As a Chief Financial Officer (CFO), managing contracts is a crucial part of your role. Ensuring that your company is meeting all of its contractual obligations and that contracts are renewed promptly can be a daunting task, especially if you have a large volume of contracts to keep track of. CFOs are responsible to the Board of Directors and Risk Committee to mitigate contractual risks and ensure complete compliance. This is where AI-powered contract lifecycle management (CLM) tools can be extremely helpful.
CFOs can use CLM tools to gain visibility into their organization’s contractual commitments and to monitor spending against budget. Contract Lifecycle Management tools can also help CFOs to identify and mitigate risks associated with contracts, such as non-compliance with regulations, contractual obligations, or cash flow management. With the global recession fears growing, cost-cutting and reducing spending leakage are some of the top priorities of finance teams, and having such tools can help organizations keep track of all contractual spending.
AI-powered CLM tools use artificial intelligence to automate and streamline the contract management process. They can help you stay on top of all your contracts, renewals, and obligations, allowing you to focus on more strategic tasks.
Here are just a few ways that CFOs can use AI-powered CLM tools to better manage their contracts:
- Automate contract review, approval, and signature process: AI-powered CLM tools can automatically review and approve contracts based on predefined criteria. This can help you save time and ensure that contracts are properly reviewed and approved before they are digitally signed.
- Contract Standardization: The Smart Contract Management tool allows users to draft legal pre-approved agreements with ease. This ensures all contracts utilize standard compliant clauses and protects your organization from any risks.
- Track contract expiration and renewal dates: AI-powered CLM tools can track the expiration and renewal dates of your contracts and send notifications/reminders much before the time to renew. This can help you avoid costly lapses in services, price escalations or customer payments.
- Monitor contract performance: AI-powered CLM tools can help you monitor the performance of your contracts to ensure that your company is meeting all of its obligations. They can also alert you if there are any issues or potential breaches of contract deliverables.
- Negotiate better terms: AI-powered CLM tools can analyze your contracts and help you negotiate better terms and pricing. They can identify areas where you may be overpaying or not getting the best deal and provide recommendations for how to negotiate more favorable terms.
- Improve collaboration: AI-powered CLM tools can improve collaboration between different departments and stakeholders within your company. They can provide a central repository for all your contracts, making it easier for everyone to access and collaborate on them.
In conclusion, AI-powered CLM tools can be a valuable asset for CFOs looking to better manage their contracts and stay on top of all renewals and obligations. By automating and streamlining the contract management process, these tools can help you save time and reduce the risk of errors or contract breaches. If you’re not already using an AI-powered CLM tool, it’s definitely worth considering for your company.
About Volody Products Inc
Volody is a leading AI-enabled Contract LifeCycle Management (CLM) Software company helping businesses to digitize and automate their legal contract management processes. Volody’s CLM uses artificial intelligence & machine learning features to create smart and agile solutions that meet the needs of an ever-evolving business world. Trained with extensive data points, our smart CLM tool provides you with many insights and protects your company from any possible risks, be it financial, regulatory, or reputational.