It\u2019s not your imagination. Contracts are getting longer and\nmore complex. The job of a contract manager is now harder than ever. Even small\nbusinesses with a handful of contracts still have thousands of pages for\ncontract managers to examine.\n\n\n\nThis complexity forces companies to either increase their\ncontract management staff or to accept the risk of their overworked contract\nmanagement staff missing something. \n\n\n\nHowever, help is on the way. Machine learning can help\ncontract managers keep up with the complexity of modern commercial contracts. \n\n\n\nWhat is Machine\nLearning?\n\n\n\nThe terms machine learning, artificial intelligence, and algorithms\nare often lumped together. But, these terms are not synonyms. Artificial\nintelligence is a broad category of smart machines and functions that allow\ncomputers to perform tasks usually completed by humans. \n\n\n\nAn algorithm is simply a program that solves a problem using\na specific set of steps. Every software program uses several algorithms. \n\n\n\nMachine learning is a specific type of artificial\nintelligence. But, not all artificial intelligence programs use machine\nlearning. \n\n\n\nMachine learning programs use algorithms to learn how to do\nnew functions and generate more algorithms without a human having to intervene\nand write new code. \n\n\n\nHow Does Machine\nLearning Help with Contract Management?\n\n\n\nMachine learning reads the contracts in the database and\nlearns to recognize patterns. When negotiating and drafting an agreement,\nmachine learning can help the contract team identify risks and spot areas where\nterms and language are out of sync with past practices. \n\n\n\nMachine learning can even automate the generation of the\nstandard clauses of the contract. \n\n\n\nAt every point in the contract lifecycle, machine learning\ncan save a contract manager valuable time. The storage and organization of a\ncontract database is a time-consuming task. This can be automated with machine\nlearning. Even more valuable, searches powered by machine learning are faster\nand more accurate than typical searches.\n\n\n\nMany of the most significant contract management headaches\nhappen in the post-contract analysis part of the contract lifecycle.\n\n\n\nEverything from contract compliance to contract performance\ncan be at least partially automated with the help of machine learning. Machine\nlearning-powered contract management software will learn when to flag a\ncontract that is out of compliance or nearing a compliance issue. \n\n\n\nMachine learning is not going to replace contract managers. Instead, it is going to make them better at their job. \n\n\n\nGet online in minutes, implement in hours, realize ROI in weeks! Easy-to-use, helps you increase productivity, contracts & revenue. Available anywhere, anytime & on any device.Try a Free Demo today! \n\n\n\nUsing Contract\nManagement Software as More than a Repository\n\n\n\nContract management software is no longer just a digital\nfiling cabinet. The latest artificial intelligence technology, including\nmachine learning, is making contract management software an indispensable tool\nfor organizations of all sizes. \n\n\n\nContract management software allows companies to get more\nout of their staff and helps them optimize all of their contracts. \n\n\n\nWe are reaching the point where companies that aren\u2019t using\na powerful contract management system will be at a competitive disadvantage.\nLeaner, more efficient competitors using machine learning-powered contract\nmanagement software will take an ever-larger share of the market.