WHAT’S DOWN THE ROAD FOR AI-BASED CONTRACT MANAGEMENT SOFTWARE
Over several months, ContractPodAi interviewed 50 large corporate legal departments that manage more than 10,000 contracts combined. We asked them about their current organizational practices: their overall technology use; their automation’s utility in contract risk and mitigation management; and their analysis of unstructured data; as well as their performance measurements of contact portfolios.
Among our discoveries, we found that nearly 50% of all companies plan to adopt a contract management platform in the next 12 months. In fact, nearly 20% are already applying tools like AI-powered contract management solutions to gain competitive advantage.
This research paper helps you better understand the employment of contract management software by corporate counsel departments in 2020. This industry perspective delves into:
- The current state of contract lifecycle management (CLM) – and whether technology can improve it
- The reasons why the bounty of contract management technology is not fairly shared among corporate legal departments
- The cardinal points of corporate counsels: a contract management system (CMS) that offers a centralized repository of contract data; contract risk mitigation and compliance; volume discounts and renewals; and timely contract delivery
- The conditions that corporate counsels see on the horizon
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