Harnessing the Power of AI in Contract Management
The landscape of contract management software is receiving a transformational spotlight, courtesy of generative AI. Widely utilized by legal, procurement, and finance departments, this vital business technology is diversifying the market, enabling the creation, storage, and management of commercial agreements all at your fingertips. Despite its dedicated use and steady growth, though, the market profile of this software has long remained low-key, valued at approximately $1.5bn as of 2022.
Fast forward to 2024, and we witness an emerging trend – this legal tech area, capable of dealing with everything from supply contracts to governmental outsourcing, is suddenly in hot demand. The reason? A progressive move towards digitizing contracts, converting them into data-rich documents.
This shift has caught the attention of big players in the tech world. Electronic signature company DocuSign has diversified into generative-AI powered contract management software by acquiring Lexion. Icertis has formed a partnership with AI tech supplier Evisort, integrating their separate technologies for better performance.
The move towards AI-enhanced contract management software is not limited to just partnerships and acquisitions. Venture capital firms such as the LegalTech Fund are expressing interest in generative AI for extending its impact in the legal domain.
Despite contract management being a mature market, it is far from saturated. Current statistics suggest that just 55% of corporate legal departments use a contract management system, with most experimenting with generative AI. By merging these areas, experts predict a significant expansion on the horizon.
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What are your predictions for AI's role in contract management in the next decade?
Generative AI Revolutionizes Contract Management! by Steven's Workspace
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