AI Streamlining Contract Lifecycle for Enhanced Sales Efficiency

Introduction

This comprehensive workflow illustrates how AI technologies streamline the contract lifecycle, enhancing efficiency and decision-making in sales processes. By utilizing tools like Icertis, LexCheck, People.ai, and SalesCloser AI, organizations can automate routine tasks, improve risk management, and gain valuable insights throughout contract management and negotiation.

Contract Intake and Initial Analysis

1. AI-Powered Lead Qualification
   • An AI sales assistant, such as SalesCloser AI, qualifies incoming leads and directs high-potential clients to the appropriate team.
   • The AI conducts initial discovery calls to gather essential project requirements.
2. Automated Contract Ingestion
   • Contracts are uploaded to an AI-powered contract management platform, such as Icertis or LexCheck.
   • The system utilizes optical character recognition (OCR) and natural language processing (NLP) to convert contracts into machine-readable text.
3. AI-Driven Contract Classification
   • The contract management AI automatically classifies the type of contract (e.g., service agreement, NDA, etc.).
   • It identifies key metadata, including parties, dates, and contract value.

Deep Contract Analysis

4. AI-Powered Clause Extraction and Comparison
   • The system extracts key clauses and compares them to a pre-approved clause library.
   • Non-standard language is flagged for review.
5. Risk Scoring and Assessment
   • An AI risk assessment tool, such as the Icertis Risk Assessment Copilot, analyzes the contract against predefined risk parameters.
   • It generates an overall risk score and highlights specific high-risk areas.
6. Automated Compliance Check
   • The AI cross-references contract terms against regulatory requirements and internal policies.
   • Any compliance issues are flagged for legal review.

Review and Negotiation

7. AI-Assisted Contract Review
   • Legal professionals utilize an AI review assistant, such as LexCheck, to streamline the review process.
   • The AI suggests edits, identifies missing clauses, and provides risk mitigation recommendations.
8. Intelligent Redlining
   • The system automatically redlines the contract based on predefined playbooks and negotiation guidelines.
   • It suggests alternative language for high-risk clauses.
9. AI-Powered Negotiation Support
   • An AI sales negotiation tool, such as People.ai, provides data-driven insights to support the negotiation process.
   • It analyzes historical deal data to suggest optimal negotiation strategies.

Approval and Execution

10. Automated Approval Workflow
    • The contract management system routes the reviewed contract through an AI-optimized approval workflow.
    • It employs machine learning to predict approval times and flag potential bottlenecks.
11. AI-Enhanced eSignature Process
    • An integrated eSignature solution with AI capabilities manages the signing process.
    • It utilizes predictive analytics to estimate time-to-signature and automatically follow up with signatories.

Post-Execution Management

12. Automated Obligation Extraction
    • The AI extracts key obligations, milestones, and deadlines from the executed contract.
    • It populates a centralized obligation management dashboard.
13. Continuous AI Monitoring
    • The system employs machine learning to continuously monitor contract performance and flag potential issues.
    • It sends automated alerts for upcoming renewals, audits, or reviews.
14. AI-Driven Analytics and Reporting
    • The contract management platform generates AI-powered analytics on contract performance, risks, and opportunities.
    • It provides actionable insights to inform future contract strategies.

Integration with Sales and CRM

15. Seamless CRM Integration
    • The contract management system integrates with CRM platforms, such as Salesforce, automatically updating deal information.
    • AI-powered tools, like People.ai, enhance CRM data with contract insights.
16. AI Sales Forecasting
    • The integrated system utilizes contract data and AI analytics to generate more accurate sales forecasts.
    • It identifies upsell and cross-sell opportunities based on contract terms and client behavior.

Continuous Improvement

17. Machine Learning-Based Process Optimization
    • The AI system continuously learns from user interactions and outcomes to refine its algorithms.
    • It suggests process improvements and updates to contract templates and playbooks.
18. AI-Powered Training and Enablement
    • The system utilizes contract data and performance metrics to generate personalized training recommendations for sales and legal teams.
    • It creates AI-driven simulations for contract negotiation practice.

This integrated workflow leverages AI to streamline the entire contract lifecycle while enhancing sales processes. By combining tools such as Icertis, LexCheck, People.ai, and SalesCloser AI, professional services firms can significantly improve efficiency, reduce risks, and drive better business outcomes. The AI-powered system not only automates routine tasks but also provides valuable insights that support strategic decision-making throughout the contract and sales processes.