Technology

How To Invest in ChatGPT?

How To Invest in ChatGPT

Generative AI is the new big thing in technology. There is rarely anyone in the US who doesn’t use ChatGPT daily in miscellaneous ways. Let’s find out how to invest in chat gpt?

It is a viral Generative AI tool from OpenAI. Elon Musk and Sam Altman started the firm together. 

Altman’s disruptive NLP tool, GPT 3.5, is the basis of ChatGPT. 

We won’t brood over its uses and revolutionary benefits. Let’s focus more on its unquestionable effect on the economics of the AI sector. 

If you are searching for information on how to invest in chat gpt, you may have also heard rumors about the ChatGPT IPO. 

ChatGPT’s Exponential Growth

ChatGPT’s Exponential Growth

After getting a $1 billion investment from Microsoft, it is no surprise that ChapGPT may file for an IPO soon. 

 ChatGPT has the sponsorship of Microsoft. Elon Musk is one of its patrons, too. 

At the same time, ChatGPT is already an integral part of the AI circuits. 

Most big tech giants are looping ChatGPT’s language processing and ML tools in order to improve their services. 

Here’s a roundabout opportunity for you if you’re considering investing in chat get. 

All these suggest that ChatGPT’s exponential growth will carry on. Also, hoping their IPO will be released soon won’t be an exaggeration. 

Now you know how you can benefit from investing in ChatGPT. 

Understanding ChatGPT Stock

Understanding ChatGPT Stock

Most of us know that ChatGPT is a private company. You will not find ChatGPT stocks in any publicly traded market. So, why is there a buzz regarding ChatGPT stock? 

Why do most people also search? How do you invest in chatgpt?

Description Of ChatGPT Stock and Its Status as a Private Company

According to market data from May 2023, ChatGPT is not publicly listed yet. You won’t find ChatGPT or its parent platform, OpenAI, on any market. 

Currently, there are no public equities in the market linked with ChatGPT. 

Explanation Of the Lack of Public Trading Options for ChatGPT Stock

OpenAI does not trade publicly in any market. There is only one rumor about ChatGPT’s IPO. However, Altman said they have no plans to go public anytime soon. 

Therefore, there are no real chances of ChatGPT going public as well. 

So, let’s not waste time searching how to invest in chat gpt. 

Investing Strategies

Investing Strategies

There are no public stocks of ChatGPT. But can you invest in chat gpt? 

Well, I would say YES! Maybe. 

1. Investing Indirectly

There are alternative strategies for investing in ChatGPT. Let’s discuss the directs stocks and the ETFs linked to ChatGPT. 

If you’re thinking about investing in chat gpt, there’s no direct way to do so. 

Investing in companies closely associated with ChatGPT, such as Microsoft

Can you invest in chatgpt through Microsoft? Yes.

Why is it valid to say so?

Since 2019, we have seen a strategic partnership between Microsoft and OpenAI. 

There were rounds of investment from Microsoft in the development of their winning product, ChatGPT. 

In 2023, ChatGPT landed. We also saw a prompt $10 billion investment from Microsoft. 

The swathe of investment proves that Microsoft believes in the product’s potential. 

So, when ChatGPT profits, the ROI earned by Microsoft will also return better dividends for its investors. 

Now you have the answer to your top internet search- how to invest in chat gpt. 

Highlighting the Benefits of Investing in Microsoft for Exposure to ChatGPT

For other reasons, investing in Microsoft’s stocks can be equivalent to investing in ChatGPT.

Microsoft Azure, Copilot, and the latest AI assistant rely heavily on ChatGPT’s technology.

After integrating OpenAI in Microsoft’s services, 65% of the Fortune 500 companies use those now.

But how can you invest in chatgpt, if Microsoft thrives?

They can leverage their strategic partnership with ChatGPT if you invest more in Microsoft.

Both brands can lock in a win-win scenario. If Microsoft profits by linking ChatGPT, it will share dividends with investors. At the same time, you can win big-time, if ChatGPT grows, too. 

Consequentially, ChatGPT will invest more in its service quality. As a result, the service linked with Microsoft will improve, too. 

It means higher customer satisfaction and better revenue returns for Microsoft. 

2. Exploring AI Stocks

Most AI companies are exposed to ChatGPT or its indirect benefits. 

