Automation Potential in: Contract Management
Automation Impact Evaluation
More than one-third of pending litigation is contract-based. These existing legal contracts hold a wealth of data that can drive real value and business advantage. However, the process of manually extracting that data and inputting it into a CMS is time-consuming and error-prone.
AI contract management solutions use sophisticated auto-extraction tools to efficiently and accurately transfer data to a CMS, where smart technology delivers that data in dashboards that visualise trends and patterns in real-time. This insight helps the legal team detect and prevent risks, make more informed decisions and highlight opportunities for cost savings.
Presently, just 29% of legal departments are effectively using data extracted from contracts to develop a business strategy or minimise contract risks. In addition, dashboards can streamline lawyers’ day-to-day work by providing easy-to-read contract summaries and delivering alerts to remind them of contract milestones.
A contract often specifies which laws, regulations, and permit or licensing requirements are relevant to the agreement and which party is responsible for compliance. If a law firm or legal department digitises its contracts portfolio and stores it in a central, secure place, a solution with AI-driven extraction and search capabilities can create a single source of truth for the entire organisation.