Artificial intelligence can play three key roles in contract management: (1) extracting data from existing contracts using machine learning, (2) providing assistance during contract authoring by advising on relevant terms, and (3) automatically extracting obligations from contracts. Manual contracting faces challenges like lack of uniformity, visibility, accessibility, and difficulty tracking complex obligations. AI-enabled solutions help overcome these by increasing efficiency, mitigating risks, fostering collaboration, and avoiding lost revenue through streamlined processes. Aavenir's AI-enabled Contractflow product offers features like request generation, collaboration tools, approvals and e-signatures, and a centralized repository for storage and tracking.

1. AI-enabled Contracts
Create Better Models and Predict Future Outcomes

2. What is Artificial Intelligence (AI)?
● An intelligent entity created by humans.
● Capable of performing tasks intelligently without being explicitly instructed.
● Capable of thinking and acting rationally and humanely.

3. Role of AI in Contract Management
Role of Artificial intelligence in CLM can be divided into three core categories and they define your
path to AI adoption as per the sequence below:
● Contract data extraction from active contracts, using Machine Learning - required
information can be automatically extracted, even if the contract is in scanned image format
● AI powered assistance during Contract Authoring - advises the users during contract
authoring for picking right or more relevant terms.
● AI-based contract Obligations Management - can extract obligations automatically from the
contracts – including from 3rd party paper contracts.

4. Manual Contracting Challenges
Manual Contracting has its own set of challenges which can cause loss of revenue and other
resources, some of them being:
● Lack of uniformity - due to absence of standardized formats and templates
● Lack of visibility - storage in different formats in scattered places across departments
● Lack of accessibility - data stored in various applications, tools etc. which are not integrated
● Time-consuming - manually drafting and tracking takes up a lot of time and resources
● Risk-exposure - missed deadlines and renewals can lead to risk of non-compliance and
exposure to legal enfor
● Difficulty tracking - Complex and hidden obligations with various deliverables which can be
hard to track

5. Benefits of AI in Contract Management
AI-enabled Contract Management Solutions are now helping companies overcome
many challenges and increase overall efficiency, some of these are:
● Increase efficiency - Saves time by automating processes
● Mitigate risks - Mitigates risks by ensuring legal and regulatory compliance
● Foster collaboration - Centralized access and reduction in information asymmetry
● Avoid loss of revenue - Streamline process, setup reminders, and renewals

6. Aavenir AI-enabled CLM
Aavenir AI-enabled Contractflow offers various features such as:
● Request - Quickly create Contracts using pre-approved
templates.
● Collaborate - Streamline internal reviews, negotiations, and
approvals
● Approve & Sign - Faster Approvals and e-signatures
● Manage - Centralized repository for contract storage and smart
dashboard for tracking and renewal
Companies that have benefited greatly by implementing
Contractflow include the Prestigious Johns Hopkins University and
Reece Group

7. Free Demo Session
Get a live demo of Aavenir Source to Pay solutions to know how Aavenir can address
your enterprise's unique business challenges and goals.
We provide live demonstration for following Aavenir S2P solutions:
● Contractflow - Contract Lifecycle Management on ServiceNow
● RFPflow - Request for Proposal Management on serviceNow
● Invoiceflow - Account Payable Automation on ServiceNow
● Obligationflow - Contractual Compliance Management on ServiceNow
Visit: https://aavenir.com/demo/

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