Posts about Contract Management

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Legal Technology, AI, and the Impact of Both on the Practice of Contract Law

September 13, 2022

Legal technology promises faster, cheaper, and more accurate business results. Artificial intelligence (AI), also sometimes referred to as cognitive computing, is a computer’s ability to reason, learn, communicate, and make decisions—and it’s a key part of making those results achievable. 

Legal technology AI developed within the past decade leverages complex algorithms to identify patterns in data, run tests, and deliver results on par with human lawyers. While it may sound like the industry is poised for an AI takeover, the reality is that man and machine are working in tandem to improve contract law like never before.

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Exploring the Relationship Between Legal Technology and Innovation

September 8, 2022

Are you a corporate lawyer with an eye toward the future? Technology can help you get there. Legal technology and innovation go hand in hand—particularly since the COVID-19 pandemic strained corporate budgets and manpower alike. Legal tech empowers businesses to streamline entire processes, including how they store and sign documents, adhere to preferred negotiating positions, and oversee timely contract execution.

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What Is Contract Lifecycle Management Software?

September 1, 2022

Surging demand for contract lifecycle management (CLM) is evident as 2020 saw a 40% increase in inquiry volume, according to Gartner’s Critical Capabilities for Contract Lifecycle Management report. Given the present growth rate, market analysts speculate the global market for CLM software is on track to reach $845 million USD in 2022 and $3 billion in 2032.

It’s an important trend, and one that corporate leaders should consider before they are outpaced by their competitors. This article explores the underlying causes for the rising need for CLM, what is contract lifecycle management software, and how this type of technology can streamline business operations like never before.  

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Contract Review in Manufacturing Industry: What to Know

June 28, 2022

Contracts serve as a single point of truth for manufacturers, suppliers, subcontractors, and partners. But one contracting error can open up a manufacturer to liability and poor vendor relations. That’s why having a robust review process to identify and rectify pre-execution contracting issues is paramount to a company’s bottom-line success. Increasingly, contract review in manufacturing is taking a digital turn, and businesses are infusing layers of efficiency into the contracting process with artificial intelligence (AI).

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Top Legal Technology Software for Drafting Contracts

May 24, 2022

In an era of rapid digitization, choosing specific software for your business needs can be overwhelming. The legal technology software market is especially difficult to navigate as there is no single platform to date that provides true end-to-end contracting efficiency. More confounding still, each company’s services and capabilities are different, making it nearly impossible to compare apples to apples. 

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