The value of Contract Lifecycle Management (CLM) systems is shifting from creating, storing and monitoring legal agreements to providing deeper insights into risks and opportunities.
Just surfacing basic information like name of parties involved or termination date, or locating Force Majeure clauses, is not enough anymore. CLM systems must be able to deliver advanced analytics and semantic search functionalities that give end users an in-depth knowledge of their contracts. The trend is towards augmenting existing systems with what is called Contract Intelligence – AI-powered solutions based on Natural Language Processing (NLP) that recognize and interpret non-standard language – e.g. clauses formulated with different expressions.
