How AI Can Transform the Value of Contracts
Back in 2014, World Commerce & Contracting (World CC) estimated that organizations lose an average 9.2% of the anticipated value of their contracts. It published its “Ten Pitfalls to Avoid in Contracting” report, which highlighted the leading factors behind this contract value erosion, like the failure to engage stakeholders and the limited use of contract technology altogether.
In our latest report, created in partnership with World CC, we further examine the common pitfalls of contracting and explore the use of AI in everyday contract management — to navigate around these pitfalls and reduce their negative economic impact. We closely look at how organizations can move toward digitizing their legal processes — with the full support of AI — and the potential impact that this could have on enterprises.
Download our “Overcoming the Ten Pitfalls” report to learn about the:
- Positive impact that automation has on contract management, in general
- Significant role that AI plays in countering the contracting pitfalls, in particular
- Key factors that lead to the successful adoption and use of contract management technology
- Results of World CC’s 2021 Benchmark Survey of respondents who have implemented a contract repository
Traditionally, contract management systems have mostly helped to streamline activities during the pre-award phase. But in this new era of contract management — powered by artificial intelligence — corporate legal departments and contracting teams can not only create, review, and execute contracts more efficiently, but also avoid the ten pitfalls and reduce contract value erosion for good.
Download your copy of our “Overcoming the Ten Pitfalls” report today.
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