CLOs, or chief legal officers, are responsible for much more than simply managing legal matters for the company. They must also handle risk mitigation, optimize legal processes, ensure compliance and customer satisfaction, and keep all legal strategies aligned with the company’s business model.
With so many responsibilities, it’s past time CLOs got the assistance they need. And that assist comes in the form of Artificial Intelligence (AI).
Why does this matter for your company’s business model? Well, a recent survey of legal department respondents conducted by Deloitte found 63% reporting that recurring tasks and data management constraints prevent their legal teams from creating value at their organization. AI can work in many ways to help solve these issues.
This blog post will examine our top three ways AI can assist CLOs with their role while also boosting your business.
1. AI Can Help Easily Manage Your Data
Legal teams deal with a lot of contracts, and each document contains massive amounts of data. But if your data is not managed well and organized, it can negatively affect the legal team, your business, and your clients.
AI can scan your contracts, create digital copies, and store them securely in a cloud-based platform. Having digital copies of your documents can save your company time and money should the physical copy get misplaced.
2. AI Can Instantly Tag and Extract Your Data
Having a lot of data can make manual reviews of contracts very time-consuming. And in the legal world, time is money. Every minute spent reviewing documents to find the dates and clauses you need is money down the drain.
AI can learn to find keywords in your data. Once the AI understands what words to find, it can then instantly scan all of your documents and tag the words as metas. Having your data tagged helps your legal team in several ways. They can now find the data they need immediately, reduce their time wasted on manual reviews, and spend time doing their legal work assisting clients.
3. AI Can Reduce Your Overhead Costs
CLOs must always be budget-minded when considering legal strategies for the department.
AI can help reduce a company’s overhead costs in multiple ways, but the biggest one is reducing human error. When contracts are affected by human error, it can lead to miscommunication, the agreement being invalidated, and the loss of clients.
AI isn’t perfect, but it eliminates human error, which can substantially save your company money in the long term.
Misconceptions Regarding AI
There are two misconceptions regarding Artificial Intelligence that we want to touch on.
The first misconception is that AI is only for large legal teams. This thought usually stems from the idea that AI tech is expensive. And while some can be, there are AI solutions out there to fit legal teams of all sizes.
The second misconception is that AI is here to replace lawyers. This notion is false. AI can’t replace lawyers. Human lawyers are necessary to conduct legal work. The reality is that AI is here to assist lawyers with their administrative duties. This frees up the legal team’s time to focus on their lawyerly tasks.
Zendoc is the AI Solution Your CLO Needs
We have the AI-powered contract automation platform that meets the needs of every CLO. Zendoc will instantly begin scanning your contracts in minutes, tagging your data, and storing it all in a secure cloud-based platform.
We have three different plans for you to choose from, making Zendoc perfect for legal teams of any size.
By switching to an AI solution, your team can focus more on the legal work, the business will see overhead cost reductions on administrative tasks, and your client data will be secure and organized.
Try our free 14-day trial of Zendoc, and let us begin to bring the zen to your workplace today.