According to HBR, contracting causes firms to lose between 5% to 40% of the value on a given deal, depending on circumstances. But those who deploy leading-edge technologies like artificial intelligence (AI) will achieve substantial increases in profitability and productivity.
Applied AI in contract management automates routine tasks for in-house legal and legal operations departments so that they can review and manage contracts more rapidly, decrease the potential for contract disputes and risks, and increase the volume of contracts they are able to negotiate and execute.
The use of AI contracting software has the potential to address previously intractable contract challenges. This whitepaper discusses AI applications in contract management which include digitizing legacy and third-party contracts, deep data visualization into contract relationships and performance, proactive risk analysis for improvement past negotiation and more.