Improving Legal Operations with AI Extraction Capabilities
The role of the legal function in any contract management organization is thankless. The legal function is not always straightforward to describe, and contract management is certainly the area where this is most obvious.
The legal department is responsible to ensure that the organization stores its contracts and documents securely and controls who all have access to them. Both the procurement and the legal departments play an active role in the contract negotiation, creation, and review of contracts. While procurement ensures the organization seals a good “deal” in terms of finance, the legal ensure the organization is protected from any lawsuit or legal liability.
Challenges faced by legal departments
If we focus particularly on legal operations, the legal department has to face numerous contract management challenges:
- Dealing with delays in contract approvals
- Losing track of active contracts
- Beating non-compliance with mentioned clauses and terms
- Failing to identify and assign contract lifecycle workflows issues
- Missing contract deadlines and auto-renewals
- Preventing revenue leakage
- Maintaining contract amendments in real-time
- Getting contracts digitally signed on-time
Maturity of legal-tech integration into legal operations
Technology’s integration into the legal function benefits the entire organization and offers it an additional competitive edge. It provides transparency into legal operations. Keeping this fact in the mind, no wonder legaltech tools are being adopted. However, not to the extent they should have been.
Are the legal process automation tools capable of extracting hidden insights from the contracts? Can they read and analyze complex language and complex clauses? Do they help in contract authoring and legal language standardization? Perhaps NOT really.
Here comes AI in action. AI can fix the issues lying under contract lifecycle management with its advanced extraction capabilities. NLP can help legal teams drive efficiency at each stage with the identification of clauses and extraction of metadata in real-time. An AI-powered contract management solution, Aavenir Contractflow, can automate routine legal tasks, improves efficiency, accelerates time-to-signature, and results in higher ROI.
Key takeaway
Does your legal department suffer from inefficient contract management workflows? Is your automation not embedded with AI-driven workflows? Then, register for this exclusive webinar to learn how the Aavenir AI engine can help your legal teams unleash the full potential of AI to author and manage contracts. Join Aavenir in this 30-minute LIVE webinar and demo to learn more about defining a path to AI-driven contracting excellence in your CLM journey.
Meantime you register for the webinar; catch a glimpse of how the Aavenir AI engine lets your legal team extract and validate key metadata from your lengthy complex contract documents.
