Key Takeaways
- Develop Contracting Centers of Excellence (COEs). COEs play a pivotal role in standardizing processes, ensuring compliance, and driving innovation, as well as testing and validating technologies like GenAI, while emphasizing governance and oversight.
- Data quality and transparency is crucial for GenAI. Clean datasets and reliable reference sources are essential for successful AI implementation. Transparency, such as adopting a “show your work” approach, helps avoid pitfalls associated with black box solutions.
- Take a phased approach to implementation and adoption. The cost-benefit analysis of AI integration should prioritize solving business problems and generating revenue. Pilots and gradual expansion help organizations align technology with readiness and specific goals.
- A future-ready workforce needs to be adaptable. As technology reshapes legal processes, professionals must embrace evolving skill sets, focus on tasks like contract management, and stay open-minded to constant change and innovation.
Ironclad is not a law firm, and this post does not constitute or contain legal advice. To evaluate the accuracy, sufficiency, or reliability of the ideas and guidance reflected here, or the applicability of these materials to your business, you should consult with a licensed attorney. Use of and access to any of the resources contained within Ironclad’s site do not create an attorney-client relationship between the user and Ironclad.
