The ThoughtRiver journey did not begin with a technology. It began with an idea: that it was possible to help overcome a growing problem faced by businesses everywhere – dealing with contracts.
As a lawyer and commercial director of a multinational company, Tim Pullan watched the problem escalate. ‘If you look at a commercial contract from back in the 1980s, it will be a bit fuzzy and loose, more like a gentleman’s agreement,’ he says.
Contrast that with the ‘bloated’ and rigorous contracts that are the norm today. Size and complexity are driven by changes from the fashion for outsourcing to pressure from regulators. However, the language and structure of contracts has not kept pace with new types of business relationships.
‘It is like trying to construct a 100-storey building with 18th century techniques,’ Pullan says. ‘It has got completely out of hand.’
Read the full article in Artificial Lawyer here.