How AI Is Changing Contracts
Recent technological developments like artificial intelligence (AI) are now helping companies overcome many of the challenges to contracting, points out Beverly Rich in an article posted in the Harvard Business Review.
“The use of AI contracting software has the potential to improve how all firms contract – and it will do so in three ways: by changing the tools firms use to contract, influencing the content of contracts, and affecting the processes by which firms contract,” she writes.
She adds that – right now – AI contracting tools may offer the most value to companies with large volumes of contracts by reducing time spent in review and drafting. But as the technology develops, it will one day be useful to all firms.