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.