You might have thought the title of this article was directed at our children and the status of their bedrooms, but the topic of AI in contract lifecycle management (CLM) is often just as messy. Everyone wants to leverage AI and believe they are incorporating it into their CLM systems, but are they really? For example, is getting a notification of a contract renewal date inside of a CLM record truly AI? Or is that type of helpful ping just the tip of the AI/CLM iceberg?
I would argue it’s the latter. Yes, many of the functions found in today’s CLM systems could be considered a form of AI, but most are just scratching the surface potential of AI and CLM. The truth is that AI and its associated technologies, such as machine learning, have the power to completely transform the contract management process, making it much smarter and more efficient. And it’s just getting started.