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July 13, 2023
Artificial Intelligence (AI) has become a buzzword that companies across all industries are using in a variety of ways to imply innovation. It has become, by all generally accepted definitions, a market bubble. Contract document management is no exception. Like all bubbles, as the buzz grows, so does the rhetoric, leading to confusion in our industry, as in many others. It is regrettable that so much hype has created the impression that AI is some super power that can give useful advice or become a sentient being exhibiting conscious thought.
AI can, however, do things that humans cannot. Specifically, AI can uncover complex multivariate patterns in data that are well beyond the ability of the human brain to ascertain. It can rapidly identify inconsistencies of language in contracts. Coupled with NLP (Natural Language Processing), it can extract unstructured text and convert it to structured data to analyze market trends and establish industry benchmarks. Better, when an AI algorithm is trained from legal experts’ annotation of contract content, it can pinpoint areas of contractual risk. These are some of the ways AI can provide value in contract document management.
In this on-demand webinar, our presenters sort out rhetoric from reality so participants can make informed decisions about the use of AI in contract document management.