AI and Policy Management: An Effective Combination for Policy Lifecycle Management

Artificial intelligence (AI) is now a part of almost every aspect of business, including policy management. From building maintenance to inventory control, AI tools are being used to streamline processes. AI software can also play a big role in managing policies and procedures.

This article will briefly explain how AI can be used at every stage of a policy’s lifecycle—from creating and drafting policies to reviewing and eventually retiring them. We’ll also look at how ​SP Marketplace’s AI plugin fits into this process.

How AI Improves Policy Management

Managing policies depends on good documentation and data systems. Outdated or poorly designed systems can make policies ineffective—or even cause them to fail. AI has transformed how documentation and policy management work by offering:

• Smart document organization: AI can quickly sort, index, and cross-reference large amounts of policies and procedures. This makes creating, editing, accessing, and retiring policies much easier.
• Easy access in big companies: In large organizations, finding specific policies can be challenging. AI helps by pinpointing and extracting the exact information needed, instantly.
• Built-in security: AI-powered systems can flag unauthorized access to sensitive policies, keeping your data secure.
• Real-time updates: AI ensures policies are always up to date, so the latest versions are reviewed or used. It also helps retire or delete old policies more efficiently.

With these benefits, AI makes policy management faster, safer, and more effective.

Simplifying Policy Management with ​SP Policy Manager

SP Marketplace's Policy Management Software focuses on three key parts of the policy lifecycle to improve functionality:

• Automating policy workflows.
• Serving as a central library for published policies.
• Automatically providing documents for attestation or acknowledgment.

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The embedded AI plugin makes these tasks easier with advanced features like:

• AI Document Analysis: The plugin compares new or updated policies with existing ones in the system. It analyzes clauses and identifies matches or suggests tweaks for consistency. This quick and accurate analysis saves time and ensures uniformity.
• Enhanced Accessibility: Authorized users can add or remove metadata tags to make documents easier to find.
• Version History Tracking: The plugin keeps track of changes made to documents, even if editing history wasn’t recorded. Users can compare different versions to see what’s been updated.
• Summary Generation: The AI can create concise, clear summaries of policies or documents, saving time and improving clarity.

AI has revolutionized policy management, making policies easier to create, update, and access. With AI-powered tools like SP Marketplace’s software, managing the policy lifecycle becomes faster and more efficient.