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Calling all Contracts Professionals: Getting Ready to Embrace Artificial Intelligence

Calling all Contracts Professionals: Getting Ready to Embrace Artificial Intelligence

March 08, 2017 Dave Fravel Contract Management  

Last Tuesday we held a joint webinar with IACCM's CEO Tim Cummins alongside our Co-Founder Jamie Wodetzki, in which they discussed the topic of Artificial Intelligence (A.I.) for contracts professionals, what it means and how it will impact their business and career in the near future.

If you missed the webinar you can view it on-demand now by clicking here. 

A.I. is creeping into nearly every aspect of our lives – whether we realize it or not. We’ve been hearing promises that A.I. will change how we work and live for decades, yet over the last few years, there has been an explosion of progress fueled by leaps in computing power, natural language processing, and neural network design.

So, we all have a choice… A.I. is something we can learn more about and begin to embrace or we can choose to turn the other way and hope it won't upend our work and personal lives.  With any luck, we may be pleasantly surprised that A.I will, in fact, offer up new tools and insights we can use to our advantage in our professional daily lives.

Exploring A.I.

In order to understand any topic, you must do your initial research. A participant from the webinar asked for recommendations on where they could look to learn more about A.I. and how they should get started. So, we put together an A.I. reading list below to help you get started on your exploration phase. Don't limit yourself to just this reading list – there are numerous podcasts, articles, and videos out there. If you find anything particularly interesting, please don't be greedy and share in the comments section with the rest of us!

Evaluating A.I.

You did your Google research, re-watched the webinar, read the provided reading list below and watched the movie Arrival and now know who Louise Banks is- you're basically an A.I. expert. So the question now is, what A.I. tools are out there that can complement the work you are doing as a contracts professional?

Now that you understand the benefits A.I. can bring to your business and career, you can start to evaluate your current processes, systems, and controls. Think deeper about how A.I. can automate document creation, connect enterprise systems to share data, or generate deeper analytics for reporting. Thinking about improvements in your current daily tasks will help you identify what requirements are needed when evaluating different platforms. Data capture of legacy agreements, advanced reporting capabilities, contract automation and enterprise integrations should be a few of the top capabilities you look for when evaluating a contract management platform.

Embracing A.I.

Once you have evaluated and chosen a platform, embrace it! Adopt it company-wide, take action to learn the ins and outs and everything it can help you accomplish, and teach your colleagues about it. The more you learn about how A.I. can complement your daily tasks in your career, the less fearful you will be of a complete takeover. You'll be seen as a Contracts A.I. Master and everyone will thank you for making their jobs just a little easier, and a lot less manual.

If you are in the exploration or evaluation phase, don't hesitate to contact us now to discuss how our enterprise contract management platform can help meet your business challenges and prepare you for A.I. 

An A.I. Reading List for Contracts Professionals

Artificial Intelligence is entering the contracts world. In order to best prepare, it is necessary to take steps to understand how it will impact contracts professionals and their careers and businesses. Our co-founder Jamie Wodetzki has put together a comprehensive reading resource guide below to help you get started on your initial research.

Humans Need Not Apply: A Guide to Wealth and Work in the Age of Artificial Intelligence, Yale University Press, 2015, Jerry Kaplan, http://jerrykaplan.com/books/

The Great AI Awakening, The New York Times Magazine, December 14, 2016, Gideon Lewis-Kraus, https://www.nytimes.com/2016/12/14/magazine/the-great-ai-awakening.html

The Future of the Professions, Oxford University Press, 2015, Richard Susskind and Daniel Susskind, http://www.susskind.com

An executive’s guide to machine learning, McKinsey Quarterly, June 2015, Dorian Pyle and Cristina San Jose, http://www.mckinsey.com/industries/high-tech/our-insights/an-executives-guide-to-machine-learning

Where machines could replace humans—and where they can’t (yet), McKinsey Quarterly, July 2016, Michael Chui, James Manyika, and Mehdi Miremadi, http://www.mckinsey.com/business-functions/digital-mckinsey/our-insights/where-machines-could-replace-humans-and-where-they-cant-yet

The Master Algorithm: How the Quest for the Ultimate Learning Machine Will Remake Our World, Basic Books, 2015, Pedro Domingos, http://www.basicbooks.com/full-details?isbn=9780465065707

Superintelligence: Paths, Dangers, Strategies, Oxford University Press, 2014, Nick Bostrom, https://global.oup.com/academic/product/superintelligence-9780198739838

Computational Legal Studies, https://www.computationallegalstudies.com/

9.thumbnailAngelica Perrone is Exari's Marketing Manager. Reach out in the comments below or on Twitter @ExariAngelica.
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