Contracts and AI software

Business owners in Missouri and around the country who routinely enter into contracts may be aware of how difficult it can be to keep up with them. According to estimates, inefficient contracting is responsible for a loss of 5 to 40 percent of the value of a deal. However, due to technological advancements, specifically artificial intelligence, businesses may be able to meet the challenges.

One of the main issues businesses have with contracting is the ability to manage the high quantity. There is usually no uniformity among the contracts, and they can be difficult to manage, update and organize in an efficient manner. Businesses lack a database that houses the contract information, and as a result, there is no quick way to conduct inquiries,such as identifying all contracts that use complicated outsourcing agreements. Any handling of the contracts, including drafting, executing and more, require significant manpower.

With artificial intelligence software, businesses will be able to easily simplify contract contents and mine data from them. The software allows contracts to be reviewed much faster and makes the organizing and searching of vast amounts of information much easier to execute.

Artificial intelligence software also reduces the likelihood of hostile contract negotiations while increasing the number of contracts the business can negotiate and implement. Using AI software can enhance the way all businesses monitor their contracts. It can introduce new tools the businesses will use, impact the contract processes used by companies and influence contract content. It may also ultimately reduce the frequency of contract disputes and resulting litigation.

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Long & Robinson, LLC
1800 Baltimore Avenue
Suite 500
Kansas City, MO 64108

Long & Robinson
Burke Robinson
The Top 50 Construction Law Firms | Construction Executive 2019
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Our condo association was faced with monumental construction issues thanks to the original developer of our complex. We were cash poor and in no position to get legal representation without a contingency fee arrangement. Luckily for us, Scott Long and Burke Robinson were willing to take us on as clients. Their work ethic, professionalism and knowledge of condominium construction served our association very well. Any association would be well served in hiring these gentlemen to represent them.

Board of Directors - Plaza Gardens on the Lake Condominium Owners’ Association Lake of the Ozarks, MO

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