The conversation around platforms goes hand-in-hand with the conversation around the business uses of Artificial Intelligence (AI) and Machine Learning.
For AI to be effective it needs to operate off a large and complete data set. This level of organization and comprehensive approach can be found in business platforms including CRMs, CLMs, and ERPs.
A common example in the Contract Management space is the transitioning of legacy documents into a modern CLM. One of the first steps to completing the transition is to move over contract metadata. A unique AI subset called Optical Character Recognition, or OCR, offers an example of the benefits of these new technologies.
This process imitates the human act of reading, scanning, and saving the information from a document, eliminating the need for a user to re-enter all the information they initially put into a contract. Instead of tedious time spent reviewing documents, uploading them to a contract management platform now does that automatically. AI here provides the ability to take the metadata from an organization and put it to use in a way that improves workflows and decreases time spent on administrative tasks.
OCR saves hours when organizations first switch to a contract management platform, and increases the immediate usability going forward. OCR has changed the way people are able to implement new platforms and work with contracts.
Continuing along the business funnel, this now more robust data set continues to feed on itself. As inputting information becomes easier and more complete, the AI can help develop a comprehensive view and understanding across all platforms in an organization.
Conversely, using multiple tools and fragmented systems doesn’t provide the capabilities necessary for machine learning to thrive. But connecting those tools to the platform adds an additional ecosystem layer to the AI.
By using a platform that plugs into other tools to provide a full, functional view of all data, AI and machine learning can better evaluate that data in order to create smarter processes and workflows.
Platforms that use AI are one component of shifting business focus away from managing manual processes and moving towards strategy. AI and machine learning help increase efficiency by spending less time on the administrative tasks and getting more visibility.
An immediate gain is to use AI and machine learning to find opportunities for increased savings, operational efficiency, and revenue growth. For the businesses at the forefront of innovation today, using platforms that incorporate AI and machine learning is vital to success.