One of Australia’s largest companies is jumping on the artificial intelligence bandwagon in a bid to drive time and cost efficiencies in drawing up business contracts.
The 103-year-old company, which owns a range of industrial brands as well as the Coles and Bunnings businesses, will begin trialling a new service to automate its non-disclosure agreements, in an attempt to deliver efficiencies within its legal division.
“We are always looking for ways to enhance delivery of legal services and support to the businesses in the Wesfarmers Group,” said Maya vanden Driesen, the company’s group general counsel.
“We are looking forward to benefitting from the efficiencies that will result from using the software and reasoning engine.”
Pending the success of this initial phase, the company said it will explore opportunities to use artificial intelligence (AI) technology to generate efficiencies across a range of other legal processes.
The Wesfarmers deal marks the first foray for the software’s creator, Neota Logic, into corporate Australia.
This latest announcement follows news that one of Australia’s major banks is launching a ‘virtual banker’ specifically for SMEs.
Meanwhile, a recent incident at social media giant Facebook revealed community concerns about the development of AI.