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Sirion Labs
Published by: Research Desk Released: Apr 14, 2022

Gartner predicts that by 2024, businesses will embrace AI-led solutions, which will help them replace manually driven legal review processes, leading to 50% efficiency gain. We are only a few years away from 2024, so it’s fair to ask: what’s happening right now? While technology is making its presence felt in the legal space, enterprises are still a little way away from fully embracing it. According to a recent survey, more than half the businesses interviewed said that they aren’t using any contract management or automation tool, which explains why less than 50% of negotiated savings are typically realized over the life of a contact. That usually happens because most organizations don’t even know how many contracts they have, who owns these contracts, and what risks and opportunities they contain. Everything from hidden savings opportunities to working capital metrics and even regulatory compliance liabilities are hidden between thousands of lines of legal language. And, every C-level executive and decisionmaker needs access to some insights that need to be incised from contract documents.