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com/2017/01/03/artificial-intelligence-contract-management-considerations-
practitioners-part-1-introduction/
Within CLM, this activity can begin now. Building such a commercial knowledge base, however, simply
can’t be supported by older-generation CLM approaches and systems (e.g., relational databases that
store contract document metadata and attachments). The ability to build such an enterprise knowledge
base that can form a foundation of AI-enabled commercial information requires high quality contracts
and high quality processes that manage those contracts through their lifecycle.
As such, leading CLM apps are a great place to start building the groundwork for AI-based CLM. I started
this series with three simple steps in CLM:
1. Build a high-level knowledge base about all your contracts in the form of a contract repository.
2. Derive key intelligence from within your contract clause data/metadata to identify risks and
rewards.
3. Begin to leverage your augmented commercial intelligence within upstream CLM processes and
other commercially informed enterprise processes
Expertise is built on knowledge that adequately models the richness of a certain domain, but high
intelligence allows the knowledge to be more effectively and efficiently applied to solve problems.
Teaching the machine to learn (i.e., “machine learning”) is also key to enabling predictive analytics in
areas such as risk management and prescriptive analytics that help guide you in decision-making. All
this knowledge modeling is great, but then what?