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Contracts often get filed away after negotiation, but they can be used as vital tools for running a business. Generative AI technology, like Serion's contract life cycle management software, provides real-time insights for effective decision-making and enables companies to automate contract review processes, significantly reducing time from weeks to minutes. This efficiency is crucial in leveraging AI for increased return on investment. AI's expansive role continues to evolve in businesses, emphasizing the need for organizations to adopt these technologies swiftly to avoid falling behind in the competitive landscape.
Companies leverage AI to enhance operations and improve return on investment.
Generative AI transforms contract drafting and review into efficient processes.
Serion's AI can redline long contracts rapidly, increasing efficiency significantly.
IBM's conversational AI enhances accessibility of contract data across organizations.
The integration of generative AI in contract management, as discussed in the video, underscores the importance of governance in AI technologies. Organizations must establish robust protocols to ensure compliance and ethical use of AI-generated data. Challenges include managing risk while leveraging AI benefits efficiently. A best practice example is adopting comprehensive auditing measures to track AI decision-making processes in contract lifecycle management.
The shift towards AI-driven contract management reflects significant market trends where efficiency becomes a differentiator. As firms like Serion and IBM lead in generative AI applications, the ongoing demand for expedited business processes is evident. Investing in these technologies not only enhances operational agility but also positions companies competitively. The ability to reduce contract review time drastically can lead to substantial cost savings and improved profitability.
In the context of the video, generative AI streamlines contract drafting and review processes.
The video discusses how Serion's CLM software integrates AI for better business decision-making.
The usage of LLM is highlighted as critical for enhancing Serion's contract review capabilities.
Serion uses generative AI to automate processes and enhance contract review accuracy within organizations.
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IBM collaborates with Serion, providing conversational AI capabilities to enhance the accessibility of contract data.
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