As the role of technology continues to evolve in the modern business landscape, it is increasingly important for CTOs and CIOs to stay at the forefront of digitization and prioritize the adoption and implementation of tools that can improve efficiency and drive growth. One type of tool that should be at the top of the list for CTOs and CIOs is an artificial intelligence (AI) powered Contract Lifecycle Management (CLM) system.
According to EY, 90% of organizations report having difficulty locating contracts because they don’t have the necessary technology or processes. 71% say they don’t have the technology to monitor contracts for deviations from standard terms, and 78% say they don’t systematically track contractual obligations.
A Smart CLM system is a tool specifically designed for managing contracts, and an AI-powered CLM system can take this a step further by automating certain tasks and providing insights that can help organizations make better business decisions.
An AI-powered CLM tool is a must-have for every organization looking to stay competitive in today’s digital landscape. Here’s why:
- Improved efficiency: One of the primary benefits of an AI CLM tool is the ability to automate tasks such as data entry, contract review, and contract tracking. This can free up time and resources for other priorities, allowing organizations to operate more efficiently.
- Enhanced security: Many AI CLM tools include built-in security measures such as encrypted data storage and multi-factor authentication to protect against unauthorized access to sensitive contract information. This can help organizations reduce the risk of data breaches and ensure the confidentiality of their contracts.
- Greater visibility: An AI CLM tool can provide insights and analytics that can help organizations better understand their contracts and make informed decisions about their business. This can include data on contract expiration dates, payment terms, and other key details that can help organizations plan for the future.
- Improved risk management: An AI CLM tool can help organizations identify and prioritize high-risk contracts, and provide alerts when key provisions or deadlines are approaching. This can help organizations proactively manage risk and ensure that they are meeting their contractual obligations.
- Enhanced collaboration: Many AI CLM tools include features such as redlining and collaboration tools that allow legal teams to easily share and review contract drafts with their counterparts. This can help to speed up the negotiation process and ensure that all parties are on the same page.
In today’s digital age, it is more important than ever for organizations to stay ahead of the curve and adopt tools that can help them operate more efficiently and effectively. An AI CLM tool is a must-have for every organization looking to stay competitive and position itself for long-term success. By adopting an AI CLM tool, CTOs and CIOs can help their organizations stay at the forefront of digitization and gain a competitive edge.
Overall, an AI CLM tool should be a top priority for CTOs and CIOs looking to streamline their contract management processes, improve efficiency, and reduce risk.
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.