So, you can freely invest in any of these AI stocks. Anyway, your investment will leverage ChatGPT’s potential to grow. 

Listing Other AI Companies Like NVIDIA, C3.ai, Alphabet Inc, and IBM for Potential Investment Opportunities

  • NVIDIA

ChatGPT marked a journey of exponential growth for the AI platforms. However, NVidia emerged around 1 year after that. However, NVidia has exhibited a Y-o-Y growth of 262.1% since then. 

They manufacture processing chips. Most AI tools process data and create output through these chips. 

So, most companies will need NVidia’s chips to run ChatGPT’s modules.

Understandably, ChatGPT can benefit from this circular model. Investors can, therefore, invest in ChatGPT indirectly by investing in NVDA. 

NVidia is currently in the category of appreciation stocks with a per-share value of 1,064.69 USD. 

So, most companies will need NVidia’s chips to run ChatGPT’s modules. 

Maybe you won’t get this info if you search how to invest in chat gpt. But read this blog clearly, as it answers your question. 

  • C3.ai

It is a rising platform for enterprise AI. Their AI service is dedicated to businesses going digital, all out. 

The firm also helps you to take your business to the Cloud. They can also help you with seamless cloud connectivity. At the same time, they will create a non-complicated cloud UI for your business with AI. 

However, C3.ai also uses ChatGPT’s NLP tools. So, you can invest in ChatGPT indirectly by investing in C3.ai.  

  • Alphabet Inc

ChatGPT can study Gemini AI’s growth and functionality to improve. Gemini, as we all know, belongs to Google. Alphabet is Google’s parent firm. 

Most importantly, ChatGPT can learn from the traits of two of the leading technologies used in Alphabet’s AI:

IBM’s stock also saw rapid growth recently. 

IBM gave a dividend of 3.89% to all investors. Presently, their stock is valued at $170.89. Moreover, the stock price is up by +0.22. 

Discussing the Potential Growth of these AI Stocks Due to Advancements in Natural Language Processing

 All the tech companies run service requests from human commands. Above all, you need NLP to run human commands better. The language processing technology allows the software to understand the command better. 

So, NLP plays a significant role in customer satisfaction. At the same time, customer satisfaction is linked with better revenue and revenue –returns, too. 

3. Considering Tech Companies

Many tech companies rely on ChatGPT to improve their services. To invest in chatgpt, you may also invest in mid to low cap stocks like Upstart. 

I still see many people enquiring- can i invest in chat gpt?

But the only alternative to investing in ChatGPT’s direct stock is to put your money into other emerging tech stocks. 

Exploring Tech Companies Like Upstart and Perion Network That May Benefit from The Expansion of ChatGPT Technology

Let’s check out the potential and linkage of these two emerging companies with ChatGPT.

  • Upstart

Brands like Mercedes patronize Upstart’s AI solutions. As a result, experts think their stock value will shoot up very soon. Currently, Upstart is trading at 23.35 USD, with 0.19% growth already. 

  • Perion

Perion is a low cap advertising technology business. They also use ChatGPT’s module for understanding as well as processing the publisher’s request. 

Discussing The Correlation Between Tech Company Performance and The Adoption of AI Solutions

ChatGPT is new and still emerging. They activated monetizing recently. I was also wondering- can i invest in chat gpt, given the risk factors. 

However, the linked growth of other tech companies can leverage ChatGPT’s growth potential. 

Risks and Caution

Risks and Caution

Can you buy stock in chat gpt? No. 

So, how to invest in chat gpt?

Through exposed tech stocks, as I discussed. 

You can certainly buy other publicly traded tech stocks. But are they free of risks? 

I’d say the risk is permanent. 

Highlighting The High-risk Nature of Investing in Emerging Technologies Like ChatGPT

I still see persistent searches like Can you buy stock in chat gpt. I don’t feel they are aware of the risks of investing in emerging technologies like AI. 

According to me, the change in regulatory decisions can disrupt the growth of ChatGPT’s stock overnight. 

Competitors of ChatGPT can also overturn the market with Liam2 or similar progressive technology. 

Discussing The Importance of Thorough Research and Due Diligence Before Making Investment Decisions

Chat gpt invest readily into disruptive technology. But how can i invest in chat gpt in a risk-free way?

Certainly. 

I must do detailed fundamental research on the balance sheets, new investments, strategic partnerships, and existing liabilities of ChatGPT in the market. 

