Contract management has always been a daunting task for businesses, often getting entangled in complex details involving various verticals and functional roles. The traditional approach to managing contracts manually has resulted in inefficient processes with increased risk of overlooking crucial business opportunities buried in the chaos of information inaccessibility. Recognizing the pitfalls of manual contract management, especially with the growing number of contract amendments and renewals, industries began to recognize the need for a more comprehensive system. Enter Contract Lifecycle Management (CLM), a concept designed to streamline all stages of a contract's life — from initiation to execution and beyond . 

  CLM software began to change the contract management landscape, offering automated solutions that accelerated processes and demanded higher efficiency while managing contracts. However, as expectations grew, it became apparent that a simple contract management system was not sufficient. Innovators started exploring the depths of contracts, seeking to unlock the treasure trove of insights that lay within. This exploration led to the development of contract intelligence, an integration of Artificial Intelligence (AI) with CLM systems, allowing for the extraction of critical data and converting it into actionable insights . 

  Contract intelligence roots itself in the recognition that contracts are more than just legal documents — they are repositories of valuable information that can foresee risks, uncover cost-saving opportunities, and set limitations on liabilities. With AI, CLM solutions can now parse unstructured data and transform it into structured data for analysis. The ability of these AI-powered tools to understand contractual language and generate Management Information System (MIS) reports based on the data stored within contracts fundamentally revolutionizes contract management. 

  Applications of AI and Machine Learning (ML) in contract management are vast and impactful. For instance, AI can classify contracts according to their nature, enabling better organization and retrieval of documentation. Clauses within contracts can be highlighted and flagged for attention using AI's capacity to understand legal jargon. Additionally, AI can learn new clauses and incorporate them into its database, further enhancing its efficiency over time. With continuous learning and training, AI systems adapt to improve their classification and recognition capabilities. 

  The workings of contract intelligence within the realm of contract management are multifaceted. AI and ML introduce the concept of contract abstraction and migration, simplifying the once onerous task of manually tagging clauses and key points by automating the tagging process. Utilizing Natural Language Processing (NLP)-based ML algorithms, AI can extract information from contracts with remarkable speed and accuracy. By doing so, contract intelligence systems create an indexed repository of critical information, including party details, compliance obligations, and renewal schedules. Such automation and smart tagging align relevant data and stakeholders, ensuring that the contract management process is more streamlined than ever before. 

  In summary, the introduction of AI and ML into Contract Lifecycle Management represents a significant advancement in the field of contract management. These technologies enable businesses to manage their contracts more effectively and efficiently, leveraging systems like RazorSign’s CLM that perfectly tailor to client needs. As contract intelligence continues to evolve, its applications within business operations are bound to multiply, thereby ensuring robust and responsive contract management processes in today's fast-paced business environment