AI-Driven Document Automation and Compliance in Contract Lifecycle Management
Sweta Priyadarshni · 2024
In the rapidly evolving business landscape, managing contract lifecycles efficiently while ensuring compliance has become a paramount concern for organizations. This study leverages advanced Artificial Intelligence (AI) techniques to introduce a novel approach to document automation and compliance within contract lifecycle management (CLM). Utilizing a real-world dataset comprised of thousands of contract documents from multiple industries, we develop and train AI models to automate the extraction, classification, and analysis of essential contract elements. Our approach not only significantly reduces the manual effort involved in contract management processes but also enhances compliance by automatically identifying and flagging non-conformities with internal policies and external regulations. Through detailed performance evaluation, our AI-driven system demonstrates a high level of accuracy in document processing tasks and compliance verification, indicating its practical applicability and potential benefits for organizations seeking to optimize their contract management practices. By harnessing the power of AI, this study offers insights into how technology can transform traditional contract management processes, making them more efficient, compliant, and adaptive to the needs of the digital age.