Conclusion

How do i invest in chat gpt?

It seems that there are no direct means of investing in ChatGPT now. The company does not trade directly in the market. 

So, its not worthwhile to search how to invest in chat gpt. Rather, search other tech stocks where you can invest. 

So, we must consider the alternative means of investing in chat gpt. For instance, we can invest in the tech stocks related to ChatGPT. We may also invest in ETFs exposed to ChatGPT. 

If you want to know what ChatGPT ETFs are, please read the blog “Best Artificial Intelligence (AI) Stocks to Invest in US.”  ChatGPT-related stocks can be volatile, too. Most of the stocks are also at their appreciation stages. At the same time, they might have reached market saturation, too. So, evaluate their current position before investing.

For The Best Articles Click Below!!

author-img

Ankita Tripathy

Ankita Tripathy loves to write about food and the Hallyu Wave in particular. During her free time, she enjoys looking at the sky or reading books while sipping a cup of hot coffee. Her favourite niches are food, music, lifestyle, travel, and Korean Pop music and drama.

Leave a Reply

Your email address will not be published. Required fields are marked *

Related Articles

Web Developers

Tips On Choosing The Right Web Developers

Your website is an extension of your business — it communicates who your business is, what it does, and why it’s different from the competition. It needs to be logical and functional while being able to maintain the character and tone of your brand. You can achieve all of these things and more once you end up working with the right web developers. Web developers have the skills, experience, and tools to make and maintain high-quality websites. With the number of web developers offering services today, choosing one can be tough. This is especially true if you have never worked with a web developer in the past. If you want to avoid horror stories as you build your website, we’ve put together a list of things to consider when choosing the right web developers. Use this article as your guide, so you can narrow down your options fast and use the best website for your business. 7 Important Tips On Choosing The Right Web Developers 1. Assess Experience You won’t trust an inexperienced mechanic to repair or maintain your car, so why hire inexperienced web developers to take care of your website? Their experience can significantly impact the quality and duration of the project. Regardless if you’re eyeing to hire a freelance web developer or a web developing company, always ask for their portfolio. This enables you to assess how long they have been in the industry, what kind of projects they handled in the past, and how extensive their technical experience is in different tech cases. 2. Ensure They Offer a Variety of Services The process of developing a website is broad; it includes the discovery phase, UI/UX design, testing, maintenance, and support. Hiring a web developer who’s only experienced in one or two of these areas can be stressful and would cost you more money. The web developers you hire should offer a variety of services. They should have the skills and tools to make a website from scratch and maintain it after going live. This will save you resources from approaching different persons for different concerns about your website. 3. Check Reviews Many developers market themselves too well to the point where they make false promises. Before you hire anyone to make your website, take the time to check for reviews first. Use the experience of other people to determine whether you’re hiring the right web developers. Search the web developers online and check what their clients are commenting about them. Are they happy with their services and satisfied with the outcome of their project? Or were they frustrated as the web developers failed to meet their expectations? Seeing one or two negative comments isn’t a cause for concern because even the most experienced web developers can’t please everybody. However, if the web developer’s website is bombarded with negative comments and has few positive ones, it’s best to look for other options. 4. Ask About Their Processes Working with a team that doesn’t have an established process in place can lead to chaos. It’ll be challenging for you to determine what comes next or to whom you should address your concerns. Another thing to consider when choosing web developers is their process. Ideally, you should only hire a team that already has established processes — they should know what happens first once the project starts, what comes next, and so on. This will ensure a seamless and stress-free experience as you start working with them. 5. Consider Communication Communication is crucial in every relationship, and that includes the professional relationship you’ll have with the web developers. It’s important to work with web developers who prioritize communication. How else will you let them know what you want on your website? Besides offering various communication channels to their clients, the web developers should also share updates and other business-related concerns once available. This approach minimizes conflicts and ensures that the parties involved are on the same page every time. 6. Ask About the Cost When it comes to cost, you shouldn’t settle on working with the highest-paid web developers thinking you’ll get the best results or the cheapest ones in an attempt to save money. You should look for web developers who offer great value: those who provide high-quality service with a reasonable price tag. Aside from the price of their service, don’t forget to ask about their payment terms. Do they require a down payment before the start of the project? Do they accept cheques or cash only? Having answers to these questions will help you plan your budget. Make Careful Decisions The success of your website depends on the web developers you hire, so don’t make hatsful decisions. Take as much time as you need to compare options. The more careful you are, the better chances you’ll have in finding the best web developers ideal to your preferences! Find out the top 6 things to look out for when hiring a web developer, as well as how to make the most of working with a developer. Read Also: Why  Create A Powerful Business Continuity Plan? What Is Network Marketing And How To Do It In 2021 How To Start A Business In 2021 – Best Business Strategies

