AI Transforming Contracts from Remote History to Modern Metrics
Contracts form the foundation of all business relationships. In fact, 60-80% of business transactions are governed by written contractual agreements and a typical Fortune 1000 company maintains 20,000-40,000 active contracts at any given point of time. Despite the large scale and criticality of contracts, once signed, they are often stored away in file cabinets and storage systems. With no concrete way to look them up or monitor their performance, they become dormant and remote history. This could have significant implications for companies including financial and reputational losses due to non-compliance, substandard delivery, auto-renewals, missed payments, penalties etc.