Businesses today are overwhelmed with complexity (process, data, tech, etc.), with contract-related data sitting in 24 different systems in a typical mid to large size organization, per WorldCC research.

Below we’ll outline key takeaways from the discussion, highlighting how AI-native CLMs can help build and leverage commercial intelligence throughout the enterprise. Be sure to watch the replay above for more insights.

Start with the repository

Building the Contract Repository should be the start of your CLM journey and the foundation of an enterprise-wide CLM program. When looking for or implementing a CLM you should prioritize designing the repository data model that allows you to rapidly access the data and build commercial intelligence to make better decisions. Demonstrating business value by leveraging intelligence from your legacy contract estate will also help drive adoption.

AI is democratizing commercial intelligence

GenAI-powered conversational search is the game changer, breaking down islands of knowledge and enabling business stakeholders to interact with their contracts in their own language by asking questions and get answers in seconds.

GenAI is redefining contract review and redlining

There is a massive opportunity for commercial value management during contract creation with GenAI. The traditional playbooks approach has looked at reviewing and rewriting clauses. GenAI powered CLMs can break down the contract at the sub-atomic issue level: identify issues in the contract, propose redlines based on your commercial intelligence of playbooks/fallback clauses/performance history, and give context for those redlines. You are still in control as you can accept/reject the redlines, but the entire contract review and redline process is made more accurate, contextual and time efficient.