The Future of Procurement: How AI + People Optimize Contract Review and Ongoing Management
In procurement, managing contracts effectively can be a real headache. Traditional methods often involve a lot of manual back-and-forth work, slow negotiations, and constant battles with compliance. But, there’s good news: artificial intelligence (AI) combined with contract expertise and a team of people can change that. At LegalSifter, we see this powerful combination as a real game changer, reshaping how procurement contracts are managed in the future.
Combining AI-Powered Software with People
Artificial intelligence is making procurement smarter by automating repetitive tasks and bringing visibility to signed contracts. AI-powered software can read and understand contracts in seconds, offering expert guidance to quickly flag risks and give smart negotiation tips before you sign. After you sign, AI can keep an eye on compliance, track obligations, and remind you of important dates and deliverables like auto-renewals. This proactive approach ensures that nothing gets missed.
While AI is absolutely going to save time and improve consistency, there still needs to be a human in the loop to have data you can trust. Oftentimes organizations think AI alone will solve all contract pains but in reality you need AI software, contract expertise, and people. The software alone will not solve for messy data and cannot be trusted to the degree needed when it comes to expense-generating contracts.
At LegalSifter, we combine our proven AI-powered software, contract expertise, and team of experts into a managed services solutions for procurement teams. Using AI with managed services offers a powerful combination for reviewing and managing contracts. AI enhances the service by performing repetitive tasks in a fraction of the time that it would take a person and the team focuses on data accuracy to ensure what’s captured is enough for you to make the best decisions. We do this with a 99% accuracy guarantee.
LegalSifter's Contract Control Program: Flexible Contract Operations for Procurement
When it comes to managing contracts, getting the timing and tools right makes all the difference. Whether you need help before you sign a contract to dot the I's and cross the T's, or after you’ve signed to keep everything on track, we’ve structured our Contract Control Program to be as flexible as you need. With straightforward pricing and the ability to easily change from self-service to full-service, our approach simplifies your procurement process. This way, you can focus more on the big stuff and worry less about the contract workflow and details.
Visit Us at ISM World Conference!
To learn more about how efficient contract operations can transform your procurement strategy, visit LegalSifter at the ISM World Conference in Las Vegas, starting April 29th. Our experts will be on hand at Kiosk P-R4 to discuss innovative solutions that can tailor contract management processes to your specific needs, driving efficiency and effectiveness across your organization.
Not attending ISM World? Get in touch with our team today and learn how LegalSifter can help optimize your procurement contract operations.
