International Journal For Multidisciplinary Research

E-ISSN: 2582-2160   •   Impact Factor: 9.24

A Widely Indexed Open Access Peer Reviewed Multidisciplinary Bi-monthly Scholarly International Journal

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Transforming Contract Management: A Comprehensive Analysis of AI Integration in Legacy and Ongoing Contracts

Author(s) Niraj Ittan
Country United States
Abstract Artificial intelligence (AI) and contract intelligence offer a revolutionary solution for contemporary
contract administration, addressing the unique difficulties presented by both legacy and continuous
contracts. This technical article investigates how automated data extraction, risk assessment, and process
optimization driven by artificial intelligence transform contract management. Usually kept in
conventional repositories, legacy contracts allow the system to retrieve and analyze important data in
mass while including human confirmation for accuracy. By means of real-time AI processing for
instantaneous analysis of third-party documentation, negotiation facilitation, and pre-signature risk
evaluation, continuous contract management reduces the requirement for human review in the processing
pipeline. While addressing implementation concerns, system integration issues, and future advancements
in the field. This article investigates the technological underpinnings of Contract Intelligence—including
Natural Language Processing and Machine Learning algorithms, including By means of thorough
comparative research of heritage and contemporary contract management strategies, this article offers
insightful information for companies trying to modernize their contract management systems while
preserving compliance and operational effectiveness.
Keywords Keywords: Contract Intelligence, Artificial Intelligence, Legacy Contract Management, Document Processing Automation, Risk Assessment Analytics.
Field Computer
Published In Volume 6, Issue 6, November-December 2024
Published On 2024-12-31
DOI https://doi.org/10.36948/ijfmr.2024.v06i06.34068
Short DOI https://doi.org/g82ggx
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