In today’s digital world, businesses are looking for more ways to streamline processes. Whether you're in Legal, Sales, HR, Procurement, Marketing or Finance, Business contracts are an essential part of your business operations, but managing them can be a daunting task. With the rise of artificial intelligence (AI), businesses now have access to innovative solutions that make contract management simpler and more efficient than ever before. AI-based storage solutions are now revolutionizing contract management in ways that will blow away the traditional approaches. From quick access to contracts when needed, providing insights into contractual data, enabling teams to collaborate more efficiently and reducing time spent on mundane tasks, these innovative options empower users with new tools at their fingertips. In this blog post, we'll explore how AI-enabled storage can help streamline your contract management process, improve your bottom line and take advantage of opportunities for growth.
"70-80% of business operations are governed by contracts"
From report, gathered jointly from Cottrill Research, CLOC and ACC
One of the primary advantages of AI-based storage solutions in contract management is their ability to enhance search and retrieval capabilities. AI-powered algorithms can analyze and understand the content of contracts, extracting key data points such as dates, parties involved, and specific clauses. By indexing this information, AI storage solutions enable users to quickly search for specific contracts or specific clauses within contracts, significantly reducing the time and effort required for manual searches. This efficiency translates into improved productivity and allows businesses to respond swiftly to contract-related queries, negotiations, or legal disputes.
"Research shows that poor contract management costs companies a whopping 9.2% of lost annual revenue — up to 15% in larger companies”
From WCC
AI-based storage solutions also excel in automating repetitive tasks and optimizing workflows in contract management. Through machine learning algorithms, these systems can identify patterns in contract data and automate routine processes such as contract creation, approval workflows, and renewal notifications. By automating these tasks, businesses can reduce human error, eliminate bottlenecks, and ensure compliance with contract timelines. Additionally, AI-based storage solutions can generate alerts for important contract milestones, ensuring that businesses never miss critical deadlines.
Contracts are often complex documents containing legal jargon and intricate terms and conditions. Misinterpretation or non-compliance with these terms can result in significant financial and legal consequences. AI-based storage solutions can play a crucial role in mitigating these risks. By analyzing contracts and cross-referencing them with business defined playbooks, AI algorithms can identify potential compliance issues, alerting stakeholders to any discrepancies or non-compliance. This proactive approach not only reduces the risk of legal disputes but also helps organizations maintain a strong reputation for conducting business ethically and responsibly.
AI-powered contract storage solutions can go beyond basic contract management functions and provide valuable insights through predictive analytics. By analyzing vast amounts of contract data, these solutions can identify trends, patterns, and opportunities for optimization. For instance, AI algorithms can identify frequently negotiated clauses, providing businesses with valuable insights during future negotiations. Moreover, by analyzing contract performance metrics, organizations can gain a deeper understanding of their contractual relationships, supplier performance, and financial liabilities. Armed with these insights, businesses can make data-driven decisions, negotiate better terms, and optimize their overall contract management strategies.
The use of AI-based storage solutions for contract management brings with it robust data security features. These systems employ advanced encryption methods, access controls, and audit trails to ensure the confidentiality and integrity of contract data. Additionally, cloud-based AI storage solutions provide scalability, allowing businesses to store and manage large volumes of contracts without the limitations of physical storage. Furthermore, AI-based solutions often offer automated backups and disaster recovery mechanisms, reducing the risk of data loss due to hardware failures or natural disasters.
If you’re currently using cloud storage tools such as Google Drive, One Drive or Dropbox to store contract document, consider the Scribe Zero AI enabled contract repository to scale your contract management processes.
Scribe Zero AI Storage automatically understands key information of the contract document such as
and many other data points, keeping the data ready for you to access when needed. With this feature, contract operations specialists save valuable time to focus on important tasks.
At the core, Scribe Zero converts all contract information into structured text. And with all the contract data under a single repository, you can search for the relevant contract information in seconds.
The powerful audit trails featured in the repository improves traceability of every contract document created on Scribe Zero. Find out what workflows are in progress to who needs to take action. With this functionality, you can ensure that all contract documents are being shipped out to business requirements.
Scribe Zero is a digital contract lifecycle management (CLM) platform which helps organisations with all aspects of digital contracting. We are harnessing the power of machine learning and AI to secure and enhance our customers' experiences. Our CLM platform helps customers to improve their speed of contracting without compromising on their compliance requirements. Whether that's a Sales agreement, an employment contract, a licensing agreement or an NDA, the Scribe Zero CLM has been built to improve collaboration, extract critical insights from documents and route tasks to the right people at the right time.
