This article explores how multimodal AI (MMAI) can revolutionize contract management by integrating diverse data types like text, audio, and video. MMAI has the potential to augment various stages of contract management, from drafting and negotiation to performance monitoring and dispute resolution. By enabling interaction across multiple modalities, MMAI enables seamless workflows, reduces friction, and facilitates immersive communication, transforming how contract managers approach their daily tasks. However, the successful integration of MMAI requires addressing potential challenges such as misinterpretation, data bias, and privacy concerns. A human-in-the-loop approach is indispensable to ensure the accuracy and reliability of AI outputs, blending AI's capabilities with expert judgment. This collaboration promises a more agile, data-driven, and efficient contract management process, positioning professionals to stay competitive in an increasingly complex business environment.
CITATION:
Finkenstadt, D. J., & Eapen, T. T. (2024). Using multimodal AI to streamline contract management processes. Contract Management, 64(9), 40-45. https://ncmahq.org/Shared_Content/CM-Magazine/CM-Magazine-September-2024/Using-Multimodal-AI-to-Streamline-Contract-Management-Processes.aspx