Internet Providers

Factors To Consider When Choosing Business Internet Providers

In today’s digital landscape, having reliable and fast business internet is an essential part of any organization's success. With the ever-changing technology climate, businesses must stay up-to-date with the best service providers to ensure peak performance and productivity. Selecting a dependable and affordable business internet provider can be daunting considering there are myriad options to choose from. In this blog post, we have compiled all of the factors that should be taken into consideration when selecting your company's go-to online link provider. We will examine some of the most important elements including customer service, connection speeds, reliability, security system weakness protection solutions (firewalls), data monitoring capabilities (bandwidth usage tracking), cost structure, and billing policies so that you can make an informed decision on which provider will work best for your business needs. Here Are Five Prime Factors To Consider When Choosing Business Internet Providers 1. Analyze Your Business Internet Needs When deciding on a business internet service provider, it is essential to evaluate the needs of your business ahead of time. Careful consideration should be given to the amount of bandwidth necessary for your operation, as well as the technology needs for efficient processes. Different industries have different technological requirements and you must ascertain if the internet provider can deliver what is right for you. Additionally, the capacity to expand over time should be taken into account in case your business grows. By considering all factors carefully up front, businesses can gain an understanding of the level of service they require and find an appropriate internet option to meet these needs. 2. Evaluate Different Providers Evaluating different internet providers for business purposes is an important task, as it can help to ensure that your company is securely connected and working with a provider that fits your needs. The type of coverage offered, customer service experience, and data security should all be heavily considered when making the decision. It may take a bit of research to explore the varying levels of customer service, data security policies, or regional coverage among different providers but doing so will help you make an informed decision on which provider is the best fit for your company’s internet needs. 3. Review Contract Terms When choosing an internet service provider for a business, it is critical to not only consider speed and pricing, but also the contract terms. Pay close attention to the length of contracts—will you be paying for a yearly subscription or do you want something more flexible? Make sure you are aware of any cancellation fees that may come into play when changing service providers if needed. Taking the time to read and understand the relationship's contract terms before signing can prevent costly mistakes and unwelcome surprises in the future. 4. Understand Installation Procedures Installation is a key factor to consider when choosing a business internet provider. It is important to understand the entire installation process before committing to a provider. When researching potential providers, be sure to ask how long the installation will take, what type of equipment needs to be set up, and if there are any additional costs associated with it. Knowing this information ahead of time will spare you from any unwelcome surprises in the future and help ensure that your installation is smooth and efficient. 5. Research Customer Reviews Researching customer reviews is a valuable way to get an indication of what you can expect from different business internet providers. It is important to read multiple reviews from past customers to gain a better understanding of their experiences and opinions. By reading these reviews, you will be able to get a wider picture of customer service, reliability, connection speeds, and any other key factors that might assist your decision-making process. Customer reviews can provide an invaluable source of insight into the providers you are considering – giving you an essential tool in the journey to find the best business internet provider for your needs. Conclusion In sum, choosing the right business internet provider for your company can seem like an overwhelming task. However, we hope that by analyzing your business needs and evaluating different providers’ coverage and services, you are now better prepared to make a decision. Don’t forget to pay attention to details in the contract as well as installation procedures and read customer reviews before committing to a particular option. When selecting a business internet provider, it’s important to take your time and consider all of the factors outlined in this post carefully. Ultimately, by keeping these aspects in mind while weighing the pros and cons of different options, you can find a service that fits both your company’s needs and budget perfectly. Read Also: The Resources You Need To Start Your Business What To Look For In Top Internet Service Providers? How To Get A Mortgage As A Small Business Owner

Infusionsoft

What Is Infusionsoft By Keap? – Let’s Discuss The Best Features, Alternatives, And More

