Contract Insights

This recent executive order stresses the importance of artificial intelligence (AI) education for American youth. Understanding and leveraging AI properly is critical to preparing the next generation for the AI-driven economy and workforce. CobbleStone Software's VISDOM^® AI, contract artificial intelligence powered by machine learning, offers a unique and practical application of AI. CobbleStone Software's VISDOM+ generative AI presents exciting possibilities for shaping how future professionals interact with and utilize generative AI.

Business automation is already sharpening professional methods across a variety of industries.  However, advancements in artificial intelligence (AI)  can be particularly advantageous as they apply to contract management software systems. Contract intelligence engines built upon a foundation of machine learning just need to be fed a nutritious diet of relevant contract data. Let's explore AI contract management in more detail and learn how to increase accuracy and minimize human error in contract lifecycle management (CLM).

Conversations about artificial intelligence (AI) and machine learning in a business setting are important. According to a study performed by MIT Sloan Management Review, over 80% of organizations see advanced AI as a vehicle for strategic opportunity. Additionally, 85% of organizations view AI as a means for competitive business advantages.¹

This interest in – and implementation of – AI applies to legal professionals, in-house legal teams, and other contract managers as well. Manually managing and reviewing an ever-increasing number of contracts and legal documents of varying complexity is stressful and inefficient. But it does not have to be.

Organizations can improve contract review and contract automation with AI-powered contract management software.

Contract managers are under increased pressure to deliver value with reduced contract risks, decreased contract costs, and improved contract performance.  When you regularly measure progress and the success of contracts against contract management key performance indicators (KPIs), you can proactively readjust your contract strategy to ensure goal alignment drives critical and positive organizational impact.  Read on to learn how contract management software can help maximize three important contract management KPIs for success.