The Role of AI in Contract Automation- What You Need to Know.pptx

Automate the contracts to enhance the productivity of your business. Ensure growth with the inextCRM contract automation tool. Further details on https://www.inextcrm.com/products/automate-your-agency/contracts/

1. E inextcrm

THE ROLE OF Al IN
CONTRACT AUTOMATION:

What You Need to Know

www.inexterm.com

2. Ef inextcrm

About iNextCRM

As a team of 55 individuals, we have been operating as an IT Agency,
specializing in building SaaS, and eCommerce Solutions and Digital
Marketing Services. Throughout our journey, we have encountered
challenging situations, such as being unable to compensate our staff due to
delayed client payments, struggling to secure deals without knowing if our
proposals were even opened or read, and lacking the ability to focus on
impactful work as client updates were scattered across emails and
WhatsApp conversations.

www.inexterm.com

3. Ed inextcrm

Introduction

In the present working environment it is
important that a business works and delivers
what it promises as fast and efficiently as
possible. Contract management, as a business
process, was once a complex task which
involved errors in documenting contracts but has
positively evolved with Al technology. The effects
of Al are explored in this article along with
practical use cases and insights on iNextCRM,
the company at the forefront in this initiative.

www.inexterm.com

4. Mb inextcrm

A Review of Al in

Contracts Automation

Accelerated Contract Processing

With Al-based systems, it is now possible to analyze large amounts of
contracts within minutes, turning the identification of relevant terms
and clauses, as well as the evaluation of potential risks, into a far
more efficient process that can take significantly less time compared
to the weeks needed earlier.

® Enhanced Accuracy
Fewer chances of errors are made as the processing and the term of

the contract are more accurate and standardized using Al. This

eliminates disputes and legal issues that may arise frequently when

there are external players involved.

www.inexterm.com

5. iNext:

A Review of Al in

Proactive Risk Management

In contracts, for instance, these Al algorithms can search for legal or
financial risks, and organizations sort them out before it gets out of hand.

Personalized Contracts
Due to value relevance, Al can also develop contract templates from
® contracts created earlier and contract requirements for unique

businesses.

7 Robust Compliance

It also assists in keeping compliance checked by ensuring that the
contracts drafted with the help of templates are updated with newest

legal provisions to prevent violation of norms.
Á

www.inexterm.com

6. Mb inextcrm

Real-WorldSuccess Stories

IBM Watson:

The Al system has been used in law firms in particular for the purpose
of going through contracts, to highlight a range of clauses and warn of
a range of risks. The result? A reduction of as much as 70% on the
time taken reviewing contracts and hence making massive savings on
costs while delighting clients.

Other examples includes JP Morgan which utilizes an Al known as
the Contract Intelligence (COIN) to analyze commercial loan
contracts. For instance, in the processing of approximately 12,000
contracts signed annually, COIN freed an astonishing 360,000 lawyer
hours and offered added effectiveness and precision.

® JP Morgan’s COIN Program:

www.inexterm.com

7. Mb inextcrm

iNextCRM: Our Partner in
Contracts Automation

iNextCRM being one of the leading CRM solutions providers has
incorporated Al within its continued growth and advancement of its
contract automation solutions for organizations. Customer data are

® collected, and the Al tool determines trends and create pertinent
contracts. This has led to a cut in the amount of time taken to process
contracts by 50 % and an increment in the accuracy of contracts
among our clients by 30%.

www.inexterm.com

8. CRI

Conclusion

The tie between Al and the efficiency of contract automation
processes is a significant development for businesses in all fields.
Enabling organizations to work smarter, more efficiently, more
accurately, and sustainably, Al not only automates tasks and reduces
risk and non-compliance but also further drives organizational
success.

For business owners interested in having strong contracts
management systems, it is a good strategy to consult a company like
iNextCRM. Al contract automation in today's working environment
provides you with a unique opportunity to outsource contract
management to our solution without worrying about losses, lost
working hours due to repetitive tasks, and other issues arising from
contract management.

With the ongoing advancement of Al technology, the utilization of Al
technology in the automation of contracts is expected to become
even more crucial. To make it, implementing this innovation today is
crucial for the tomorrow's success.

www.inexterm.com

9. Mb inextcrm

10. z
CRE
=

Thank You!

Da 22

www.inex!