Artificial intelligence (AI) is positively impacting organizations across a vast array of industries. Developments in AI are proving incredibly valuable as they apply to contract management software systems. Contract management AI can transform static documents into dynamic assets for better contract lifecycle management. Here’s how to step into the future of contract management with powerful contract intelligence.
What is Contract Intelligence?
AI-based contract management, with the help of trusted contract intelligence tools, is at the core of a contemporary contract management strategy. It can result in improved contract oversight, simplified data extraction, proactive opportunity realization, and comprehensive risk mitigation.
Leading-edge contract management AI, backed by machine learning, can systematically automate source-to-contract management. Embedded within a contract management software system as a proprietary tool, contract intelligence streamlines and modernizes contract management, vendor management, eProcurement, and eSourcing.
Watch the VISDOM® Artificial Intelligence video.
AI-Based Data Extraction & Classification
Natural language processing (NLP) with a contract intelligence engine allows for data pre-processing, automated data extraction, and auto-fill of crucial information within contract records. Document clause detection allows contract management software users to compare clauses within their organization’s pre-approved clause library easily.
Reliable contract intelligence tools are configurable so that users can control how search algorithm preferences are established and where contract management AI is implemented within their contract management system.
Contract Creation with Contract Intelligence
After that, users can choose the type of contract record they would like to create with the simple click of a button.
Contract Intelligence & Machine Learning
Intelligent clause identification and extraction expand and improve machine learning. Contract management software users can leverage machine learning that finds common contract clauses within a document when that contract document is added into a system.
Organizations can also add text from clauses to training data for further machine learning – namely, the improvement of future clause recognition!
This functionality is beneficial because it can continuously help enhance data entry accuracy and speed. It can assist with contract management reporting and workflow as well. Contract management AI can intelligently categorize clauses into an organization’s clause types while presenting a percentage of confidence in that categorization.
Identifying & Protecting Sensitive Data
With cutting edge contract intelligence, organizations can define rules for the identification and security of selected data points. This process establishes data parameters while consolidating and categorizing sensitive data. Organizations can save time by allowing contract management AI to process tedious tasks and data import analysis.
Streamlining Contract Workflow
Credible contract intelligence tools provide intelligent automated workflow for task performance monitoring. Workflow analytics and notifications increase visibility, and contract management AI helps teams to identify bottlenecks and anomalies within their workflow process. This process can help reduce contract lifecycle management inefficiencies.
Understanding & Visualizing Risk
Graphic-based risk rating and mapping features of contract intelligence software provide valuable insight for assessing risk. An intuitive graphic such as a risk assessment matrix presents risk probability patterns and risk exposure. This level of risk visibility can help teams to make informed risk management decisions quickly.
Contract management AI supports best practices through risk mitigation. Accountability is based on an organizational “risk score” that measures how consistently and effectively an organization leverages the vital features of its contract management software platform. Risk scoring promotes enhanced risk mitigation, and users can take advantage of an expanse of innovative functionality for better source-to-contract management.
Embrace Smarter Contract Management
As has been detailed above, it is plain to see that future-minded contract intelligence software is a critical component of next-level contract lifecycle management. As such, organizations must make sure that they are equipped with proven contract management AI that improves data identification and protection, streamlines data extraction, increases risk management best practices, promotes machine learning, and provides risk visualization.
The winning solution organizations need is VISDOM AI® - CobbleStone Software’s proprietary contract intelligence tool.
Discover the power of VISDOM AI and machine learning! See how CobbleStone Software’s leading enterprise contract lifecycle management suite – Contract Insight® – can help convert stagnant documents into dynamic building blocks for improved opportunity identification and risk management.
Download CobbleStone’s free AI 101 whitepaper today to learn more!