• Focus on business needs rather than AI hype. When evaluating contract management solutions with AI, organizations should focus on their specific process challenges and needs rather than getting caught up in AI buzzwords. Gaston emphasized that the key question is “What are we doing now that we need to replace with technology?” rather than just looking for AI features.
• Test drive solutions before buying. The panelists recommended testing and experiencing AI-powered contract management solutions hands-on before making a purchase decision. Toby stated, “Test drive, get out there, test things, explore AI. It shouldn’t cost money to always try things, push vendors to let you explore those without before signing up.”
• AI’s role in risk mitigation and future potential. AI is already helping mitigate risks in contract management by enabling better visibility, automated analysis, and flagging of potential issues. In the near future, the panelists predict AI will become even more proactive – potentially initiating contract workflows, preparing negotiations, and interacting via voice interfaces to assist procurement professionals.

Interested in seeing how Ironclad can help you centralize your purchasing contracts? Talk to one of our digital contracting specialists and get a custom demo.