contract management use cases machine learning
This post briefly represent the contract management use cases which could be solved using machine learning / data science. These use cases can also be termed as predictive analytics use cases. This can be useful for procurement business functions in any manufacturing companies which require to procure raw materials from different suppliers across different geographic locations. The following are some of the examples of industry where these use cases and related machine learning techniques can be useful.
One must understand the business value which could be created using predictive analytics use cases listed later in this post. One must remember that one must start with questions and not the data to come up with strategic analytics use cases. So, what are some of the key analytics questions in relation to creating business value from efficient contract management:
Some of the following use case can help the procurement organisation adopt what may be termed as smart contract management.
Stay tuned for more detailed analysis on some of the contract management AI / machine learning use cases listed above. I will be focusing a lot on topic modelling and topic classification. Will also be demonstrating usage of different supervised learning algorithms for topic / text classification
Large language models (LLMs) have fundamentally transformed our digital landscape, powering everything from chatbots and…
As Large Language Models (LLMs) evolve into autonomous agents, understanding agentic workflow design patterns has…
In today's data-driven business landscape, organizations are constantly seeking ways to harness the power of…
In this blog, you would get to know the essential mathematical topics you need to…
This blog represents a list of questions you can ask when thinking like a product…
AI agents are autonomous systems combining three core components: a reasoning engine (powered by LLM),…
View Comments
What career opportunities do you see up for grabs, when a contract management professional upskills with Data Science? I mean do you see a significant demand of such combined skills of construction project management, contract management and Data Science skills???
Thanks Prateek for your question. A contract management professional upskilling with data science could get opportunities to work in different use cases relating to question and answering, text summarization, semantic search etc from contract documents. This would help in legal field and other related fields where documents need to be processed.