Automated contract analysis
Artificial intelligence systems can automatically analyze contracts and extract relevant information. This includes identifying key terms, obligations, deadlines and risks. This significantly speeds up the contract review process and reduces the need for manual review.
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.
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 negotiation
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.
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.
