"Modern economies are held together by innumerable contracts," which underpin high-performing and trusted trading relationships.a While data scientists, with contracting professionals, are busy developing artificial intelligence (AI) tools for contract management, not enough attention is paid to resolving an important issue, namely new challenges posed when contracting for the use of AI tools and data. This column argues such consideration is essential for enhancing the competitive advantage of providers and users of AI tools and would contribute to public good. I begin by discussing efforts made to apply AI and machine learning (ML) for contract management and then shift attention to challenges of contracting for AI by addressing a question central to this column: What characteristics of AI/ML make it distinctively difficult to contract? And what solutions exist to deal with these challenges?

ChatGPT, the state-of-the-art language model developed by OpenAI, is poised to have a significant impact on the B2B industry. This powerful technology has the potential to disrupt traditional business processes and open up new opportunities for companies across a wide range of industries when it comes to intelligent document processing. One of the key areas where ChatGPT is likely to have an impact is in automating routine tasks and customer interactions. Another area where ChatGPT is likely to be disruptive is in the generation of written content. This technology can be used to quickly and accurately generate reports, product descriptions, and other written materials.

Malbek commissioned benchmark study from the World Commerce & Contracting to deliver deep industry insights about AI's evolving role in Contract Lifecycle Management Malbek, today's most cutting-edge, AI-fueled Contract Lifecycle Management (CLM) platform, today announced the availability of its commissioned study from the World Commerce & Contracting (WorldCC) about the barriers and benefits of AI-enabled contracting across organizations. The first annual report found more than a quarter (26%) of an organization's workforce is in some way involved in contract management, and contract-related data in the typical large organization sits in 24 different systems. The combination of multiple touchpoints and systems demonstrates a clear risk for lost time and productivity, while increasing potential for errors. Report findings show the need for AI to help mitigate risk in CLM while also indicating that there is a sense of enthusiasm around the use of technology in contract management. Given the pressures of today's modern workforce working in disparate locations and many companies adopting remote workforce practices, companies turn to AI in CLM because of a growing need for speed and efficiency in virtual, collaborative environments.

The Business Intelligence Group today announced that Evisort is a winner in its inaugural Artificial Intelligence Excellence Awards program. Evisort is the leading provider of artificial intelligence (AI) solutions for contract management and analytics. This press release features multimedia. Evisort is a winner in The Business Intelligence Group's inaugural Artificial Intelligence Excellence Awards program. Evisort is the leading provider of artificial intelligence (AI) solutions for contract management and analytics.

INHUBBER simplifies contracts, making them comprehensible, interactive, and easy to manage. It eliminates inefficiencies associated with manual contract analysis, management, and approval processes. INHUBBER provides AI-powered management of contractual obligations and deliverables. Business flow is improved through automated AI reminders, contract fulfillment, and fast approvals. The platform's own digital signature approves ZIP, Excel, video, and any other file format. Due to its 100% security, large SMEs and corporations trust INHUBBER with their contracts.

Best listening experience is on Chrome, Firefox or Safari. Artificial intelligence is being added to many aspects of federal information technology programs. Claire Walsh, vice president of Engineering, and Henry Jai, Data Science Capability lead at Excella, joined host John Gilroy on this week's Federal Tech Talk to unpack some of the challenges in using AI, how AI is implemented, and what suggestions NIST has for taking advantage of AI. Insight by ProPricer: During this webinar James Woolsey, the president of the Defense Acquisition University, Frank Kelley, the vice president of the Defense Acquisition University and Michelle Currier, the professor of contract management at the Defense Acquisition University, will discuss the future of DoD contracting, pricing and acquisition. In addition, Michael Weaver, the professor of contract management at ProPricer will provide an industry perspective.

Contract life cycle management systems have been around for decades, but the latest generation of AI-enabled tools can help elevate the contracting function. In recent years, organizations that have struggled to understand and manage the entirety of their obligations to customers and suppliers have shown increasing interest in their company's contract life cycle management (CLM). Specifically, organizations seem to be focused on CLM operating models, processes, and enabling technologies to manage these critical obligations. That appetite has increased in the wake of COVID-19, as many companies wrestle with a lack of visibility into their contracts across the enterprise. In the past, some organizations have standardized their processes within certain silos or even implemented CLM technology.

Some of the largest companies in the world are either already implementing, or are strategically planning for AI. And a recent study from Tractica found that global AI software revenue is expected to grow from $10.1 billion in 2018 to $126 billion by 2025. But even with adoption by large companies, many businesses seem to be weary of jumping into AI - even when they have massive amounts of data that AI could help them learn from. So what is preventing organizations from creating their own AI apps for business? Agiloft CEO and founder, Colin Earl, who is a software industry veteran who has worked at IBM, General Electric, and three start-ups before founding Agiloft, offers what he things are the the most significant barriers to AI adoption currently impeding businesses.

Contracts are the core of most businesses, with growth and the fast-paced development of technology demanding solutions that efficiently assist businesses to seamlessly manage the contract management processes to mitigate risk, retain relationships and save time and money. The growth of Artificial Intelligence (AI) and the trend towards aligning technology with people and their expertise in legal fields is re-shaping industries and practices. AI and Machine Learning along with human input and management allows firms to better manage data, make decisions and minimise corporate risk, particularly in B2B matters. Outdated solutions that focus primarily on pre-contract processes do not offer an end-to-end solution that includes the management of contractual terms as well post-contract deliverables. That is where digitised Contract Lifecycle Management (CLM) solutions offer the most benefit to firms.

The world is changing in a fast pace due to the overwhelming developments in Technology and operational models. Just like any market, also Contract management is subject to the influences of digital transformation. Technologies like Artificial Intelligence and robotic process automation are slowly entering the Contract management market. How will contract automation impact contract management? Technology evangelist Arjen van Berkum wrote an interesting article on these topics.