Data Is King In Harnessing The Power Of AI Technology In The World Of Contracts
In the world of AI technology, data is everything. As more companies look to incorporate AI into their polices and processes, it’s important to understand how to take full advantage of what AI can do.
There are many ways to do this, but one key way is to make sure the AI is pulling from a massive dataset. The more data the AI is able to pull from, the better the results will be. With strong results, company leaders can improve efficiency, refocus human resources and ultimately make better decisions for their businesses.
This is the case in all industries, including the world of Contract Lifecycle Management (CLM). In this industry, AI can remove some of the busy work involved in moving contracts forward and redirect the work employees do. AI doesn’t have to replace humans. With robust datasets, leaders can discover new ways to move their companies into the future.
Monish Darda, the CTO & Co-founder of Icertis, sheds further light on the transformative power of AI and its applications in the world of Contract Lifecycle Management (CLM) and beyond.
“I think, as I said, you cannot separate out the data from artificial intelligence. You need that data for the intelligence to be intelligence, right? And we have one of the largest curated contract repositories on the planet. So, we have the data. That’s number one. The second is when you use the data, when you use the AI to do something, to ask something, to have a conversation, to generate something, it is also important that you take action on what you have done. So, if you say, I want to discover something, it is not enough to stop at discovery. You now have to do something with the discovery. And we have an enterprise platform that goes across some of the largest companies in the world, that solves some of the most complex contract problems that exist on the planet. And you can apply that technology, that way of taking action, to the results that you get from AI.”
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