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Why businesses are considering automating the contract process (Includes interview)

Artificial intelligence is already widely used in business applications, including automation, data analytics, and natural language processing. Things will not stop here, however, as enterprises seek out other aspects of the business environment to automate and simplify the workflow.

According to Christian Thun, VP of Engineering and Product Management at Agilsoft, enterprises will leverage prebuilt artificial intelligence in order to help close the IT talent gap by automating business processes, such as contract management.

Thun sets the scene by noting: “As more companies realize the advantages of using AI to automate mundane business processes, 2021 will be the year enterprises seamlessly configure, train and use prebuilt machine learning algorithms to make sense of their data and automate AI-based decision making.”

Placing artificial intelligence at the heart of the business technology revolution, Thun explains: “AI is the most rapidly changing area of technology today. Models built on proprietary frameworks one year ago are already obsolete. Enterprises will use AI-based industry-leading open standards, such as TensorFlow that support huge data sets, adaptable architectures and training best practices.”

In terms of his predictions for the coming year, Thun says: “In 2021, enterprises will use prebuilt machine learning models to achieve contract transformation. They’ll use AI to identify the contract type in a document, extract important metadata and identify clauses. Pre-configured AI capabilities enable bulk processing of legacy documents and third-party contract agreements.”

As an example of the main type of automaton, Thun sates: “These capabilities automatically classify documents and other data types as well as look for patterns or anomalies and make decisions based on complex data. Enterprise AI adoption will be even more critical in the coming year as digital-first companies surpass those who aren’t investing to modernize and streamline contract processes.”

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Dr. Tim Sandle is Digital Journal's Editor-at-Large for science news. Tim specializes in science, technology, environmental, business, and health journalism. He is additionally a practising microbiologist; and an author. He is also interested in history, politics and current affairs.

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