Written by Russ Edelman, Founder & CEO of Contracts 365,Inc. (formerly Corridor). Contracts 365 is a leading innovator in the Contract Lifecycle Management (CLM) industry.
Executive Summary
The impact of AI on Contract Management and the world at large has profoundly changed with the introduction of Large Language Models (LLMs) that drive Generative AI from companies such as OpenAI, Google and other industry heavyweights. And while all of these LLMs bring their own value proposition, ChatGPT by OpenAI has gained the most notoriety. The excitement is understandable, the skepticism palpable – and the practicality of bringing AI and Contract Management together is being assessed—and reassessed—because of GPT. This article looks at the opportunities that exist in integrating AI and Contract Management through the lens of practicality; a lens that often gets disregarded in the spirit of the hype, and the continued uncertainty surrounding GPT and LLMs. I hope when you complete the reading of this article, you’ll be much better positioned to appreciate the impact of AI and the role that it can play in your organization. You’ll also be able to discuss two key dimensions on the subject; AI Components, CLM Infrastructure and where the intersect through “Ten Target Areas” that allow for AI and CLM infrastructure to add practical value for your organization.
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