Artificial intelligence in contract management
This technology has the ability to analyze data, recognize patterns, make predictions and even learn on its own - offering enormous potential for improving processes and services in a wide variety of areas. The combination of AI and digitalization thus creates a basis for innovative solutions that increase efficiency, reduce costs and open up new possibilities for everyday life.
The AI products of The Quality Group
The AI Contract Capture
Artificial intelligence with TQG - automate your contract and document managementThe top features of the AI Contract Capture (powered by smartLCM CoPilot):
- Recognition: AI-supported recognition of content within the document
- Categorization: AI-supported categorization of content and automated filling of the corresponding system fields
- Optimization: AI supported automatic analysis of the texts based on your questions or copied text passages or clauses
- Review: AI-supported evaluation of the document
Durch die Extraktion der Informationen aus den Vertragsdokumenten erreichen Sie mit dem AI Contract Capture:
- Intelligente Erstellung von Vertragsakten
- Erkennung von Vertragspartnern & weiteren Daten
- Nahtlose Integration in Workflows
- Einbindung der TQG AI Services
- Significant cost and time savings in contract management
- Employee motivation increases as simple/monotonous work is eliminated
- Errors in the contract can be detected quickly
The AI Contract Capture (Screenshot: Upload basic document)
The AI Contract Capture (Screenshot: AI-supported filling of the system fields)
Figure 4: Artificial intelligence in contract management - The smartLCM CoPilot (here using the AI-generated response)
The smartLCM CoPilot - Artificial intelligence in contract management (here with an answer generated by the help of AI)
AI contract capture in action
Our answer to the use of artificial intelligence in contract management
Artificial intelligence (AI) is having a significant impact on contract management and is currently revolutionizing the field. Here are some of the key ways artificial intelligence is helping you in contract management:
Contract classification: Artificial intelligence can classify and categorize contracts to enable efficient management and findability. AI-equipped software makes it easier to organize and access contract data.
Contract management platforms: Specialized contract management platforms such as smartLCM in the TQG businessApp cloud platform that use artificial intelligence to manage the entire lifecycle of contracts make the entire process in the management and administration of contracts much more efficient. These platforms enable the creation, editing, signing and monitoring of contracts in a centralized environment.
Risk assessment: Artificial intelligence can help to identify and assess compliance risks in contracts. It can notify companies if contracts contain breaches of regulations or legal risks.
Contract negotiations: AI-based chatbots and negotiation assistants can help improve contract negotiations by offering suggestions for contract clauses and amendments based on historical data and best practices.
Performance monitoring: Artificial intelligence can be used to monitor the performance of contracts and ensure that all parties fulfill their obligations. Deviations or breaches can be automatically detected and reported via the software.
Predictive analytics: By analyzing historical contract data, companies can make predictions about future contract conclusions and outcomes, which is helpful for strategic planning and budgeting.
Language translation: In international business relationships, AI can provide translation and language processing tools to translate contracts into different languages and take linguistic nuances into account.
Compliance with data protection regulations: Artificial intelligence can help identify and protect personal data in contracts to ensure compliance with data protection regulations such as the GDPR.
Improved reporting: Artificial intelligence can provide advanced analytics and reporting capabilities that deliver insights into contract performance, costs and risks.
Artificial intelligence thus contributes significantly to increasing efficiency, reducing risk and improving compliance in contract management. Companies can review and manage contracts faster, minimize risks and make better business decisions based on contract data.
Document IQ
Import forms, questionnaires and sample contracts in a structured way and integrate them with AIThe introduction of Document IQ marks a groundbreaking advance in the intelligent digital transformation of business processes. This innovative function enables the insertion of special input fields in Word templates, which can later be efficiently read from the completed documents.
Document IQ is ideal for optimizing your administrative business processes. Through intelligent data capture and flexible document design, this function sets new standards for increasing efficiency.
The introduction of Document IQ underlines smartLCM's continuous willingness to innovate. The platform meets the requirements of a wide range of business processes with precision and flexibility. Companies that rely on intelligent data capture and flexible document design will find Document IQ a powerful solution for their digital transformation.
