Eminent analysts and research firms like Harvard Business Review and World Commerce & Contracting have quantified losses faced by various organizations. This is mostly due to the absence of appropriate technology to manage their legal operations.
Organizations using contract lifecycle management solutions with Artificial Intelligence (AI) technology have experienced an increase in productivity and efficiency in their contracting.
Legal professionals are welcoming the technology with open arms as it saves them the labor of several repetitive and tedious tasks. Thus, they can focus on more important activities like advising customers, negotiating deals, and providing critical and strategic support to the CXO team.
Embedding Artificial Intelligence into CLM helps drive efficiencies in the contracting process. It also improves the depth and breadth of information captured about the contract assets. This information further leads to reduced contract turnaround time and better decision making. Other benefits include increased visibility into contract performance and a clearer view of potential risks.
An Artificial Intelligence assistant like Ultria Orbit drives your CLM and takes it beyond the horizon in the following ways:
- Intelligent contract Intake and authoring with configurable template and clause library.
- In-depth analysis of contracts with smart navigation, powerful insights, and custom reports.
- Efficient risk and compliance management with risk mitigation capabilities, notifying stakeholders of contracts impacted by index changes, intelligent contract review, and performance management.
Download Ultria’s eBook on the role of Artificial Intelligence in contract management processes to learn the following:
- The rise of legal technology catering to the needs of professionals’ futuristic digital strategies
- What is Artificial Intelligence, and how is it different from Machine Learning?
- How is Artificial Intelligence impacting the legal sphere today?
- Role of AI in contract management with special emphasis on the functionalities of Ultria Orbit
- Future of Artificial Intelligence driven contract management systems