The world is going through a lot of advancements in technology and making a huge impact on how business is being conducted and how organizations are adapting to these new technologies. A lot of human-intensive tasks are being fully automated ever since Artificial Intelligence and Machine Learning have come into usage.
we are seeing routine and mundane tasks being automated with the help of RPA (Robotic Process Automation), a lot of customer support functions getting automated with the help of Voice BOTS. It is not very far that we will witness wide usage of a Robot taking instructions from a recognized human voice and perform a business transaction on the fly.
Still, Departments like Sales, Procurement, Legal, Human Resource across organizations who are constantly handling Customers, Vendors, Employees are not making full use of the latest technologies like AI and ML in solving their day to day business challenges. Most of these have adapted to automation in the work they perform. For example, if you consider a procurement department entering into agreements with different vendors they have probably used technology in automating their contract management process like drafting a contract, sharing the draft with stakeholders for reviewing and redlining, negotiating contract terms, and finally authoring the contract with a digital signature.
However they might have not considered understanding different executed contracts, are there any deviations in them with respect to language and terms compared to the standard templates being used across the organization, how many contracts have an auto-renewal clause that needs to be paid attention to, how many have penalty or damage clauses, which contracts are expiring in the next 30, 60 and 90 days and so on.
There are several reasons why organizations might have not considered or considering such needs as most organizations have executed paper-based contracts in the past and stored as scanned pdfs or images in various repositories or organizations have just considered using automation for managing the contract process but not for analyzing the key information inside the executed contracts. Another factor is that there is also usage of third party paper along with organization standard templates.
For more information visit now: https://blogs.docskiff.ai/changing-the-face-of-contract-analytics-using-ai-and-ml/
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