Business automation is already sharpening professional methods across a variety of industries. However, advancements in AI (artificial intelligence) 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.
What is AI-Based Contract Management?
Contract Lifecycle Automation - End-to-End CLM Efficiency
Managing contracts can be challenging for legal, procurement, and contract management professionals, especially when primarily relying on manual processes.
Managing the contract lifecycle can prove difficult with spreadsheets, emails, filing cabinets, and other disparate tools.
Contract lifecycle management requires careful planning, the right technology, a well-planned contract strategy, and holistic contract lifecycle automation processes. Thankfully, robust contract management softwarewith a foundation of AI and machine learning can help automate contract lifecycle management processes.
Boost AI-Based Contract Negotiations With CobbleStone® Auto-Redlining
The process of redlining contracts for contract negotiation can be challenging if done improperly.
Organizations that edit documents manually in Microsoft Word can increase the chances of human errors. What’s more, constant back-and-forth edits via emailed documents can result in version control mistakes and broken formats. Mission-critical clauses and sections can either be left out of a legal document or improperly positioned. Additionally, the amount of time spent on tedious, outdated redlining processes can result in lost revenue and opportunities.
Thankfully, your legal team can start saving time on the contract negotiation process with CobbleStone’s user-friendly auto-redlining tool - powered by VISDOM® artificial intelligence. Here’s how to leverage auto-redlining within CobbleStone Contract Insight® contract management software.
Million-Clause Project Milestone - 500K Clauses Fed To Contract AI!
In April 2022, we announced CobbleStone's exciting million-clause initiative to nourish and enhance VISDOM® AI - CobbleStone Software's proprietary contract intelligence engine with machine learning. In June 2022, we announced that 330K contract clauses had been fed to VISDOM contract AI. Now, we are thrilled to announce that over 500,000 clauses have been "fed" to VISDOM thus far! This stage in the momentous 1,000,000 contract clause project is just one of many testaments to why CobbleStone® has been hailed as the leader in contract management software.