Just a few days into 2023 and there is already news about a robot fighting a case in the court of law!
This is giving a trailer of what this new year, 2023 shall bring for us.
Artificial Intelligence (AI) is touching the pinnacles of success with every new milestone it is achieving in various fields. The legal arena has also been infused with its contribution to making day-to-day tasks easier and more efficient.
Contracting is a very common concept in the business arena, but very few companies are actually able to perform it properly or efficiently.
In fact, based on the circumstances, it has been estimated that inefficient contracting costs businesses anywhere from 5% to 40% of the value of the originally signed deal.
However, new technological advances like AI are already assisting lawyers in helping businesses overcome the challenges associated with contracting.
The main issue businesses have with contracting is the sheer volume of agreements they have to maintain, many of which are inconsistent and challenging to organize, monitor, and update.
If, for instance, a large tech company finds itself with a significant number of procurement contracts that all have different renewal dates and renegotiation terms.
A team of contract managers would need to spend hundreds of hours reviewing and keeping track of all this information if done manually.
AI software, however, can easily extract data and clarify the content of contracts.
As technology continues to radically transform how we conduct business, artificial intelligence is paving the way for innovative and cost-effective contract management.
Comprehending what AI tools can and cannot do in contracting is key to their successful implementation and use.
But as AI develops, it is all but certain that it will one day be fruitful and worthy to all firms.