Crossing the Contract AI Chasm: The Barriers and Benefits
In a world of “do more with less”, it’s no secret that almost all organizations are interested in using the contract data of yesterday to improve the business outcomes of tomorrow. The real secret lies in why there’s still hesitancy around digital contract management and AI adoption in general.
Could it be because too many solutions have been over-promised and under-delivered? Or is there simply a general lack of trust in technology that has perpetuated manual contract management processes?
The reality is that the way organizations conduct contract management has changed, and modern contracting challenges require modern solutions.
However, there is another side to that coin. Even with efficiency to be gained, there is still a lack of understanding surrounding what can potentially be achieved using AI technology to benefit CLM. This gap has become a significant impediment to a cohesive vision and business case for AI within CLM. Consequently, securing executive sponsorship and budget to fuel these important initiatives is no small task.
To get some clarity and cross the contract AI chasm, we have partnered with World Commerce & Contracting to conduct the first-ever, comprehensive benchmark study on the benefits, barriers, and usage of AI within contract management. At Malbek, we believe that true product innovation begins with empathy and usability — empathy for the end-user and a true understanding of their needs followed by consideration for how technology usage might vary across an organization. With this vision in mind, we are proud to partner with WorldCC to uncover the barriers that exist within organizations around their use of AI and the key trends that influence contract lifecycle management as a whole.
In this six-part series, we will dive deeper into each of the six key trends uncovered in the study:
Trend 1: Obstacles to implementing CLM solutions
Trend 2: The lack of understanding of what contract automation can achieve
Trend 3: The challenges of post-signature contract management
Trend 4: Excitement about AI varies by seniority and sector
Trend 5: Most organizations still face significant barriers to AI adoption
Trend 6: The drive for using AI is a need for speed and efficiency
We hope these findings will help you to identify the contract management automation barriers and knowledge gaps in your own organization. Understanding the benefits that CLM and AI automation can help you achieve will make it easier to build a compelling business case for technology investment that aligns with your organization’s growth strategy.
To read the full benchmark report, click here.
To see what an AI-charged CLM solution can do for your company, request a demo.