As someone who has built multiple AI-powered businesses in the legal community, I know firsthand the exciting potential of technology to transform the way we practice law. From predictive coding in electronic discovery, to AI-based contract analysis, legal tech has the power to make our jobs easier and more efficient. But with any new technology comes risk, uncertainty and responsibility. It's easy to get caught up in the hype of the latest buzzwords and trends, but when it comes to serving a demanding audience like lawyers and their clients, you better understand that there's a difference between'playtime' and'production.' What do I mean by that?

It would seem that we are going to have a summer slowdown after all. There weren't enough events to pick from last week, so I skipped my recommendations post, and there are only a few for this week but they are worthwhile. On the bright side, I already know there will be event recommendations for next week as well. Don't forget to save your spot in a live webinar I am presenting with ProPurchaser President Rod Sherkin for Supply Chain Now on August 19th: Post COVID-19 Supply Chains: What is Needed to Adapt. If you are planning your webinar schedule beyond this week, I recommend'A Model for Creating a Data-Driven Culture' from Harvard Business Review on August 19th.

We have been discovering new and better ways of doing things since the beginning of civilization. Today, modern companies face an extremely competitive environment where innovation is absolutely necessary to avoid falling behind or becoming irrelevant. The old phrase, "If it ain't broke, don't fix it" no longer applies. Enterprises must optimize existing technologies and explore new solutions to survive. This is especially important in how companies contract with customers and procure services with suppliers.

Contract analytics are now a staple of the legal industry. Driven by continuing advances in artificial intelligence ("AI"), contract analytics has changed the way the legal industry thinks and works. It is no longer a question of when the disruption will arrive, but when the legal industry will reach a "tipping point" of growth and development. This will naturally result from multiple legal-tech advances, driven by contract analytics, as well as related technologies, that exert pressure on how legal pros work, which are coming together to create a bigger cumulative effect. While much of this is hard to predict, the tipping point is coming into sharper focus every day.

The contracting process is about taking smart risks and inspiring trust. Those factors will only grow more important as legal organizations embrace digital transformation. Artificial Intelligence (AI) solutions that get smarter over time, powered by massive amounts of data, can help lawyers earn that credibility and use information more thoughtfully and quickly. Lawyers using tools for contract analytics can embrace the "growth mindset" and better leverage their past experiences from prior deals and transactions to help their clients take smart risks in subsequent matters. Doing so will also help break down silos as legal and business teams can internally share data and lessons learned.