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Data-driven decisions are a proven quantitative method for improving the bottom line; and with machine learning and AI enhancing systems of record operations run more effectively. Despite proven success, AI and machine learning is not nearly as widely deployed as it could be to protect margins and drive shareholder value. Forward-thinking organizations are increasingly looking at how the data locked within contract documents across multiple systems can materially impact operating margins and improve capital efficiency.

With the recent banking turmoil, unsettling inflation trends, and the steady increase in interest rates, business leaders are experiencing elevated pressure to make business processes more effective. Contracts are at the center of all business processes – representing financial transactions, vendor agreements, go-to-market partnerships, customer obligations, and much more. Too often, however, that data becomes difficult to access–or even find–once the contract is negotiated and signed. According to a study by EY and the Harvard Law School Center on the Legal Profession, 90% of organizations report having difficulty locating contracts because they don’t have the necessary technology or processes.

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