There continues to be tremendous upsides… to improve results, speed up processes, and reduce costs in your enterprise by applying AI skills to contract lifecycle management.
Cimplifi
The bold new world of Artificial Intelligence (AI) has permeated the fortress that was legal. An insightful report by Cimplifi entitled The Expanding Influence of Legal Operations: An Inside Look at AI, CLM, and Law Department Transformation explores the convergence of AI and legal tech, and how legal operations teams are heralding the birth of a brighter contracting future.
Legal ops teams help legal departments streamline their processes, keeping workflows within company budgets, and monitoring the overall functions to ensure they’re adhering to company goals. Almost two-thirds of legal operations teams said their teams have between 5 to 10 professionals on board. Legal ops teams are growing within organizations, as they demonstrate their value to the company in bridging the divide between legal and the rest of the company.
CLM vs. AI-powered CLM
What makes AI-powered CLM unique? In addition to automating contracting processes and eliminating paper waste, the technology speeds up workflows. When companies use AI-powered playbooks they can decrease the amount of time spent on this process by 24%. Faster deliveries translates to faster revenue generation!
Powerful CLM is not just an efficient shortcut to revenues, but also lightens the load on legal departments by reviewing and redlining contracts, in less than two minutes! With their infallible outputs, AI-powered CLM mitigates the risk of human error and oversight in contract processes.
Contracts Don’t Just Belong to Legal
According to JD Supra, contracts aren’t just the legal department’s issue. Contracts are the cornerstone of the company, balancing on the edge of finances, legal, and client-company relationships. Legal ops understand this complex contracts network and ensure they integrate AI-powered CLM to keep their company’s contracting running smoothly.
In today’s highly transformative AI meets legal tech world, legal ops teams are redefining how AI-powered contract lifecycle management (CLM) prove their return on investment. AI-powered CLM is CLM, but with more powerful capabilities than ever before. With a focus on contracting, legal ops teams have been keeping legal departments and their companies ahead of the game, ensuring contracts are up to date, scrutinized closely, and renewed on time.
How Legal Ops Incorporates AI-powered CLM
CLM isn’t new to the legal world, but AI-powered CLM certainly is. Still in its nascence, the new-fangled but bolder version of CLM is seeing a slow yet steady adoption by legal ops teams around the globe. Cimplifi reports that even though the technology is very new, 14% of legal ops teams said they are somewhat familiar with AI, and how it applies to CLM and legal technology. This percentage is expected to grow exponentially as legal ops teams become more knowledgeable about AI-powered CLM
5 Benefits of AI-powered CLM
Thanks to legal ops teams integrating AI-powered CLM, legal departments can focus on pressing matters and disruptions.
- Streamlining contracting processes in their companies and redefining the way they handle contract agreements and obligations
- Eliminating human bias and contract review capabilities by automating with intelligent and powerful AI-powered CLM
- Extracting a wealth of contract data by removing the burden of time and resources associated with manual efforts
- Automating renewal processes to speed up contracting processes
- Generating insightful reports, contract analytics, and actionable data
Legal ops teams are at the crossroads of a new era in legal tech, and are the trailblazers who bring legal and the organization together. With one goal in mind, legal ops use AI-powered CLM as a tool to keep the company’s contracting goals on point.
