target audience: TECH BUYER Publication date: Mar 2024 - Document type: IDC Perspective - Doc Document number: # US51924724
Is GenAI a Threat to CLM Providers?
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Abstract
The IDC Perspective discusses the impact of generative artificial intelligence (GenAI) on contract life-cycle management (CLM) providers. It highlights the potential of GenAI to streamline CLM processes, automate contract creation, and identify potential risks. However, it also warns of potential risks such as overreliance and biased outputs. The document concludes that while GenAI can enhance the CLM experience, human expertise and adaptation are crucial for responsible and ethical implementation.
"GenAI's ability to understand complex legal language and generate contract clauses can streamline many CLM processes, yet it introduces potential risks such as overreliance and biased outputs." — Patrick Reymann, research director, Procurement and Enterprise Applications at IDC.