AI contract management software help contract builder to create a streamlined way by implementing advanced technology like AI and organizing their workflow automatically. AI has transformed many industries and reached a new height where the business makes a profit and customers are satisfied.
Similarly, in the contract management process, AI will change the traditional process of manual drafts and checks to in-depth AI monitoring, and pre-build customized drafts for individual business specifications.
If you are a lawyer or a firm that helps people and corporate businesses in contract building but find it difficult to remember contract renewal dates, important information, client details, etc., then it’s time to build a contract management software. Implementing AI contract management into your business flow is always a thumbs up, but first, identify the need and essential features to make your software scalable and competitive to handle your routine operations.
Key Features For AI Contract Management System
In today’s business landscape, contract management is a critical function that can significantly impact a company’s success. The traditional approach to managing contracts manually is time-consuming, error-prone, and often leads to missed opportunities and compliance issues.
This is where AI contract management software comes to the rescue. By harnessing the power of artificial intelligence, organizations can streamline their contract management processes, reduce risks, and improve overall efficiency. In this blog post, we will explore the essential features that any AI contract management software must have to be effective and valuable for businesses.
A detail-oriented dashboard with easy-to-navigate features is required to attract and engage users. AI contract management software dashboard must showcase all important events and trends to allow users to get real-time insights. The details of the contract, the number of clients, pending contracts, terminated contracts, and other important and general figures must be easily accessible through the dashboard.
Scalability & Intuitive Configuration
Your contract management software needs to be scalable to adopt upcoming trends of technologies, features, and functionalities. Moreover, the intuitive configuration feature helps you add new fields, rules, and workflows to modify in real-time without spending time on coding.
To manage all contract projects, the software must enable the centralization of all contract data into one click. The central repository of the contract management system allows for sharing, accessing, and distributing contract agreements effectively in no time. A good contract software management should organize contract agreements adequately so that users can effortlessly find in a pile of agreements.
Natural Language Processing (NLP)
NLP is a key component of AI contract management software. NLP technology helps the software understand and analyze the content of contracts. Moreover, it can identify important clauses, key terms, and potential risks within contracts. This feature is vital for contract review, risk assessment, and compliance management.
AI contract management allows editing automatically at one command. AI can detect different parameters in PDFs or contract clauses and smartly change the required contract details, including contract renewal dates, expired dates, contract owner details, etc. It will save time and chances of mistakes or skip any clause or page. Moreover, every editing counts, and every version is saved to mitigate the risk of false editing and maintain data quality.
Push Notification & Recommendation
This is the best feature of AI contract management software that helps users remember contract expiry dates, contract renewal dates, and important trends. However, AI is quite smart to memorize data and inform you about any event without delay. AI recommendations suggest changes in contract agreements in real-time and tell before taking corrective measures on any dispute.
Save and secure e-signature integration is also a captivating feature to close deals quickly. E-signature enables users to sign documents easily and provides hand-to-hand accessibility no matter where you are. You do not need to convert soft copies into hard copies to embed the signature on the contract.
An editable custom contract agreement template feature is also necessary for quick contract agreements. AI contract software should have pre-built templates or features of on-demand template creation with the help of AI-powered technologies, including GPT, generative AI, etc.
Automated Contract Creation
One of the most fundamental features of AI contract management software is the ability to generate contracts automatically. Users should be able to define templates and clauses, and the software should use AI to fill in the relevant details, such as parties’ names, dates, and specific terms. This feature reduces the time and effort required to create contracts while maintaining consistency and accuracy.
OCR and Data Extraction
Optical Character Recognition (OCR) and advanced data extraction capabilities are crucial for AI contract management software. These features allow the software to scan and extract text and data from scanned documents or image-based contracts. Moreover, by converting unstructured data into a structured format, organizations can gain better insights and improve contract analysis.
Analytics and Reporting
To gain insights into contract performance and risk management, AI contract management software should provide advanced analytics and reporting capabilities. In fact, users should be able to generate custom reports, track key performance indicators, and make data-driven decisions.
AI contract management software offers a range of benefits, from reducing manual tasks to enhancing contract analysis and compliance management. To fully harness the power of AI in contract management, it’s essential to choose software that incorporates these must-have features. Whether a small business or a large corporation, the proper AI contract management software can improve efficiency, reduce risks, and ultimately contribute to your organization’s success.