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Where Is the ROI in Artificial Intelligence Deployments?

Anyone with any doubts about the interest in AI and its use across enterprise technologies only needs to look at the example of the Intelligent Document Processing (IDP) market and the kind of verticals that are investing in it to quash those doubts.

In today's age of AI, failures can range from minor to disastrous,” he said Most data science projects never make it to production, and worldwide CEOs believe that seeing a genuine return on their AI investment will take 3-5 years.

AI is at the heart of practically every initiative undertaken by every significant participant in every industry.” Carrell cites Domino's Pizza, which has employed artificial intelligence to reduce and more accurately anticipate delivery times from 75% to 95% accuracy.

Their research highlighted that when contrasted with respondents who have not yet adopted AI there are clear, notable, differences: “AI is very much on the mind of finance departments around the world, with early adopters confident it is having a positive impact on the performance of their organizations,” said Gordon Stuart, CFO of Unit4, of the findings.

Finance professionals should use it as an opportunity to move into a more strategic role, becoming storytellers and influencers, interpreting data through technology analysis, and translating the findings into meaningful insights relevant to their organizations.” The survey of 1,760 decision makers within finance departments in companies up to 10,000 also showed that in the next two years 83% of global respondents expect to be increasingly involved in strategy and decision making, while 75% say their day jobs will have changed significantly in the same timeframe.

In the next 12 months, more than four-fifths of respondents are expecting to focus this upskilling on AI, machine learning, coding, analytics and data science capabilities, but a third of respondents accept their organizations will need to bring in new hires to address the skills gap.

Respondents to Unit4’s study suggest the top benefits of AI are improving data quality (33%) and saving time (32%), but only a quarter of respondents say it would help colleagues make faster decisions, and only 24% believe it would deliver actionable insights for decision making.

What Contract Management Software Can Do for Your Business in 2021

Contract management software digitizes the processes required for contract lifecycle management (“CLM”).

Digital contract management solutions enable legal teams and procurement teams to create and manage contracts more efficiently and securely than outdated, manual processes.

They expended thousands of hours and produced reams of paper packed with sensitive information that sat in piles and binders scattered throughout glass-paned skyscrapers.

The old way entailed the tedium of doing everything one word at a time as billable tenths of hours turned into dozens and hundreds of hours spent repeating the same steps.

Given the lack of time they had to do anything other than painstakingly copy, paste, and type new commercial agreements into existence, legal teams struggled to come up with more efficient workflows.

From increased efficiency to enhanced security, automation and user-friendly tools empower lawyers and business teams to get more done, get it done faster, and worry less about setbacks such as data breaches and missed deadlines.

A cloud-based contract management platform keeps all parties on the same page and all documents secure and up to date, no matter where the parties are located or how many changes a draft has undergone.

Good software can help you streamline workflows and organize files throughout the entire CLM process, from creating templates and first drafts through tracking renewal deadlines on executed contracts.

One benefit of a cloud-based CLM solution is saving on travel costs required to get people to superfluous in-person meetings and crowded deal rooms where they’d spend hours reviewing documents.

There’s no need to print multiple drafts of an entire 100-page contract, or to have junior associates and paralegals log dozens of hours drafting standard provisions from scratch or splicing them from other agreements.

If your business doesn’t have centralized contract processes in place, teams from different business units likely have adopted a range of proprietary — and conflicting — processes for drafting and managing their contracts.

Especially with hybrid work environments rapidly becoming the norm, it’s important to standardize how your teams get work done so you can focus on substance instead of squabbling over procedures.

Drag-and-drop tools and templates greatly simplify the process of contract creation, allowing lawyers and business managers to focus on important business and legal terms instead of the drudge work of drafting boilerplate language.

good contract management platform will additionally facilitate approval processes with automated notifications and a secure, central location for all document storage, review, and execution.

Each team across the organization should be able to tailor its use of the platform to ensure that only the proper roles, individuals, and counterparts from other teams or organizations are able to access any given document in the system.

You have to print all of the correct pages, get them to the same physical location as the signatory, wait for that person to sign, wait for the ink to dry, scan the pages, and then send the scanned file to the other party.

E-signatures are just as legally valid and binding as “wet” signatures. Integrated e-signatures offer the ease of signing with the click of a mouse or the tap of a finger, combined with the added security that comes from features such as two-factor authentication.

