Transforming business operations and building contract confidence in the digital age

As businesses navigate an increasingly digital landscape, the need for innovative tools that enhance productivity and efficiency has never been greater, writes Narelle Behn-Carey.

The rapid pace of technological advancement has created an environment where companies must continuously adapt to stay competitive. Generative AI tools are at the forefront of this transformation, offering solutions that streamline operations and improve the accuracy of tasks that have been completed for many years.

These tools leverage advanced algorithms and machine learning techniques to automate complex processes, reduce human error, and provide previously unattainable insights. By integrating generative AI into their workflows, businesses can optimise resource allocation, accelerate decision making, and drive business growth. Whether it’s through automating customer service interactions, enhancing contract data analysis, or creating personalised marketing content, generative AI is revolutionising the way businesses operate.

The evolution of contracts

Contracts are fundamental to business operations and day-to-day life. From credit card and vendor agreements to loyalty programs and gym memberships, contracts serve as an agreement of various terms and conditions of a transaction or relationship. However, 67 per cent of consumers have signed contracts or agreements without knowing all the terms, and 64 per cent of SMB owners say they avoided signing a contract because they were not confident they understood the content.

Small-business owners encounter contracts more often than others, and although contracts are a key part of their work, 71 per cent of small-business owners admitted to signing contracts without knowing the details, triggering negative emotions ranging from discomfort to fear.

Even though contracts can be long and complicated, making them difficult and time-consuming to understand, it’s important that everyone understands these documents before making critical decisions.

Building contract confidence

Removing fear and building confidence in contracts with employees also means helping them embrace AI to foster a positive and productive work environment. Addressing any apprehensions will be essential as new technologies become more integrated into daily operations.

To ensure employees feel supported in using AI tools in contracts, it is important to offer comprehensive training on new products before they are introduced and ensure transparent communication on how they will be used. This includes ensuring AI features are governed by data security protocols and aligned with internal AI policies. At Adobe, we never train the company’s generative AI models on customer data and prohibit third-party LLMs from training on Adobe customer data.

There is also the option to highlight the benefits of using such tools to gain deeper intelligence into content or comparison across multiple files. Contract intelligence capabilities are powered by extensive prompt engineering and an intelligent framework, which help deliver more accurate and relevant contract responses.

By demonstrating how AI can enhance a work environment, reduce mundane tasks, and provide valuable insights, employees are more likely to view AI as an ally when dealing with contracts and, in return, build confidence while using these tools.

Narelle Behn-Carey is the principal digital strategist in APAC for Adobe.