Artificial Intelligence (AI) can manage your contract repositories quickly with smarter solutions
This article explores the benefits of using AI to efficiently manage a contract repository. It covers how human interaction enhances AI’s power to accurately get the job done faster. It explores practical use cases that demonstrate how you can use AI to streamline related processes to provide a sharper understanding of contractual obligations tied to supplier-specific relationship management. Within that, two questions arise with most users:
- What are the basics of AI and the related challenges?
- How, exactly, does AI revolutionize contract repositories?
LET’S FIND OUT!
Managing contract repositories is a critical function for businesses of all sizes, and the advent of Artificial Intelligence (AI) is revolutionizing contract repository management within Contract Management Systems (CMS).
But old challenges remain. Managing contract repositories has always been a time-consuming and error-prone task. The sheer volume and complexity of contracts require a sophisticated approach especially when using AI capabilities to streamline contract repositories. That much we know.
In the past CMS provided a huge improvement in managing a contract repository, but today, with the advent of AI, the traditional CMS system now has compatibility issues with AI and can become very confusing. For example, only slight variations in a contract party’s name can reappear or reinvent itself or be misinterpreted as a separate supplier for vendor management. Moreover, a CMS system can also become very unpredictable for accurately tracking contract terms, collating amendments, and ensuring contract terms are applied consistently across related contracts.
