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.