In the blink of an eye, artificial intelligence (AI) has become l a very real aspect of our everyday lives. It has transformed many areas of day-to-day life, from the ways we entertain and communicate with each other, to how we conduct business.
One of the most powerful applications of AI for legal teams is in contract management software. As common as it is becoming, many organizations still haven’t taken advantage of its capabilities. In this post, we will discuss three ways AI is transforming contracting for modern legal teams.
Practical Impacts of AI on Contract Management
Contract management software that is powered by AI is designed to increase the efficiency of legal teams. Here are three ways artificial intelligence has already made an impact:
AI has an incredible ability to sort and classify information. Because of the high volume and variety of data involved in managing contracts, having a successful practice requires exceptional organizational skills.
With classification algorithms, AI-powered contract management software can reliably categorize all relevant data, providing a more organized and intuitive platform to access and share data. Whether you need to identify contracts by type, prioritize actions by time-sensitivity, or make other distinctions in a crowded mass of data, AI saves time and minimizes human error.
To learn how LinkSquares helps legal teams get organized, check out this video.
Automate Time-Consuming Processes
Modern business practices are only moving faster, and legal teams operating with manual processes will struggle to keep pace without systems in place that they can rely on.
AI-powered contract management software helps legal teams streamline tasks and retire old manual methods. Instead of reading through old contracts for specific clauses, AI will automatically identify all relevant information and make it accessible in a centralized location. By allowing automation tools to take over the more tedious processes, legal teams have more time to focus on the strategic aspects of their job.
Strengthen Predictive Analytics
The predictive power of AI is extremely sophisticated, and only getting stronger. By establishing patterns, AI has the ability to predict everything from a new song we might enjoy, to where we will be driving our cars tomorrow.
Contract management software uses similar predictive tools for tasks like contract analysis and revenue forecasting. By identifying patterns in data, legal teams can optimize their processes to reflect proven efficiencies, and help sales by sharing patterns in acquired accounts and opt-out percentages. And because of an algorithm’s ability to improve itself over time, the increasing capacity for predictive analytics is arguably the most exciting development in AI to date.
The best path forward is one that fully embraces today’s technology and aligns its capabilities with unique legal objectives. With the right AI-powered contract management software in place, legal teams have the opportunity to become more organized and efficient partners to the business. If you’d like to learn more about the leading AI-powered contract management software, contact LinkSquares today.
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