Where AI Adds Value in Contracts

Artificial intelligence remains at the forefront of many procurement conversations. The largest value of AI comes from enhancing current processes and optimizing internal operations. AI also drives better decision-making by supplementing human knowledge, aggregating data, and making intelligent predictions. We see these value drivers at every stage of the procurement cycle, but perhaps most strongly in contract management.

Whether you’re creating, managing, or renewing contracts, AI can help make these key values a reality.

Creation and Authoring

It’s no secret that computers can read faster than humans. This couldn’t be more useful than when dealing with large documents like complex contracts. Computers can sift through thousands of documents in seconds, but the true power of AI is its ability to recognize patterns in those documents and, more than anything, understand the context they exist in.

Increasing Efficiency

Writing contracts can be a gruelingly manual process. Even with an efficient contract management solution that includes document templates, each contract will need to be individually adjusted based on a supplier’s needs. AI can go beyond simple templating and actually author entire contracts for you, incorporating necessary clauses based on the rest of the agreement details from the RFP and supplier profile. This…