Why everybody in the legal market is enthusiastic about deploying AI technology?
Most companies have moved their contracts (and any other valuable documents) into a central accessible repository where everything is filed based on the flows and processes of the organization. Usually, a business will use a CLM application such as opensourceCM to store its contract as well as track and monitor the complete lifecycle of a contract in order to insure all commitments and conditions meet on time.
But what about the the Meta-Data or Term sheet of each contract, how do you go by filling it in, populating it? One option is to do it manually, have a lawyer or an intern to key all essential data you have decided on. This solution becomes complicated when you have hundreds of contracts or an Archive (some of which might be in a hard copy format). Spending the manpower to extract all Meta-Data in this case can cost a fortune!
This is where AI comes in the picture. The right AI software can easily extract data and clarify the content of contracts. It could pull and organize the renewal dates and renegotiation terms from any given contracts. Using such a solution can be cost effective and easy to implement it, and let companies review contracts more rapidly. AI applications can organize and locate large amounts of contract data more easily, decrease the potential for contract disputes and increase the volume of contracts it is able to negotiate and execute.
The fact is that we at opensourceCM notice the demand for AI solutions from our current customers. Some approached us seeking a reliable and inexpensive method to extract predetermined data they need from most of their contracts. Studying the market for a solution offering both relatively good outcomes and affordability we are finding some great solutions. There are applications able to identify, extract and populate the correct data in the correct fields. We at opensourceCM continue to seek collaborations with companies offering such a service. We will offer it as part of our other API services such as DocuSign, SalesForce, NetSuite and more integrations.
If you wish learn more about opensourceCM application please contact sales@opensourceinc.com