“Have we ever agreed to this kind of language before?”

How quickly can you answer that question while preparing for a contract negotiation? Legal teams often talk about taking on strategic work such as cataloguing all of the different types of clauses they have across their different contracts so they’ll be ready when the question arises.

However, one of the problems with those major projects is that most teams seem never to have the time for them until it’s an emergency. If you wait too long, you’re putting out fires — or worse yet, it may be too late.

Take force majeure clauses, for example. A couple of years ago, most people would have found it completely unreasonable to ask a paralegal to copy and paste a force majeure clause into every contract throughout a business’s portfolio and then get every business partner to sign off on that addition, “just in case.” When the pandemic hit, however, it quickly became clear that everybody should have been taking whatever steps were necessary to include that protection throughout their commercial agreements.

But what if it weren’t necessary to copy and paste? The global business and regulatory landscape is constantly shifting. You need to be able to respond quickly to new developments, and better yet, to anticipate risks and adjust before they impact your business. It’s 2021 — shouldn’t there be a better way to update all of your contracts in response to a time-sensitive need?

Thanks to artificial intelligence, there is.

A cloud-based, AI-powered contract management platform makes it easy to quickly update all of your non-conforming contracts with new language, send them to all parties for review, and execute the revised agreements using integrated e-signatures.

But AI can do much more for your contract management workflows than just make it easier to edit documents.

We’ve all heard plenty about Big Data and the need to move from simply amassing data to actually being able to analyze that data and glean meaningful insights from it. If you want information about the business’s dealings, where’s the best place to look? In the business’s contracts, of course. The terms of every active business relationship the company has are all contained in its contract portfolio — as are the terms of prior agreements.

With AI-based contract management software, you can immediately get up to date on what’s in all of your business agreements, including tracking clauses retroactively. Let’s say that you’re just getting caught up on data privacy compliance, and you need to see what sorts of data privacy protections and obligations your organization has in place. Machine learning algorithms can quickly search through years of accumulated documents to find relevant language throughout your portfolio.

It’s okay if you haven’t been tracking those clauses all along. Contract management solutions leveraging natural language processing can review your documents much more efficiently than a team of human reviewers, show you which documents are compliant, and help you craft and insert new language based on your business’s current needs. User-friendly features such as drag-and-drop tools and saveable searches further streamline your organization’s contract management processes so that you can focus on business-critical projects instead of rote chores.

But adopting a top-tier contract management system isn’t just about saving some time on document review or contract drafting, although those are great benefits. It’s about transforming the way you approach contract lifecycle management (CLM) and boosting the value you add to your business.

When you leverage AI’s superhuman ability to swiftly pull and organize contract data from your portfolio, you’re transforming your contract repository into a searchable database of information about your company’s business deals. You can stop constantly putting out fires. Automated data extraction and contract analytics bring valuable insights to your attention even as they reduce the manual work and review time required by the contract review process. The right solution will empower you to work on those strategic initiatives for which you’ve never really had the time because you’ve always had to manually draft and review every line of every agreement.

Instead of trying to stay on top of deadlines with a spreadsheet and constant manual searches and updates, what if you had a system that simply showed you all of your renewal deadlines well in advance? You’d be able to prioritize review by date and actually take the time to optimize not just your agreements, but your business relationships.

Maybe your current vendor is no longer the best one for your business — but if you don’t have the time to take a step back, consider their performance relative to their promises, and compare them to the alternatives available on the market, how will you know? When you stop wasting your time doing menial review and drafting work, you can spend your time engaging in contract analysis and addressing those strategic concerns.

That’s contract intelligence.

Ready to learn more about how Evisort can help you transform the way your business manages and analyzes contracts? Schedule a demo today!

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