Gen AI isn’t a trend or a fad. It’s a new technology that represents a seismic shift in many ways. Organizations are no longer asking if they should embrace AI in CLM but rather how swiftly and effectively they can adapt. The golden age of powerful intelligent technology must be embraced, and you must adapt to advance your business. Integrating these technologies into your CLM can make your CLM an even more powerful tool.
AI is like giving machines a brain to think and learn, while Gen AI is about giving them creativity to make new things. When you apply Gen AI to CLM and your contracting processes, it truly expedites your third-party paper review, contract redlining, playbook review, negotiation, and more.
In this article, you discover how Gen AI’s powerful use cases are wielded in CLM.
Tackling Gen AI Use Cases that Impact CLM
Gen AI streamlines contract creation, analysis, and risk assessment, revolutionizing how businesses manage contracts. It’s an exciting development that promises efficiency and accuracy in CLM processes.Within CLM, Gen AI’s prominent use cases include the following:
- Drafting your contracts with ease: Transform how your organization handles your contracts and their processes. Creating contracts through traditional methods is a time-consuming process that requires highly trained experts, but Gen AI can flip that old way of doing things and start automating your contract drafting. Gen AI does this by learning from your existing contracts and then generating new ones based on your specific business needs and specific inputs that you provide to the tool.
- Improved adoption: Gen AI becomes a critical co-pilot, working with your users without requiring training. By adding this resource capacity, you can increase efficiency through automating repetitive processes, such as expedited contract review and risk analysis. Your business can do more and free up valuable human resources to focus on strategic initiatives. While Gen AI is still new and slowly being adopted, the benefits are compelling for businesses to adopt Gen AI faster.
- Voice and text-activated operation: You can easily communicate your objectives through voice commands or by typing, and Gen AI provides guided, click-free actions to efficiently achieve your goals.
- Intelligent search: Gen AI is able to review large amounts of data quicker than before, allowing for less time spent on searches and more time achieving precise results faster. It can identify key provisions and the existence of specific business terms across agreements swiftly, making audits or merger and acquisitions (M&A) transactions much easier.
- Advanced business intelligence: Gen AI offers more robust contextual insights and actionable recommendations, including summaries of data that it then can use to drive more data-driven decisions. These AI insights can help you negotiate better terms, optimize contract structures, and align legal strategies with broader business objectives.
- Proactive support and risk management: Gen AI facilitates smooth collaboration during document review, and it can proactively identify legal risks, offering recommendations to ensure compliance and mitigate potential issues.
In today’s culture, minimizing risk and ensuring compliance are paramount. Gen AI can leverage advanced algorithms to systematically analyze agreements, flag potential compliance issues, and ensure adherence to legal standards. With Gen AI’s contract analysis and risk assessment, your organization can make better informed decisions about its contracts.
Using Gen AI Use Cases to Strengthen Your Teams
AI-powered CLM use cases provide value in diverse scenarios. By implementing AI contract software, all your teams benefit:- Legal: Legal departments can automate contract analysis, strategy development, and negotiations. AI also ensures that contracts comply with the latest legal standards and regulations.
- Procurement: Procurement teams can automate the vendor contract lifecycle and third-party paper reviews. AI streamlines the creation, review, and approval of contracts, ensuring that procurement processes are seamless and compliant.
- Sales: Sales teams leverage AI to accelerate the contract negotiation process. By expediting redlining and ensuring the accuracy of contract terms, sales professionals can close deals more efficiently and with reduced risks.
- Compliance: AI helps you monitor and ensure adherence to contractual obligations. By providing real-time insights into contract performance, AI-enhanced solutions help identify and mitigate risks associated with non-compliance.
Expanding Gen AI in CLM with Malbek
You’re ready to elevate your CLM experience and unleash the power of Gen AI. You want to maximize the power of your digital contracts, but you need a solid partner along the way. In this section, you learn more about Malbek and how the company can help you do just that.To learn more about Malbek, you can also visit one of these resources:
• www.malbek.io • www.malbek.io/platform
Simplify CLM complexity
Malbek empowers its customers with a dynamic, centralized, and fully configurable CLM platform that simplifies your CLM processes. CLM can be complex, but with a trusted partner, you can distill critical insights from contracts for actionable decision-making and peak profitability.Accelerate contracting velocity
Build and launch contract and approval processes with ease. From intuitive workflows and seamless approvals to swift contract generation, Malbek’s platform empowers enterprises to navigate contracts with unprecedented speed, ensuring efficiency, compliance, and strategic impact at every turn.Unite global teams and improve collaboration
Malbek seamlessly integrates with your favorite business apps, such as Salesforce, Microsoft, SAP, NetSuite, Slack, Coupa, OneTrust, Adobe Sign, DocuSign, and more. By connecting your CLM system with the rest of your business, you can maintain a single source of truth and streamline your operations.Improve decision-making and minimize risk
Eliminate time-consuming, manual tasks that take away from high-value objectives. With Malbek AI infused throughout the contracting process, you gain immediate access to timely contextual insights and recommendations to have the greatest impact on your business. AI also streamlines negotiations and shortens review cycles.Download your free copy of Contract Lifecycle (CLM) Management For Dummies, Malbek Special Edition today.