Time lost is money lost. Or so the well-known adage goes. So when time and resources get wasted because of inefficient business functions despite the available convenience of AI intelligent enterprise platforms, the issue becomes indefensible.
Let’s look at the critical contract management function, for example. With AI-powered information intelligence platforms, companies can now effectively handle thousands of contracts that define relationships, secure revenue streams, and set compliance standards – every single day. This is in sharp contrast with traditional contract management practices which are falling short on every possible parameter – be it non-reliance on manual reviews, eliminating paper trails, and centralizing storage.
As organizations shift to digital solutions, AI-driven contract management is emerging as a vital time-, cost-, and risk-saving innovation, with iLearning Engines’ (iLE) Contract Management AI Engine leading this transformation from the front through its all-in-one, applied AI platform and customizable solutions.
The Challenges of Archaic Contract Management
Enterprises across industries around the world face common pain points when it comes to contract management. Especially since efficient contract management is a function of meticulous and accurate legalese work, managing huge volumes of confidential data, and ensuring customer satisfaction simultaneously.
The volume of contracts alone is daunting, and that’s even before we consider their ever-evolving complexity. Each contract requires a thorough review of clauses, risk assessments, compliance checks, and far-reaching stakeholder approval. Then there are the high and all too well-known risks of manual contract management – delays, misinterpretations, compliance issues, security breaches, and missed renewals. Individually and together, they are red flags with the potential to cause significant financial losses through delayed revenue generation and/ or increased operational risks.
How is iLE’s AI Revolutionizing Contract Management?
iLE’s Contract Management AI Engine (Hyperapp) is the solution for all the challenges listed above. It leverages the latest in machine learning, natural language processing (NLP), and intelligent automation to address these needs head-on. Here’s how our AI intelligent enterprise platform is redefining the contract management landscape.
How Does the iLE Contract Management AI Engine Work?
1. Easier, faster data aggregation and processing
The process begins through integrations that involve the seamless aggregation of all client and vendor contracts, policies, mortgage documents, and standardized templates into iLE’s AI Knowledge Cloud – a central, single repository for all enterprise data and knowledge IP.
2. Data extraction and segregation
From the moment these documents are uploaded, iLE’s automated File Listener AI Engine immediately detects the arrival of these new files, which are then processed with zero delay. The approved files are sent to an Output Folder while the failed ones are reported as errors.
3. Intelligent analysis and Risk assessment
This is followed by the AI Engine deploying advanced Natural Language Processing (NLP) technology and enterprise language models – as well as offline and online large language models (LLMs) – to thoroughly analyze each contract.This detailed analysis includes identifying key clauses, flagging potential risks, assigning severity-based scores to such clauses, and suggesting viable alternatives. Case in point – clauses that may impact compliance are automatically flagged, allowing enterprises to proactively mitigate risks.
4. Automated, customized workflows
iLE’s No-Code AI Canvas enables companies to tailor workflows to their exact needs, from triggers and checkpoints to custom dashboards. Through a no-code interface, users can create automated workflows for contract approvals, renewal notifications, and risk monitoring. The platform integrates with existing systems, providing real-time insights via smart chat agents and AI assistants for custom learning, making necessary data accessible to teams across the organization.
5. Real-time stakeholder engagement
Apart from making contract review faster and far more reliable than what was possible through traditional, manual work-intensive methods, iLE’s AI Engine also makes stakeholder involvement more efficient.
Once contracts are analyzed and reviewed, the system automatically notifies the relevant stakeholders, prompting them to take action on any flagged items or proceed with approval. By reducing administrative hurdles, iLE’s AI Engine has – in several cases – minimized contract renewal delays by 92%, reduced service start delays by ~35%, and lowered the manual errors count by over 40%.
Why is AI-Driven Contract Management Non-Negotiable Now?
Adopting AI-driven contract management isn’t just a matter of efficiency; it’s about remaining competitive in a world that’s getting digitized rapidly. Businesses leveraging AI-powered information intelligence platforms are overcoming traditional barriers and unlocking significant benefits, including –
- Faster turnaround times: With iLE’s AI Engine, contract renewal delays get cut by as much as 92%, allowing enterprises to manage renewals, compliance updates, and customer onboarding at unprecedented speed
- Reduced operational costs: By minimizing manual oversight and reducing errors by over 40%, companies are able to re-allocate resources to higher-value tasks, creating conditions conducive to innovation and growth.
- Enhanced compliance and Risk management: Automatic compliance checks and risk flagging ensure that businesses stay aligned with regulatory standards, reducing the risk of financial penalties and safeguarding reputations.
- Real-time insights for strategic decision making: With accessible data and insights at their fingertips, decision makers can base their choices on up-to-the-minute information, driving smarter strategies.
Real-World Impact: iLE’s Contract Management AI Engine in Action
The results speak for themselves. Enterprises that have implemented iLE’s Contract Management AI Engine report tangible benefits, such as increased productivity, with manual contract processing rising from seven to 25 documents per person, per day.
This streamlined process has led to an average return on investment (ROI) of over 160% in industries with high compliance demands, such as insurance and financial services. By reducing contract renewal delays and enhancing compliance, iLE’s solution is setting a new standard for contract management.
Looking Ahead: The Future of AI-Driven Contract Management
The momentum contract management’s evolution is experiencing is primarily driven by AI-powered learning platforms and AI-intelligent enterprise platforms. Companies that are embracing these AI solutions are gaining an unprecedented competitive edge by transforming their operations from reactive to proactive.
iLE is committed to pushing this evolution forward, offering a future where contract management is not only efficient but also predictive, proactive, and deeply integrated into strategic business functions.
Are you ready to transform your contract management approach with AI? Discover iLE’s vision of how the future of AI will shape up in terms of the top four predictions and trends for the next decade.
Reach out to our experts today to know how iLE’s AI-powered information intelligence platform can empower your organization to manage contracts seamlessly and achieve new levels of operational excellence.
