Digital contract management as an enabler
What compels businesses to prioritize technology over manual operations? It’s their need for assured regulatory compliance with quick turnaround times to draft, negotiate, and sign off deals. But does this era of digitized contract management mean that general counsels and their teams who author contracts are becoming redundant? No, with respect to differing opinions, legal is here to stay. Does it mean a change in how legal experts are engaged in the process? Indeed. This article points to some trends that reflect encouraging changes ahead.
Conventionally, drafting, enforcing, and managing contracts to protect business interests required legal specialization. However, intelligent technologies are fast replacing human roles. Is this a problem? Specifically:
- Can such technologies possibly substitute for the experience and skills that a general counsel brings to the job?
- Is machine intelligence tipping the balance against contract professionals?
- Is machine intelligence bringing in a new era of man-machine collaboration?
