Contract Heroes
The Future of Contract Management with Nicole Shaver
Episode Summary
Have you ever wondered how certain organizations consistently maintain a competitive edge in the fast-paced world of business? What if we told you that one of the keys to their success lies in their adoption of cutting-edge technology in the realm of contract management? The future of contract management is poised to revolutionize the way businesses handle their agreements and legal documents. In this episode of the Contract Heroes Podcast, we sit down with Nikki Shaver, CEO and co-founder of Legaltech Hub. Legaltech Hub is a global directory for 21st-century legal solutions that connects buyers, vendors, and investors in the legal tech space. During our conversation, Nikki shares her background as a lawyer and the challenges she observed in contract management. She explains the purpose of Legaltech Hub as an insights and analysis platform for the legal industry, focusing on legal tech. The discussion revolves around the importance of contract management software, advancements in AI-driven solutions, customization, and the future of AI in contract management. She also emphasizes the need for prioritizing user experience and identifying pain points before implementing AI.
Episode Notes
WHAT WE DISCUSS:
- [00:00:31] - Nikki's journey to becoming CEO of Legaltech Hub
- [00:02:47] - Notable changes in legal technology and their impact on enterprise legal teams
- [00:06:56] - The role of AI in contract management
- [00:13:06] - The inevitability of AI integration in contract products
- [00:16:15] - Enhancing self-service workflows and integrating AI
- [00:19:39] - Anticipated technological advancements for organizations investing in AI
- [00:21:25] - Upcoming events hosted by Legaltech Hub
NOTABLE QUOTES:
- [00:03:00] - “We're really moving from the very large systems that do absolutely everything across the contract lifecycle and need to be implemented across all phases of the contract lifecycle to more modular, nimble solutions that are available for teams.” - Nikki
- [00:06:01] - “I think a CLM platform has to be nimble enough in order to be able to accommodate the different feature configurations or customizations for the particular industry into which it's being implemented.” - Nikki
- [00:13:54] - “AI doesn't necessarily lend huge efficiency at all stages of the contract lifecycle. It's a ‘nice-to-have’ in a lot of areas rather than a ‘must-have’.” - Nikki
- [00:18:05] - “You have to have thought out the user journey and have an established interface in order to make it easy to integrate AI and for the user to see the benefit of that.” - Nikki
USEFUL RESOURCES & LINKS: