology will replace experienced contract professionals. To the contrary. This will bring efficiencies and increased productivity allowing contract professionals to provide deeper levels of expertise to customers. Use of AI technologies is just the starting point of any process. Added with contractual expertise, it’s a win-win situation for both customers and employees. We are excited as we learn more about this technology and responsibly incorporate them even more into our own practices, processes, and procedures. We will continue to bring innovation and work to unlock value through contracts.