Infusionsoft CRM is a customer relationship management software. It is now known as Keap. The software system is best suited for small business owners and startups. It is not an advanced CRM and hence is for someone that is new to the category. The software platform allows you to combine sales and marketing automation processes, which can be quite useful for new eCommerce businesses. The first part of this article consists of a general review of Keap, and secondly, we will show you the plans and pricing of the software platform. Next up, we will look at the major features of Keap, and you will understand whether Keap is a good all-in-one solution for your business or not. Finally, we will discuss the major pros and cons of Keap, followed by some Keap (Infusionsoft) alternatives. Keap (Infusionsoft) - A General Overview Once you do an Infusionsoft Login (or Keap Login), you will come across a lot of features, and you will find amazing customization options. This shall help you personalize the software as per the needs of your business. It can streamline your lead management and sales processes really well. According to Business News Daily, “The platform’s easy automations save customers a reported 10 hours per week by eliminating manual tasks such as sending texts and email follow-ups and recording new leads immediately after they complete a form on your landing page or social media account.” Another useful thing about Keap is that setting up this CRM is easy and fast. Furthermore, there are drag-and-drop sales pipeline builders. which makes things easy for you. Thereby, you have a better chance of getting organized, and you shall have a clear picture of the best business opportunities near you. Infusionsoft Pricing - Major Subscription Plans In Keap One of the best things that we have seen about Keap is that it has contact-based pricing. There are three different pricing levels of Keap. These are explained below: PlansPricingPro$159 per month (annual billing) for 1500 contactsMax$229 per month (annual billing) for 2500 contactsMax ClassicCustom pricing (for the need related to advanced marketing and sales) Apart from these, you will also get a free trial for 14 days, where you can try out the software and check the major features that are useful for your business. This will help you to get a better idea of what the software system is all about and how it can help your business. What Are The Major Features Of Keap? According to the claims of Keap on its official website, you can: “Capture leads automatically with customizable forms that you can embed on your website and our custom landing pages. Use targeted and personalized email nurtures with automated triggers for more effective results.” The following are some of the major features of Keap: Infusionsoft Email Marketing Easy automation of repetitive tasks Scoring leads to the prioritization of opportunities Built-in invoicing and payment processes Easy integration with many popular software applications Really efficient and featured contact management Automated marketing campaigns Why Keap Is A Good Solution For Your Business? As per the reviews on DreamGrow.com, “Keaps’s sales and marketing automations make it so you don’t have to manually follow up with every lead, keep track of everything in docs, copy paste emails, or play the guessing game. It’s all done for you and grows your business 24/7 while you focus on other things.” This software can be a great option for you if you are looking for marketing automation. Furthermore, Keap also offers you a lot of integration options that can help you enhance your productivity better. The all-in-one software can help you a lot if you deal with a variety of stuff, as happens in eCommerce businesses. Keap (Infusionsoft) Pros And Cons The following are the major pros and cons of Keap that you need to go through so that you get a better idea of what to expect when you make a purchase: Pros Of Keap (Infusionsoft): Here are major pros of Keap that are sure to benefit your business: It comes with both sales and marketing automation features. You will get access to the customer success manager on every pricing level. Furthermore, with the help of the Keap app, you can chat 24x7. There is phone support available as well. The collection and scoring of leads are automatic, which, in turn, helps in ensuring an efficient sales process. Easy segmentation of customers. It lets you combine CRM with email marketing processes. You will get to customize your dashboards as per your needs. There are autoresponders present in the software as well. Cons Of Keap (Infusionsoft): Here are a few cons of Keap that you need to be aware of so that you know what to expect out of the software platform: Often, integration with another software will require a monthly fee. The data migration process, which is available for free, is limited to your contacts, ten items, and one landing page. The pricing is based on the contacts. This means that the base pricing that you pay monthly grows with your contact. Some of the reporting features need updates A limited number of templates Limited search options for the user. Major Alternatives Of Keap (Infusionsoft) The following are the top alternatives of Keap that you can find easily: 1. Salesforce Sales Cloud 2. Constant CRM 3. HubSpot Sales Hub 4. Active Campaign 5. Zoho CRM Wrapping Up Hope this article was helpful for you in getting a better idea of Infusionsoft by Keap. You can see that this software is quite useful for startups and small businesses. If your business is eCommerce, and you are searching for an all-in-one solution, then Keap is a great option for you to choose for your daily business processes. Although there are some good alternatives for Keap, when it comes to integration with other software systems, it is really good. What are your own reviews regarding this software platform? Share your thoughts with us in the comments section below. Read More: What Is QuickBase? A Low-Code Database Platform For Citizen Developers Pipedrive Review 2023: Features, Pros & Cons, And Alternatives Creatio CRM – Review, Major Features, Pros & Cons, And More

