Welcome to our Analytics & Machine Learning for Contract Processes category! Here, it's all about the advanced technologies and approaches that can optimize your contract processes and improve your decision making. Discover how analytics and machine learning can help you manage contracts more efficiently, mitigate risk, and gain valuable insights from your contract data. Dive into the world of data analytics and machine learning models to take your contract operations to the next level
In every company, there is usually a large unexploited treasure trove of data in the form of contracts that slumbers peacefully behind closed cabinets, unnoticed by many. These contracts are representative of the economic activities of every organisation - codified in legal texts. Translating this treasure trove of data into a format that is machine-readable allows for a number of untold valuable analyses.
The spread of machine learning and its use in daily work among law firms is currently still very thin. Many firms and law firms are actually still asking themselves whether they should rely on machine learning or on AI. Really! However, the number of those who are seriously looking into the topic is growing rapidly. It is also important to realise that artificial intelligence alone does not solve any problems, but can only work when embedded in good software design.
