Artificial intelligence (AI) will bring about many changes in the functioning of the industries and will be in the mainstream of things.
It will provide opportunities for reducing costs as well as increasing productivity. It will enhance business productivity.
Value of artificial intelligence in business
AI has become a valuable topic of conversation in various high official circles for the opportunities it provides to improve business.
Several industries, including healthcare and financial services, are adopting AI technology.
It starts with document management
AI, machine learning, and other technologies are making the significant impact in several industries that do include e-commerce, hospitality, as well as retail.
There has always been a slight tension among workers about robots taking over and also claiming jobs. The focus is on different types of technologies and there contribute to economic growth and augment the workplace so employees can work more effectively.
The focus is on huge volumes of contracts that do define business relationships as well as capture the rules of engagement and thus becoming the foundation of business transactions for each day.
Unfortunately, many companies have a problem finding and understanding what exactly is in their contractual agreements, which is rather a huge problem that can definitely add risk, increase liabilities, reduce efficiency, and also cost organizations significant sums of money on an overtime basis.
Value of artificial intelligence in business
Departments or business units do work in silos, and also it becomes nearly impossible for an organization to be able to get a clear picture of the data in their respective portfolio of contracts.
Many organizations do realize that they do have a problem and therefore do apply resources to find out and house contractual documents. But, they yet have to still undertake a process of carrying out manual reviewing of contracts with the help of in-house legal teams or outsourcing it to law firms. Also know the Applications of Virtual Reality
The problem with the manual reviews is that they are time-consuming, expensive and not 100% accurate. Also, they are not future-proofed, in other words, the data extracted from contracts, do not reflect changes in contracts, and when new data is needed, perhaps for the purpose of a new business event or even for regulation, the manual reviews must be performed over again.
Simplifying the review process
Indeed, new technology has been introduced in recent years to open up a whole new opportunity for contract discovery, data extraction as well as analysis, and they do give a new power to business users as opposed to legal resources.
It has also helped to transform this tedious and time-consuming manual process into a much faster, lower cost, and also easier to make use of the automated process.
Business users need not have to contact the usually overworked and also expensive legal team every time they have a question about a contract and then wait also to get the answer they need. Not only are automated processes more efficient, but they can also be more accurate, saving the company both time and money in the long run.
Putting the hype aside, there are situations where artificial intelligence and its foundation of machine learning technologies can be automated thus allowing employees to focus on higher-value work.
It is also capable of seeing patterns in data that even trained professionals do not always observe. Artificial intelligence has rather opened the door for an ongoing process of automation, thus allowing business leaders to make more informed decisions that are based on insights derived from the contract data.
Legal tech is for business users
When it does come to a company’s contractual agreements, one might consider that the in-house legal teams would rather be skeptical of this new technology.
Companies are becoming more open to automating data reviews and management tasks, as they allow them to focus their time on providing the high-value strategic counsel and thus lessen the use of outside counsel for these functions.
Contract data does include all of the terms, obligations, incentives as well as liabilities that organizations do have with external parties, on the buying and selling side.
AI does provide opportunities for reducing costs and increasing productivity. Companies can make better business decisions.