Unintentional Bias in ChatGPT: Implications for Contract Drafting

The language we use in contracts is carefully chosen to ensure that the terms are precise, unambiguous, and clear to all parties involved. With the advent of generative AI, tools like ChatGPT have become increasingly popular for assisting with tasks like contract drafting and contract review.

Awareness of the potential unintentional bias in these AI-powered tools is important. We can work towards a more equitable drafting process by gaining a deeper understanding of unintentional bias in AI and taking steps to address it.

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Crossing the AI Chasm: Most Still Face Barriers to Adopting AI

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. In this part of our series “Crossing the Contract AI Chasm”, we dive deep into our fifth trend: most organizations still face significant barriers to AI adoption.

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Crossing the Contract AI Chasm: Excitement About AI Depends on Seniority and Sector

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. In this part of our series “Crossing the Contract AI Chasm”, we dive deep into our fourth trend: Excitement about the potential of AI technology varies by seniority and sector.

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Crossing the AI Chasm: Post-signature Management Poses a Challenge, But Tech Can Help

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. In this part of our series “Crossing the Contract AI Chasm”, we dive deep into our third trend: Post-signature contract management presents the most challenges for organizations. Many believe that well-integrated technology is the solution.

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Crossing the AI Chasm: Efficiency Isn’t the Only Benefit of Contract Automation

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. In this part of our series “Crossing the Contract AI Chasm”, we dive deep into our second trend: contract automation is a priority in most organizations, but there’s still a lack of understanding of what can be achieved beyond efficiency.

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Crossing the AI Chasm: Obstacles to CLM Adoption Limits AI Application

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. In this part of our series “Crossing the Contract AI Chasm”, we dive deep into our first trend: there are still obstacles to implementing CLM solutions, which limits the application of AI tools.

Our Findings

While some organizations have already turned to digital contract management, many have not.  Over 50% of respondents said no when they were asked if they have implemented a CLM solution. This is more than those who said they had implemented a solution already! However, there is hope. More than half of the respondents who haven’t implemented a CLM solution yet said selecting a solution is a top priority in the next 12 months with many stating that planning is already underway.

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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. 

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Choose Your Own Path

Through my travels I have learned that there are many routes to take to one place. The route you take depends on so many factors.

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What Can AI Do for Your Contracts?

Hi, my name is Hemanth Puttaswamy. I’m the CEO and Co-founder of Malbek. We are a contract lifecycle management solutions company. These days there are a couple of things which are on top of everyone’s mind. Continue reading “What Can AI Do for Your Contracts?”

10 Key Elements for CLM #10 – Artificial Intelligence

This year we’ve taken you on a journey, a journey to look at the 10 key things you need in your contract management solution. So far we’ve covered all but one. Continue reading “10 Key Elements for CLM #10 – Artificial Intelligence”