How L'Oréal Uses AI to Review & Analyze Contracts Faster
That the implementation of artificial intelligence (AI) in common business workflows will dramatically transform how people in all industries in all segments work is undeniable. But how can businesses do so quickly and effectively? What factors go into choosing what to automate and what to keep manual? What workflows might they prioritize over others when deciding to invest in AI-powered technology?
In this webinar, Charles Hurr, Associate General Counsel at L’Oréal, and Heran Medhin, Enterprise Customer Success Manager at Ironclad, explore how AI has transformed L’Oréal’s contracting process. They also walk through exactly how powerful Ironclad AI can be with hands-on product demos of AI Playbooks, AI Assist™, and more.
- Create a “North Star.” Whether it’s a set of principles, tenets, or a team-wide charter, establishing a single source of truth that communicates the positions your organization has on various contracts can ensure consistency across your enterprise, no matter the size. As an added bonus, you can then feed elements into AI Playbooks down the line.
- Start small. Implementing all the AI features a CLM has to offer can feel overwhelming. Beginning with a smaller, scalable element, like uploading a handful of your favorite contract templates into a workflow, will make adoption easier.
- Treat AI like a tool, not a replacement. Don’t look for how AI features can completely replace manual processes you might have. Instead, look for features that drive incremental efficiency, like automatic clause detection or automatic redline suggestions, so your team can do necessary tasks faster and carve more time out to solve high-value, strategic problems.
- Listen to your lawyers. No matter how robust a CLM’s AI and data analytics capabilities might be, if its basic elements don’t feel immediately valuable to the people who will use it daily, you won’t get adoption.
Interested in seeing how Ironclad AI can speed up contracts for your business? Talk to one of our digital contracting specialists and get a custom demo.
Ironclad is not a law firm, and this post does not constitute or contain legal advice. To evaluate the accuracy, sufficiency, or reliability of the ideas and guidance reflected here, or the applicability of these materials to your business, you should consult with a licensed attorney. Use of and access to any of the resources contained within Ironclad’s site do not create an attorney-client relationship between the user and Ironclad.