Artificial intelligence to manage contracts in companies

There are companies that have contracts for everything. To get an idea, multinationals can manage around 40,000 contracts simultaneously. Such contracts often pile up without much organization or structure around them. To manage them, traditionally, companies use contract management programs that do not include artificial intelligence capabilities.

Beverly Rich, a management researcher at USC Marshall, says that AI can instead help these companies to effectively manage their contracts because it creates the algorithm on which it depends from a large number of contracts and, thus, they can easily know when they need a certain type of contract or when the time has come to renew one of them. For Rich, not only is the speed and capacity gained, but the use of this software will allow lawyers to delegate these functions to focus on the crucial role they play in their companies.

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