Contracting is a common activity, but it is one that few companies do efficiently or effectively. In fact, it has been estimated that inefficient contracting causes firms to lose between 5% to 40% of value on a given deal, depending on circumstances. But recent technological developments like artificial intelligence (AI) are now helping companies overcome many of the challenges to contracting.
How AI Is Changing Contracts
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February 12, 2018
Summary.
Many companies struggle to develop and maintain contracts in an effective, efficient manner. But the rising popularity of AI contracting software has the potential to improve how all firms contract in three important ways: First, it can change the tools firms use to contract. Second, it can influence the content of contracts. Finally, it can improve the processes by which firms develop and execute contracts. These new technologies have the potential to significantly reduce the manpower required to manage both contracts themselves and the entire contracting process, adding significant value to the entire organization.
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Accelerate your career with Harvard ManageMentor®. HBR Learning’s online leadership training helps you hone your skills with courses like Digital Intelligence . Earn badges to share on LinkedIn and your resume. Access more than 40 courses trusted by Fortune 500 companies.
Excel in a world that's being continually transformed by technology.