10 Key Elements for CLM #10 – Artificial Intelligence
This year we’ve taken you on a journey, a journey to look at the 10 key things you need in your contract management solution. So far we’ve covered all but one. We began with the repository and contract authoring. From there we examined the clause library, redlining, negotiation, and review, and then signature, commitment tracking, security, and contract insight. Last time we explored integrations and how they enhance the contract management experience. Today is the final segment in our series, Artificial Intelligence (AI).
These days AI is everywhere. It’s in your home, in your office, on your smart devices, and in places where you don’t even know it exists. AI is changing the way we interact with technology and how we consume information. Contract management is experiencing similar changes. There are many point solutions that provide specific contracting use cases using AI technologies, such as metadata extraction or contract analytics. But, these point solutions only address the specific use case by itself and the AI is only as powerful as the data it has access to. Think of an Alexa device in your home where you ask specific questions. What’s the weather like? Or, what’s the score on the latest football game? But now imagine having Alexa on an automobile platform. In your car, it has context around it, allowing Alexa to provide much higher value. It can assist you with car controls and settings. It can guide you on your drive through traffic to your destination following an optimal route.
Think of AI possibilities on a CLM solution that can: 1) assemble the ideal contract with the best terms and language based on customer segments, regions, historical data, etc.; 2) identify the bottlenecks in the approval cycle and recommend optimizations and steps to accelerate approvals; 3) identify and mitigate risks based on language and terms from external party redline changes; 4) price recommendations for products or services based on historical contracts for a customer in a specific industry or region; 5) automatically track commitments and milestones based on variable terms in a specific contract.
Malbek Contrax™ is a robust contracting platform with AI capabilities being built on top of it making it even more powerful by its access to the entire repository of contract lifecycle information including structured and unstructured data within contracts. The possibilities for AI in a CLM platform are endless, and Malbek has the vision to take this part of the solution beyond imagination and help users across the organization – from sales, legal, finance, procurement, and beyond.
If you’re just discovering our series now, we encourage you to go back and check out the whole list, The 10 Key Elements you Must Have in Your Contract Management Solution. And if your interest has been sparked and you’d like to see Malbek Contrax for yourself, you can request a demo here.
