4 Ways AI and Automation Will Improve Your Business Model
Some continue to be skeptical when it comes to adopting automation platforms and AI into their business model. But the truth is that you can save your company both time and money by doing so, and we have the numbers to back that fact up.
This post lists the top four ways AI and automation can help improve your organization.
1) AI will boost productivity
We have implemented various new technological advances throughout history: the wheel, the assembly line, and the printing press, to name a few. We do this because it makes our work easier and allows us to produce output faster.
The same is true when it comes to artificial intelligence.
Recent research from the McKinsey Global Institute shows that productivity can grow between 0.8% to 1.4% by adopting AI in the workplace. That’s more than any prior technology adopted to date, including the steam engine (0.4%), early robotics (0.4%), and IT (0.6%).
2) AI will increase efficiency
The primary use of AI in the workplace is to assist with tedious administrative tasks such as finding documents, extracting data, and attaching codes.
While there is still plenty that a human employee can do that AI cannot, the truth is that AI can accomplish these tasks at a much faster rate and achieve the same results.
For example, the New York Times reported on an attorney in Florida who competed against a software program to locate a specific case file. The man spent hours scouring through his many files but eventually found the case he was searching for. The AI program located the exact file instantaneously.
3) Automation will cut overhead costs
Automation can help businesses avoid employees wasting up to 22 hours per week on administrative tasks.
For example, legal teams spend a significant amount of time on contract review and analysis. This task can be done faster and produce the same results by automation. One attorney noted that he could reallocate 5,000 hours by adopting an automation platform that saved his company $500,000.
4) AI and automation will improve your quality of service
Research by the McKinsey Global Institute reported that approximately 23% of an attorney’s tasks can be automated using existing technology.
With the hours spent doing administrative tasks now freed up, your team can now focus on the more substantive needs of the organization: contract negotiations, client retention, and client acquisition.
Your clients expect premium service, and they deserve it. Adopting AI and automation platforms gives your team the hours they need to provide the highest quality of service possible.
Zendoc is the solution you need
Thanks to Zendoc, achieving these goals listed above is now easier than ever. Your company can now boost productivity, increase efficiency, cut overhead costs, and provide the highest quality of service to clients.
Zendoc uses a new type of AI-powered contract discovery that uses your contracts as the database. Our platform will scan all of your documents and instantly tag data for easy extraction when needed.
Setting Zendoc up is fast and easy, so there is no disruption of workflow. Try it for free today, and let Zendoc bring the zen to your workplace.
Zendoc is a full-service AI-powered contract automation system that not only organizes all of your agreements into a single database but keeps you up-to-date on what you need to do to extract as much value from your contracts as possible. You don’t have to worry about forgetting your obligations because you don’t have to remember them in the first place.
We offer a 14-day free trial demo so you can experience relief from the pain of managing your contracts. Try us today!
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