When you’re just getting started with contract automation, good contract management software will rapidly import your existing contracts from all of the places where you presently keep them — from cloud-based storage solutions to Salesforce to your email inbox.

A leading contract management solution will also provide other convenient features, such as automatically linking parent and child documents together so that you can always see related documents in their proper context without having to run additional searches.

By taking the most repetitive work and getting it done within seconds instead of hours, AI frees lawyers to do what they went to law school to do — practice law.

Contract intelligence transforms legal and procurement professionals from harried clerks, manually typing and searching troves of documents and always trying to catch up, into agile teams that can close deals and provide valuable insights for leadership at the speed of business.

Thanks to that massive exposure, contract intelligence software can comb through hundreds of thousands of contracts as soon as you log in for the first time, already able to recognize a range of standard fields and provisions.

However, it’s simply not practical to continue to do that as a business scales up and the contracts start to number in the hundreds or thousands — and at some point, it’s no longer feasible.

You’ll be able to prioritize contracts based on their renewal dates and sleep well at night knowing that you’re not stuck with a bad business partner just because you missed the cutoff to terminate a contract.

Let’s say you need to identify which of your contracts contain the standard language that you need, which have temporarily acceptable, non-standard clauses, and which contain “ticking time bomb” language that needs immediate attention.

Your legal and procurement teams can start saving hundreds of hours annually on the unnecessarily cumbersome workflows that bog them down and keep them from closing deals more quickly.

In addition to identifying 60+ standard fields and provisions with 95% accuracy, straight out of the box, Evisort can create new, equally reliable algorithms with just 10 examples from your portfolio.

As if that weren’t enough, Evisort’s Optical Character Recognition (“OCR”), which detects fields such as text, logos, signatures, and tables in both scanned and digital contracts, is 97% accurate*, easily surpassing competitors’ 80% OCR accuracy.

Combine that startling accuracy with other smart features such as built-in approval workflows, document synchronization with external storage, integrated e-signatures, and automated parent-child matching and prevention of duplicates, and you have a best-in-class contract management platform.

15+ BEST Document Management Software in 2021

Document management system is a cloud-based automated solution for creating, organizing, sharing, and securing business documents and files.

This cloud storage system provides faster reviews and approvals workflow for different stakeholders located at multiple geographical locations.

The list contains both open source (free) and commercial (paid) software.

This software automatically shows the most relevant content to each employee based on position and usage.

This software helps you to plan your projects, assign tasks, and communicate effectively.

It enables you to merge documents, graphics, video clips, reports, spreadsheets in one place.

This tool allows you to search for files using the words written in the content or title and instantly view the result.

Features: Price: $55/ per Month Link: https://www.efilecabinet.com/ Bitrix24 is a collaborative document management tool for teams with large and small sizes.

Features: Price: Free Link: https://www.bitrix24.com/features/docs.php Bit.ai is a smart document management system that helps firms to organize knowledge by projects, teams, and departments.

This program offers themes for transforming your documents into a new look with just one mouse click.

It helps professionals to accelerate the creation of video and other content and get the right assets to the people and systems that need them, and ensure brand compliance.

Link: https://start.docuware.com/ SharePoint is a web-based document management software that helps you to store, manage, share, and access important information from any device.

Logicaldoc is one of the best document management systems that can be used for small and large enterprises and organizations.

It helps you to quickly retrieve content and automate business workflow and tasks.

Features: Link: https://www.logicaldoc.com/ Alfresco is a tool that makes your document management process simple and easy.

Features: Link: https://www.alfresco.com/ecm-software/document-management Openkm is one of the best document management systems to store and manage your content.

It enables you to eliminate manual data entry work and costly delays of shipments.

This application combines enterprise content, security, and storage features with ready-to-use workflow.

It provides secure access across more than one content store and automates the classification of files.

Features: Link: https://www.ibm.com/products/filenet-content-manager/details Compleo Hybrid is a digital document management solution that enables you to transform, convert and deliver your content.

Features: Link: https://www.symtrax.com/document-management/ Docupace is a tool that automatically organizes and stores all documents in a secure digital vault.

This software helps you to reduce expenses associated with record filing, maintenance, data entry, etc.

It helps you to save time by automatically routing documents to the right people for approval.

This app offers compliance monitors to build reports, retention schedules, and alerts with GDPR functionality.