New-Age Contract Management: Leveraging AI on cloud-based platforms

By Aditya Pandrani, Founder and CEO, Doqfy

We are seeing rapid growth in the adoption of CLM (Contract Lifecycle Management) platforms as large enterprises and SMEs seek smarter and cost-effective ways to digitise and manage contracts. It is made possible by leveraging cutting-edge technologies to offer scalable solutions that can easily accommodate growing contract volumes and provide real-time collaboration and in-depth analytics. It is streamlining contract negotiation, execution, compliance, and even fraud prevention. So, let’s take a closer look at the tech that powers these advanced features of CLM platforms to better understand their advantage.

SaaS Model & Cloud Infrastructure

To start with, let’s note that most CLM platforms operate on a SaaS (Software-as-a-Service) model, enabling companies to access contract management tools directly through web browsers and applications anywhere, anytime. Hence, platforms can ensure a seamless user experience with intuitive interfaces, guided workflows, and ready-to-use ...