A new year in the current AI revolution shows companies across industries continuing to adopt solutions to streamline their processes and overcome emerging challenges. This represents a disruption of legacy processes, eliminating bottlenecks that were once considered industry standards, and resulting in more revenue.
AI solutions have effectively changed how companies view their spending, occupying a big chunk of their budgets, with organizations across the globe expected to scale their AI spending by an impressive 25% throughout the year.
One of the most critical areas in need of an automated solution is the contracting process, as it offers solutions to companies dealing with legally binding contracts – which, frankly, is pretty much every business out there.
How much of their budget are companies truly allocating to AI solutions? Moreover, in what way could CLM emerge as a key tool to streamline one of the least tackled legacy issues across industries: contract management?
How much do companies spend on AI?
This infographic shows how companies across different industries allocate their AI budget to various solutions and functions
- Among some interesting facts, companies in Asia spend, and are expected to spend, much more than companies in the west, with companies in that region spending over a million more.
- Companies are now spending more than twice as much on AI as they do on the second-biggest tech area: cloud computing, which accounts for 21% of their spending.
- Sales and customer service functions are the areas with the highest AI spending, with banking and retail being the main industries that invest in AI.
Why should CLM software be a part of your AI budget?
AI spending is not a trivial matter, as it requires careful planning, prioritization, and optimization of the available resources. One of the most dynamic solutions in the world of business right now is CLM software, short for contract lifecycle management software.
By using a contract automation tool, such as Zeal, businesses can effectively streamline processes in sales, operations, recruiting, legal, and financial departments by optimizing the contracting cycle. Allowing said organization to tackle problems like contract value leakage where companies lose 9% of their earnings.
In today’s business world, AI is changing how companies do things and stay ahead in different industries. Companies are putting a lot of focus on spending money on AI to improve their performance and be more efficient, aiming for that competitive edge and financial success. But, with this increased spending on AI, there are new opportunities to increase revenue, especially when it comes to managing contracts.
Zeal can help businesses manage their contracts more effectively and efficiently, reducing contract value leakage, improving compliance, and enhancing customer satisfaction.
If you would like to experience how Zeal can help you increase revenue and clear out bottlenecks in your contracting process, schedule a demo by clicking here.