AI in Contract Management

A Comprehensive Guide To AI in Contract Management

Legal departments and firms worldwide are increasingly embracing Artificial Intelligence (AI) into their operations. This is despite fears from some lawyers as to the potential impacts. However, the evolution of AI into the legal profession should be welcomed because it will never replace the value of judgment-forming human lawyers. This stems from the fact that intelligence is a vital component of humanity, and AI extends on that quality. AI should be embraced as a value-building element that will facilitate the duties of lawyers and provide them with ample time to focus on more complex and demanding tasks. One notable area where AI is impacting the legal profession is contract management. Understanding The Aspect Of AI Artificial intelligence is also identified as cognitive computing. It identifies machine operations that copy human brain processes through making decisions based on some sets of data. AI programs operate through computer programs training and continuously trying through trial and error in unsupervised learning. Computers also learn from humans through supervised learning. An effective AI program can perform tasks that usually require human intelligence (Rich, 2018). For instance, these programs can translate languages and even recognize speech and objects.  Artificial Intelligence In Contract Management Lawyers are increasingly using AI contract management software to classify contracts just in the same manner that some individuals are training AI programs to translate languages. On this note, lawyers are infusing AI programs with training sets that may comprise of different purchaser and supplier contracts. Upon the identification of the contracts, the AI program collects data from the training set in the classification of future contracts. In this regard, the program analyzes and examines the language that is commonly used in purchaser-friendly and supplier-friendly contracts. It is also possible for a lawyer to train the AI program to reject or request variations on specific language in the different types of contracts (Linarelli, 2021). It is worth mentioning that AI programs differ from the contract management systems used previously in legal departments in the storage and organization of file sets (Agarwal, 2020). This is because cognitive computing programs fully understand the completion of certain tasks conventionally assigned to lawyers. For example, these programs can establish patterns with a set of data, perform a comprehensive examination and provide the results.  AI programs assist lawyers in identifying risks, future financial obligations, renewal and expiration dates, and anomalies. Lawyers are training AI programs on the actions required for specific contracts. For example, they are ensuring these programs send all non-disclosure agreements for review by the general counsel. Similarly, an AI program will have NDA contracts that meet the required threshold approved and executed. AI programs are also being used to remind lawyers of contracts that require to be renewed before the expiry dates. AI programs are also being established in ways that they can identify missing clauses in contracts.  It is essential to note that AI programs in the legal industry cannot advise clients, negotiate deals, write briefs, and appear in court.  Impacts of AI In Contract Management AI is a whole new frontier to master. Studies show that AI can have a huge impact on business verticals. This section will study how AI will impact business verticals and contract management in upcoming years.  Increased Efficiencies Conventional contract management is rather labor-intensive, time-consuming and often inefficient. This is particularly because the drafting of contact is quite lengthy. Lawyers must read thoroughly through their drafts and ensure that they have all areas of different parties covered. There are delays, particularly when more people are involved in the creation or approval of the contracts. Based on the above facts, conventional contract management makes it utterly impossible and difficult for a lawyer to get a general grasp of all contracts. Lawyers in these departments handle large volumes of contracts. As such, it is often a struggle to extract requisite data into organized databases. Furthermore, contracts in many legal departments are often scattered in different email inboxes and hard drives instead of being situated in one database (Rich, 2018). This, in turn, fuels disorganization that causes missed deadlines and costly errors. It is worth mentioning that contracts make up a large percentage of financial transactions in entities. They also form the foundation and relationship between buyers and suppliers. As such, ineffective contract management can be quite catastrophic in terms of loss of capital. Studies have shown that companies lose about 9% of their annual revenues because of poor contract management costs. It is, therefore, strongly recommended for legal departments to digitize their contracts into AI programs. This initiative will save not only time but also money (Rich, 2018). AI programs will assist legal departments in using algorithms to make decisions and organize information. Lawyers can also infuse AI programs with sets of training data on non-disclosure agreements. These programs can then be used to identify the specific language in the NDA contracts. As such, contracts that meet the stipulated requirements for NDAs are approved and submitted for execution. It is also possible for AI programs to be trained to recognize