Why AI Will Take Over Contract Review & Contract Management Processes

An Overview of Artificial Intelligence In Contract Management

What AI-Based Contract Management Software Offers

  1. Classify contracts — organizes contracts by clause and by contractor agreement
  2. Classify clauses — searches documents for meaning paragraph-by-paragraph, categorizing clauses according to content
  3. Highlight clauses — notes data that the clause protects
  4. Locate new clauses — protects new clauses in a clause repository
  5. Supervise various processes — reviewers can reorganize misclassified clauses for later identification
  6. Classify associated documents — acknowledge any associated document categories

Where Does Artificial Intelligence Extract Contract Data From?

  • Healthcare contract documents
  • Real estate deeds and/or contracts
  • Merger and acquisition contracts
  • Supplier contracts
  • Customer contracts
  • Sensor data (industrial machinery)
  • Raw materials orders (construction industry)
  • Vehicular data (industry fleets)
  • Corporate employee and hiring data (Sussman, 2021)

Automation of Various Processes

AI Pinpoints Where to Improve

AI Maintains Contract Consistency

Conclusion

References

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