Contract Insights

The use of artificial intelligence is all the buzz right now. From Microsoft Bing’s use of OpenAI’s ChatGPT to Google’s Bard AI Chat Bot - the topic of responsible use of artificial intelligence continues to trend. To add to that, generative artificial intelligence (a useful AI technology feature that generates human-like content) is being reviewed extensively - not only from a usability perspective, but from a legal work standpoint.

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.

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.

Digital transformation is the future of contract management – whether legal operations professionals like it or not. Organizations not leveraging contract intelligence may very well encounter a bleak contract lifecycle management future.