Getting Smarter in a Downturn: Contract Automation Helps Close the Institutional Knowledge Gap
Before the current crisis, a lot was said about the way AI-powered tools might affect the legal workforce—and which of those tools might be worth getting behind. The best use case for putting expert automation tools to the test has arrived.
May 04, 2020 at 07:00 AM
5 minute read
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For the last few weeks, we have faced a lot of uncertainty, personally and professionally. In the current climate, companies and law firms have had to make difficult financial business decisions. Some have already reduced headcount or put projects on hold, and others may soon have no other choice. This is the sobering reality for most businesses. For those wrestling with these decisions, it's challenging to see a light at the end of the tunnel. But there is a way forward amid this fog of uncertainty—and it's contained in the historical work product your already have at your fingertips.
Companies across all industries have a wealth of knowledge stored in their contracts. However, that knowledge is often difficult to access and interpret.
When furloughs or layoffs are necessary and valued employees walk out the door, they take with them their institutional knowledge. As a result, the remaining employees are required to take on more tasks with fewer resources. This makes business continuity a major challenge at a time when maintaining strong operations is more important than ever.
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