What We Learned About AI-driven CLM Transformation
Ever find yourself tangled in the web of contracts, each thread woven with complexities that only seem to tighten? You're not alone.
Imagine a world where artificial intelligence (AI) steps in as your trusty sidekick. It scans through piles of legal jargon and turns chaos into order, ensuring no fine print goes unnoticed. Sounds like magic.
This isn't some far-off fantasy but our digital reality today — AI is transforming how we manage contract lifecycles.
In this webinar, panelists from Forrester, Deloitte, and Sirion explore how to utilize AI in CLM to benefit your business — from assessing if you’re ready to understanding how to adopt it and advance your organization.
Here are the key highlights:
AI in CLM is NOT a “Nice To Have”
It’s a must-have!
The shift towards digital is not optional, and a contracting process stuck in the past will either accelerate or impede your business operations and outcomes.
Imagine having someone who could read through thousands of pages of legal language in seconds or find that one pesky clause buried deep within a 100-page document. That's what using AI for contract management
AI boosts contract management by automating tasks like sorting contracts, spotting inconsistencies, predicting outcomes based on past behavior patterns, and creating clauses. It makes the contracting process quicker and more accurate — doing all the heavy lifting so you can focus more on strategic tasks.
In fact, around 15%
of organizations have already started leveraging these capabilities. It's clear why. The impact goes beyond just improving efficiency; it provides real-time insights into potential vulnerabilities before they turn into costly disputes.
Legal Tech is at the Bottom of the Priority List
It's clear why companies are taking an interest in this tech. With its ability to improve efficiency and protect intellectual property, AI brings undeniable value.
This begs us all to question: isn't it high time we prioritize smart, AI-backed legal tech in our CLM evaluations?
Consider the challenge of compliance — an aspect that can feel like navigating through a minefield.Leveraging artificial intelligence
makes more sense than ever by helping you ensure compliance with various regulations and aligning contracts with business strategies. And yet, only 2% of overall spend goes to the legal team to invest in
technologies like these. Tech leaders simply don't understand the investment that needs to be made in legal tech to benefit their organization.
Top Challenges and Strategies For Implementing AI in CLM
Adopting AI into your organization in any capacity isn't as simple as flipping a switch. You’ll likely face the same obstacles when introducing AI to CLM, from security matters to regulatory requirements.
Here are the top two issues our webinar experts are seeing and how to tackle them. Watch the webinar for more!
1. Navigating Regulatory Compliance with AI
Regulatory compliance is a critical aspect of contract management. Introducing AI can complicate this task due to evolving regulations around data privacy and the use of automated
To navigate this, leverage advanced features offered by some AI-powered CLM tools. These include built-in regulatory checks that flag potential non-compliance issues during contract drafting or review processes.
2. Overcoming Reluctance to Adopt AI in CLM
Fear of the unknown often prevents organizations from leveraging powerful technologies like AI. But avoiding innovation won't help companies stay competitive. Here’s how to move forward:
- Pilot an implementation on smaller projects before scaling up across larger portfolios, giving teams time to adapt and learn.
- Partner with trusted CLM solution providers who have proven experience implementing similar projects. This ensures transitions run smoothly while minimizing risk.
- Create organizational standards for AI based on current government regulations. These regulations are your floor, not your ceiling, so be sure to build off them for the future and how they fit into your organization.
- Provide employee education on how AI for CLM works with each aspect of the contract lifecycle. Use demos to take people through negotiation to execution and let them see how AI improves workflows, auto-redlining, clause reading, and how generative AI serves as your contract assistant.
If You’re Ready for a CLM, Prioritize AI
AI is a game-changer. From contract extraction to negotiation and analysis, it lends efficiency while aligning contracts with business strategy.
Yes, challenges exist — navigating regulatory compliance and overcoming reluctance to adopt are among them. But these are stepping stones towards progress!
In this webinar, we’ve only skimmed the surface of how AI sifts through contractual complexities like a seasoned pro. Each organization is different, and we’re here to help show you how you can benefit from AI for your contract management needs. Connect with us 1-1
to embrace this new era of technology.