An AI contract is one where some form of artificial intelligence, machine learning, and/or automation is used to manage contract processes, digitize contract documents, review contract data, and extract key business insights. In short, AI contracts harness the power of artificial intelligence to transform traditional static documents into a valuable business asset. The software solution that makes AI contracts possible is called contract intelligence.
A contract intelligence platform (like Conga Contract Intelligence) uses AI and machine learning to extract unstructured text from existing contracts, including dates, parties, terms, clauses, and other critical data. It organizes the extracted information into accurate, structured data you can trust, then aggregates the structured output into a searchable, centralized repository where it can be leveraged to provide powerful business insights.
For sales team, this unparalleled contract visibility helps sellers to make proactive (and profitable) decisions about each account. By delivering powerful insights into contract renewals, cross-sells, upsells, and obligations, contract intelligence helps to ensure that you never miss an opportunity for revenue—even after the initial sale.
For legal teams, contract intelligence streamlines contracting processes and workflows to improve efficiency without increasing risk. It allows you to uncover granular contract insights in seconds, to avoid missed obligations and reduce exposure to risk. And it enables more proactive participation in post-signature revenue opportunities, creating a mutually beneficial partnership between legal and sales.