Connect with us

Hi, what are you looking for?

Tech & Science

AI sentiment among legal and procurement workforce outpaces organizational readiness

This innovation supports real-time improvements in contracting cycle times, more vigilant compliance monitoring, and proactive cost management.

Sandra Rodriguez's exhibit was created using deep learning and artificial intelligence to guide visitors through the connection between desire and technology. — © AFP
Sandra Rodriguez's exhibit was created using deep learning and artificial intelligence to guide visitors through the connection between desire and technology. — © AFP

AI will play a key role in compliance according to new findings. In fact, 94 percent of legal and procurement professionals believe AI will help analyze risk and compliance in contracts; assist in contract negotiations (88 percent), and generate contracts (87 percent).. This is according to a new study conducted based on input from more than 500 businesses globally.

The survey comes from Icertis, who are involved with in AI-powered contract intelligence. This is in the form of a new report on how businesses are assessing the impact of AI in contracting. The report is titled AI in Contracting: From Untapped Revolution to Emerging Evolution.

Based on input from businesses, the study identifies a growing divide between personal and organizational perceptions around AI, contrasting barriers to adoption with priorities for AI-driven transformation that span risk, compliance, and cost savings.

The survey respondents were primarily legal and procurement professionals across a multitude of industries who delivered insights into AI trends over a six-month timeframe, shaping a unique narrative on how the age of AI is continuing to revolutionize contract management. 

The reason for the focus on such technology is based on AI being capable of analyzing vast amounts of contract data with speed and accuracy, uncovering patterns and anomalies that might go unnoticed by human oversight.

This innovation supports real-time improvements in contracting cycle times, more vigilant compliance monitoring, and proactive cost management.

The report finds that personal enthusiasm for AI is outpacing organizational readiness. Nearly 80 percent of legal and procurement professionals are now personally enthusiastic about AI, more than double the number who expressed positive sentiment in June 2023.

In comparison, less than 40 percent of respondents feel their organization is enthusiastic about AI – only a 10 percent increase within the same timeframe. This indicates a growing need for decision-makers to accelerate AI adoption in an effort to match their workforce’s appetite to embrace the technology.  

As to the barriers that firms have in place that are getting in the way of AI introduction, security and reliability are the primary AI concerns.

The top barriers to AI implementation include apprehension around security and privacy (57 percent), data output quality (46 percent), and general lack of trust (46 percent). These factors are likely the source of more cautious AI adoption practices and any lingering uncertainty among business leaders as they seek to protect their company’s data.

Avatar photo
Written By

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.

You may also like:

Life

Coming in top-spot is San Francisco, which is the 'healthiest' city across the main measures.

Entertainment

Actors Kelli Berglund and Amadeus Serafini star in the new rom-com "Wallbanger," which was directed by Tosca Musk.

World

A Palestinian woman checks the rubble of a home hit by Israeli bombing in the southernmost Gaza city of Rafah - Copyright AFP SIMON...

Business

In terms of demographics, those aged 30-39 were targeted the most by fraud and cybercrimes.