The Rise of Contract Automation: A Virtual Revolution
Today we issued a press release about Silicon Collar, a new book written by noted industry analyst Vinnie Mirchandani. Vinnie has been independent for a while now, and has penned a number of books including The New Polymath and SAP Nation. Vinnie always brings a pragmatic view to his topics, and this new book is no exception.
In his book, Vinnie provides what he calls “an optimistic perspective on humans, machines and jobs”. Basically, Vinnie writes about the rise of automation and how it will and is affecting the economic foundation of developed countries as well as accelerating economies in undeveloped countries. Exari is featured in the book as we explore the concept of “virtual contracting”. Today, we can use technology to help companies drive 100% contract certainty into their drafting, negotiation and contract execution process, but contracts still require significant legal department intervention.
As machine learning and Artificial Intelligence technologies evolve, we can see how contracts can move toward complete automation. The business terms of a deal, when properly extracted and understood, will be able to automatically form a legally binding contract in real-time. Understanding contract assets is a key part of reducing corporate risk, maximizing revenues and lowering costs. More importantly, it’s a vital part of the global commerce engine. Technologies like Blockchain (distributed ledgers) will require “smart” contracts that can be automatically formed based on the particulars of a transaction.
The future is not that far off; many companies are using this technology today to extract information, which basically only reduces the cost. Exari intends to be at the forefront of this revolution in creating the first virtual contract. It’s exciting stuff.
To buy “Silicon Collar”, click here.