Most modern contract management solutions have embraced artificial intelligence technology to build better, smarter software. But AI comes with risks most legal teams don't consider. We're talking about how can lengthen your time to value, which can then endanger your ROI.
To help explain this problem, we've created a helpful blog post: 3 Steps to Minimize Contract Management’s “Time to Value.”
Time to value is the term for the length of time between when you adopt a software solution, and when that solution starts to save you money or make you money. The longer your time to value, the harder it is to enjoy a large return on your software investment, because you're incurring the costs of the software for a long time before those costs start to pay off.
When you adopt complicated software, you typically have to deal with a longer time to value. This is especially true of artificial intelligence solutions that have to "learn" your data and your processes. Contract management solutions that need to absorb and "learn" all your historical contracts and agreements can have extremely long times to value.
While AI can make contract management solutions smarter, it can also make them slower, thereby wrecking the ROI of these tools. The bes t tools use "re-trained" AI, so that they show up already good at their job, and poised to only get better once they learn your contracts.In "The Importance of 'Time to Value' When Evaluating Contract Management Software", you'll learn the three biggest factors that help shorten the time to value of a contract management solution, so you can get even AI-based software up to speed as quickly as possible.
And if you want to adopt an AI-powered contract management platform that has the shortest time to value available, contract LinkSquares today.