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How Generative AI is Changing Contract Management
Generative AI was made for contract management. Read on to learn more about this technology and how to harness its power.
Why Contracts Are the Key to Vendor Management
Contracts touch every part of the business. The right contract lifecycle management technology can help businesses streamline their vendor partnerships, reduce risks, and protect against legal issues that may arise due to non-compliance. Contract intelligence takes it a step further. It can help companies turn their contracts into a source of strategic advantage.
What is Contract Lifecycle Management?
Contract lifecycle management (CLM) is the management of an organization’s contracts from initiation through execution, performance, and renewal/expiry.
Upgrade Your Organization to Contract Intelligence
Contract lifecycle management provides a solid foundation for efficiency and accuracy, but contract intelligence adds AI and deep contextual analysis to drive better business results.
What Is a Contract Management System?
A contract management system is a software that uses templates and clause libraries to standardize the contents of sourcing and sales contracts; digitizes and stores contracts in a central location; automates workflows focusing on contract creation and execution; and expands in volume as new contracts are added.
What Is Contract Intelligence?
Contract intelligence is a new approach to CLM that provides companies the ability to dynamically analyze contracts in the context of the systems and processes that drive the business forward. Intelligent tools use the power of artificial intelligence to ensure the intent of every contract is fully realized, from initiation and signing to obligation management and analytics. All the while, the system generates real-time, high-impact insights, so companies can enjoy unmatched visibility into precisely the information they need when they need it.