The International Association for Contract and Commercial Management has estimated that poor contract management costs companies about 9% of revenues on average. Common problems include missed deadlines, disagreements over contract scope, performance failures due to over-commitment and pricing disputes. It’s challenging enough just to keep track of the latest version of a document; analyzing thousands to find patterns or spot problems is beyond the scope of even the most seasoned professionals. This is where the new breed of artificial intelligence technologies like natural language processing and machine learning have exciting potential.
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