agreements being reviewed and offer suggestions in terms of relevant provisions. For example, in the scenario the department frequently engages with a particular supplier, the AI program will be able to offer recommendations that have been utilized previously. Greater Risk Intelligence Contracts are quite sensitive and risky. In this regard, lawyers have conventionally been forced to monitor contracts throughout their enforcement period. With AI programs, lawyers are easily notified of deadlines. This frees them to tackle other meaningful and demanding tasks. For example, lawyers through AI programs establish rules for deadline reminders. One may choose to “find all contracts with certain expiry dates and choose to be notified one month or two weeks before”. This initiative is undoubtedly time-saving and provides lawyers with time to mitigate risks associated with each contract. It is also essential to note that forecasting is an attribute that all lawyers should strive to possess. For instance, an attorney may choose to determine whether litigation against a certain supply will be victorious. Experienced lawyers tend to have better forecasting attributes. Nonetheless, AI programs are much better and more accurate in the analysis of large sets of data. Through accurate predictions of potential contract litigation outcomes, lawyers will save entities significant amounts of money (Linarelli, 2021). Greater Accuracy and Consistency Undoubtedly, human beings are prone to errors. As such, relying on them to accurately review and draft contracts is ill-advised. As is the norm, individuals often copy and paste from templates when creating contract drafts. In this regard, they often or are bound to omit certain sections. Despite them spending countless hours going through the documents to ensure all aspects are covered and flagging problematic clauses. It is based on the above facts that AI programs are highly recommended. They will reduce the costs and mistakes that are brought about by human error. There are some AI programs that prompt lawyers to choose specific clauses that they will accept or reject. As such, if a contract is uploaded but misses some important clauses, it is immediately rejected. AI programs will also foster consistency in contract management. For instance, these programs can ensure that particular definitions are used across all contracts in the department or pertaining to a certain supplier. AI programs also allow for the extraction of key data from contracts (Linarelli, 2021). In so doing, they provide an overview of fundamental concepts in the contracts. Some AI Contract Management Tools You Need To Know About Currently, the market is saturated with AI Contract Management tools. However, you need to have a clear idea about what you want and need. This section is meant to educate you on some of the best AI Tools you can use for contract management.  Docusign CLM Docusign CLM is the first AI Contract Management Tool that we would like to discuss. The tool is popularly lauded as one of the best AI-powered management tools in business. The tool is ideal for technical as well as non-technical users. This tool is best suited to manage small to medium-tier businesses. This application is known to process complex approval processes and mediate between clients and stakeholders. However, the application has a very modern user interface. This can be a little challenging for people with limited technological clarity. The pricing for this software ranges from £8 /month to £33 /month.  Icertis The next AI-based contract management tool that we would like to talk about includes Icertis. Icertis converts contracts into strategies and strategic assets. This can help with compliance and other similar issues altogether. As a result, the application can streamline the contractual process and enable better decision-making. Icertis uses AI tools in order to create individual or mass-contracts. The platform also offers services like contract negotiation, risk assessment, and many more. Icertis works best in an AI-powered ecosystem. Therefore, you will not face any challenges while integrating this tool with other tools you have. One of the biggest cons of this tool is that the customer support team has a long response time. This can be challenging and can disrupt operational flow. As of now, the pricing for this tool is unavailable.  Contract Works The third AI-based contract management tool on this list is Contract Works. This AI-powered tool is one of the best tools for managing business contracts and contract preparation. The tool helps in automating basic and mundane tasks. As a result, a lot of your time will be saved. This tool works in synergy with the ChatGPT architecture. Therefore, the application will enable you to do several tasks at one time, from preparing redline contracts automated email replies, etc. This is a great tool to have in your arsenal. However, the tool does not support integration with  ERP or CRM tools. As a result, the tool can get a little restrictive in some sense. The pricing of the tool starts at around $700 per month and can go up to $2000 per month. Conclusion With that, you have reached the very end of our article about the role of AI in contract management. Before you start gravitating towards AI for contract management, just remember that AI is a new frontier. As a result, expect to see some major shifts in the design. You May Also Like.. The Role Of Responsive Design In B2B Websites The Importance Of Tech Support For Your Small Business The Art Of Automation: Streamlining Marketing Processes With Tech