This equips legal teams with standardsbased review and redlining solutions, promoting consistency across global communities of professionals and unlocking the value of contract data with the collective expertise of a global community.
The strategic shift to performance monitoring The ultimate goal of optimising contract management is to ensure that procurement activities deliver the intended value. IBM research indicates that AI can support ongoing monitoring in several ways, such as using Natural Language Processing( NLP) to identify key performance indicators( KPIs) and service level agreement( SLA) metrics from dense legal text, converting them into trackable items.
Procurement expert Daniel Barnes explained the value of using AI in contract management on an episode of IBM’ s AI in Action:“ Getting really good data can be a challenge … [ I’ ve used ] AI to extract as much data from documentation, mainly contracts, because my view is that [ good ] contracts really contain all the information you need.
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