Enterprises today spend more time working their contracts than letting their contracts work for them, deploying a multitude of professionals to manually govern tens of thousands of contracts a year. Large banks and credit-card companies, according to a McKinsey & Company report, can have close to 50,000 suppliers – and contracts governing those relationships. That doesn’t include all the other types of agreements such firms are likely to have. According to the Harvard Business Review, "inefficient contracting causes firms to lose between 5% to 40% of value on a given deal" largely due to the sheer number of contracts firms must manage. Artificial intelligence can address these challenges. Learn more about how Watson is helping firms reduce costs and risks related to contract governance.


via IBM Watson

February 26, 2018 at 03:03PM