Artificial Intelligence is fast becoming an essential part of the technology industry, helping solve many challenging problems. AI is the ability of making a computer program or software to think smartly in an intelligent manner as like humans think. It revolves around the use of algorithms, a set of defined instructions that a mechanical computer can execute.
It is a well – known fact that Artificial Intelligence has the capability to produce extensive benefits in different sectors. It is the biggest opportunity of our lifetime to expand human creativity.
Applying artificial intelligence in contract management innovations are already helping to improve contract management processes. AI is adding greater advantage for automation of contract drafting to extracting important information from already executed contracts. The opportunities businesses are getting is not just restricted to speeding up the contract lifecycle, but also improving the compliance and reduce value leakage.
We at Brightleaf delivers Artificial Intelligence (AI) powered solutions for data extraction from contracts using their own proprietary semantic intelligence and natural language processing technology. Our internal software applications does the data extraction and migrate legacy data into different Contract Lifecycle Management (CLM) systems for tracking and reporting.
The broader scope of work involves customizing data extraction requirements for different types of contracts including all meta-data, terms and conditions, legal provisions, and obligations. Extracted data points are checked by legal teams against the original documents using a Six-Sigma quality process, which delivers highly accurate results as we believe no software alone can do the magic that does all. And there is no existing combination of software packages that can deliver such a high-quality accuracy which is the utmost requirement. An element of human intervention is almost needed for stringent quality.
Extracting the value from contracts is a concern for many organisations. Today leading companies are already leveraging artificial intelligence/machine learning and other advanced analytics to automate contract management process and strengthen compliance. AI and machine learning are the latest trends in contract management software, but deep down these technological advances demand a clear understanding of what they are and what they can do.