What opportunities do you see with applying Generative AI in asset and contract management?
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Digital transformation isn’t just about new tools, it’s about changing how teams work. Key lessons I’ve observed: 1. Start with process bottlenecks, not technology 2. Empower cross-functional teams 3. Measure outcomes, not outputs What has been the most surprising lesson your teams have learned during a transformation?
What are key ways in which your organization should hire affordable AI and data science talent? Check all that apply.
Recruit talent from diverse or non-traditional backgrounds (e.g. different degrees, institutions, or work experience)35%
Recruit less experienced AI talent with a high aptitude to learn 44%
Communicate the intrinsic benefits of the role (e.g., mission, culture, resources, opportunity for impact) 30%
Build talent pipelines through partnerships with academia and professional societies43%
Hire and upskill internal talent49%
Use specialized AI recruitment agencies11%
Other (please share details in comments)1%
Budget allocation12%
Potential process improvements71%
Onboarding & training bandwidth7%
Security & compliance7%
Reviewing prior purchase overlap1%
Automated Contract Generation: By analyzing the specifics of a transaction or engagement, Gen-AI can rapidly generate prototype contracts. By providing the system the fundamental elements of an agreement, such as the parties involved, the scope of work, and the payment terms, the AI can generate a thorough, legally-sound manuscript, thereby reducing the amount of time spent on back-and-forth between legal teams.
Predictive Asset Maintenance: For organizations with substantial equipment assets, Gen-AI can analyze machine data patterns and predict when a specific asset may require maintenance. This proactive approach can reduce equipment outage and prolong its useful life.
Dynamic Contract Modifications: As circumstances change, whether as a result of regulatory shifts or regulatory and evolving requirements, Gen-AI can suggest modifications to existing contracts. This ensures that agreements remain applicable and advantageous for all parties.
Asset Lifecycle Visualization: Gen-AI can utilize existing data to predict and visually represent the entire lifecycle of an asset, and thus assisting with replacement or refurbishment decisions.
Incorporating Gen-AI into our asset and contract management processes could substantially increase efficiency, reduce costs, and optimize contract outcomes and asset utilization.