The Future of Contracting: CLM Automation with AI at Lenovo – JD Supra

Every company can benefit from faster and more efficient contracting processes, such as CLM software automation and AI, that enhance risk and spend management, improve revenue and profit margins and increase visibility into counterparty relationships. In a recent webinar for the World Commerce and Contracting Association, the Lenovo Legal Department described a transformation journey that can deliver value to any business.

The webinar paints a picture of the ideal overall transformation of the legal function, going from a bespoke system of subject matter experts to a legal function that combines that bespoke talent with standardized operations and digital efficiencies. The result is a legal department thats digital, scalable and value-driven. This is achieved through the right combination of contract lifecycle management (CLM) and artificial intelligence (AI).

Lenovo identified three ideal outcomes that guide contract management transformation.

AI is critical to the CLM automation process, according to the Lenovo team, because it not only improves the efficiency of the work, but its also actually doing some of the work for you. AI-powered CLM software helps remove the productivity bottleneck that plagues many areas of the legal function today.

While CLM software and AI have already established a strong foothold in legal departments across the country, their prevalence is only going to grow in the coming years. By 2023, Gartner estimates that 90% of multinational global enterprises and 50% of regional midsize organizations will have invested in CLM solutions, and that AI will bring 30% more efficiency to the contract negotiation and document completion processes in organizations that deploy leading CLM solutions.

CLM handles your contracting from end to end, starting with legal review intake, leading you through drafting and negotiation to approval and execution, and finally creating a repository and empowering intelligent reporting to support informed decision-making. CLM with AI does all those things even more accurately and efficiently.

The panel walked through the major goals of any successful CLM automation and AI program:

Additionally, the webinar highlights a number of key themes that are critical to anyone on the CLM transformation journey, including:

Download the webinar here to learn more about Lenovos strategy for a global rollout of CLM technology and why AI is key to the services delivery model of the future.

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The Future of Contracting: CLM Automation with AI at Lenovo - JD Supra