Corporate Legal Departments Slow to Adopt Artificial Intelligence Contract Analysis Tools
Many large legal departments have yet to embrace artificial intelligence to manage contracts and are instead manually sifting through vast amounts of data, an onerous process that likely explains why only 56% of general counsel offices analyze contract performance, according to a new study.
February 12, 2020 at 03:47 PM
3 minute read
While artificial intelligence is creeping into the facets of many industries, a surprising number of corporate legal departments have yet to embrace AI as a tool to analyze and manage contract data, according to a study released on Wednesday.
Of the 50 large and primarily U.S.-based corporate legal departments in the survey, 62% said they still use Excel, SharePoint or email to manually sift through contract data, an onerous process that likely explains why only 56% of general counsel offices analyze contract performance.
"I think what's happening is the market is saying, 'Wow, there are a lot of players in the game, a lot of different options and such, but what is it that I can trust?'" said Charles Dimov, vice president of marketing at ContractPodAi. The London-based AI contract management firm carried out the study.
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