Hello Everyone,
This article is the first in a series of articles I will be publishing on how to leverage artificial intelligence and machine learning in ServiceNow to identify business risks through analyzing millions of digital contracts. This article will provide information about the latest release for Legal Service Delivery and how can Obligationflow app - ServiceNow app can be used to identify, assign, monitor, and fulfill all the contractual obligations.
ServiceNow recently announced the new addition of Legal Service Management in their Paris release, helping enterprise legal teams to scale up work. With LSD, your staff can now raise a legal service request for any kind of assistance from legal. This is very similar to raising an IT request. For example, someone may raise a legal service request to help file a patent application, to review an NDA, or draft a new contract.
This brings in benefits such as visibility and tracking, heightened productivity, and greater collaboration between legal and other staff. However, without an enterprise-grade CLM tool, organizations would still find themselves grappling in the dark when it comes to anything that relates to contracts.
With Contract Lifecycle Management added to Legal Service Management, the combined stack becomes a very potent game-changer for legal operations and a huge step towards legal tech transformation.
Imagine a request coming into legal for a new trademark or a patent. Such requests would be routed in through the Legal Service Management ticket mechanism. Legal ops, upon receiving the ticket, could respond to the request by creating the appropriate trademark or patent contracts in CLM.
As in-house lawyers and legal operations teams find themselves increasingly buried in work, the need for better legal services solutions and contract lifecycle management workflows has become more pronounced. The obligations related to important business transactions and relationships are typically detailed in contracts with customers, suppliers (goods & services providers), channel partners, and other parties. Large organizations have an overwhelmingly large number of contracts containing an even greater number of obligations.
Coming to AI - it's better we show you rather than explaining here. Here is a detailed ServiceNow app demo covering how to handle contractual obligations on ServiceNow.
Below is a simple workflow where AI can manage contractual obligations using employee workflows:
Discover: Extract obligations with a single click using AI engine
Transactional obligations: payment milestones, delivery timeline, etc.
Compliance obligations: environmental, health & safety, etc.
Assign: Streamline obligation lifecycle using Digital Workflow
Allocate obligation fulfillment tasks to relevant stakeholders
Automate email notifications and reminders for obligation fulfillment tasks
Monitor: Measure contractual performance across the organization using Dashboard
Track obligation risks and compliances
Review contract obligations by customers, suppliers, service providers, lessors and lessees, supply chain and sales channel partners, creditors, borrowers, and other parties.
Ensure that all your business deals are working as per the terms and conditions with AI, which can lead to improved vendor performance, new business opportunities, avoid reputation damage, and eliminate heavy financial losses.
That's it! I hope this helps anyone looking to add an AI layer in ServiceNow. I will be composing other articles and hope you enjoy them as well.
Let me know if you have any questions in the comments below.
Thank you,
Misri Parikh
