Contract management is a delicate and complex exercise for any company. Artificial intelligence, and even generative AI, have their place here.
- Requiring both legal and financial skills, managing and monitoring contracts can quickly become a real headache for a company. This time-consuming process encompasses the entire contract life cycle.
The main stages of contract management include negotiation and drafting, which must be clear and precise, as well as contract signature and execution. What's more, we need to adapt to changes and improvements that may occur at any time, as required.
This entails a great deal of monitoring and data analysis, including the creation of reports. When a contract comes to an end, the question may arise of extending it, if it has not been terminated beforehand. All this must be duly archived, in compliance with current regulations.
AI, and soon generative AI?
The task is complex, and "manual" management seems adventurous, given the risks involved for a company and a performance-driven approach to getting the most out of contracts. It's hardly surprising, then, that automation and optimization solutions exist to cope with the critical stages of contract management.
With the boom ingenerative artificial intelligence in recent times, contract management and monitoring seem set to fall almost naturally within its scope. At this stage, however, its impact is still difficult to assess, while non-generative AI is already at the forefront of automation.
It's impossible not to think of the contribution that a tool like ChatGPT could make to creating and managing contracts faster than ever. As for increased efficiency... that will depend, for example, on the intrinsic quality of GPTs customized to perfectly match a company's needs and its precious data.
