Contract intelligence integrates machine learning and natural language processing into CLM software. It transforms contractual clauses into structured data and surface insights about intended business outcomes at scale.
Detect and correct mistakes in contracts before they become costly. Reduce review times and avoid revenue leakage with smart, automated contract analysis.
Automated Clause Detection
Contract intelligence software streamlines your review process by meticulously scanning your contracts for recurring clauses and terms. It enables legal teams to concentrate on interpreting and planning for future demands.
Contract analysis can identify and work around operational inefficiencies that can impact productivity. It can also help ensure that critical deadlines are met by identifying and flagging contract provisions.
Unlike manual searches that use keyword-based searches, AI-powered contract software uses natural language processing to search for specific clauses in your contracts. The solution feeds examples of contracts into a machine-learning model that learns what characteristics indicate a particular clause. Depending on the model, it may filter out clauses that are not unique or do not deviate from standard instances. This process is significantly faster than manual searching, saving you valuable time. It also enables you to proactively address legal risks by redirecting non-standard clauses for specialized review. It also reduces the risk of missing clauses or interpreting provisions that need to be clarified or more accurate.
AI-Powered Contract Analytics
Contract analysis and review is a time-consuming and laborious task highly susceptible to human error. AI-powered contract analytics tools automate this process by doing complex data collection work, allowing attorneys to focus on high-value interpretation and strategic work.
Contract intelligence software automatically extracts data points from contracts and tags them with necessary metadata to simplify identifying clauses, obligations, risks, and compliance issues. These data points can be represented visually in simple dashboards and reports that provide valuable insights into contract performance.
An AI-powered CLM system starts by converting the contract documents into machine-readable text through optical character recognition (OCR). Machine learning then recognizes structural components and patterns such as headings, paragraphs, blocks of repeating text, and essential clauses. Then, natural language processing parses the contracts to recognize the underlying meaning of the clauses using entities, semantic analysis, and syntactic parsing. The result is accurate contract classification that accelerates creating new contracts, reviewing existing ones, and identifying potential renegotiations or renewal opportunities.
AI-Powered Contract Review
Using AI to scan contracts for critical terms and clauses lets teams get a comprehensive overview and identify potential issues. This lowers the likelihood of costly mistakes and legal conflicts, saves time and money, and enhances contract compliance.
Unlike human reviewers, an AI-based platform can rapidly read and understand contracts in any format and language. It can also spot critical clauses that are inconsistent or non-compliant with legal and regulatory requirements.
With contract review AI, teams can avoid bottlenecks that stifle business growth. It eliminates the need to scour agreements line by line against a checklist manually and frees up valuable time for more productive tasks that elevate the value of legal teams from cost center to business partner. With the right contract management tools, teams can turn contracts into powerful sales and procurement asset that drives revenue generation.
Contract negotiation is a complex, time-consuming process. AI can help automate, streamline, and accelerate the process by identifying opportunities for savings, reducing risk, and enhancing efficiency.
AI-powered contract management solutions use natural language processing to identify critical data points and clauses and can provide language recommendations based on best practices and industry standards. This optimizes contract content, reduces ambiguity, and increases consistency across contracts.
Moreover, AI-driven contract review and redlining is objective and unbiased. It eliminates human biases and emotions, allowing faster, more effective negotiations. This can save businesses money by enabling them to negotiate more favorable terms and increase the likelihood of successful outcomes.