by Kevin Gidney, Co-founder & CTO, Seal Software
We encounter stories and predictions about how artificial intelligence (AI) will fundamentally change a variety of industries on an almost day-to-day basis. In fact, it has become such an important topic that late last year the Council for Society and Technology wrote a letter to the Prime Minister advising how the UK could take advantage of opportunities created by the increasing convergence of robotics, automation and artificial intelligence. As more and more industries, including healthcare and financial services, adopt AI technology, we’ll continue to see increased benefits on our society as a whole.
It starts with document management
Conversations about AI tend to have a sci-fi vibe: robot personal assistants, self-driving cars, you name it. But the real, day-to-day business value of AI is much less futuristic, starting with the hundreds and thousands of contracts that keep business deals up and running every day. Unfortunately, many companies have a problem finding and understanding what exactly is in their contractual agreements, which is a huge problem that can cost thousands or even millions of pounds over time. For example, forgotten auto-renewal terms can hurt budgets and company departments often work in silos and unknowingly have agreed to terms that are in conflict with each other.
While alternative resources were created to find and house contractual documents (think Contract LiveCycle Management, document repositories, etc.), those options still require manual reviews from in-house legal operations teams or having them outsourced to law firms. The problem with this is they are time-consuming and expensive, and not accurate. Also, manual reviews are rarely up-to-date, meaning when data or values are extracted in the past, they don’t reflect changes in contracts, and when different data is needed, say for a new event or regulation, the reviews must be done over again. Fortunately, in recent years new technology has been introduced to open up a whole new opportunity for contract discovery and management.
Using Machine Learning and Natural Language Processing to “Read” Contracts
Combining technology like machine learning and natural language processing (NLP) can automate the extraction and review process; taking the process from tedious and time consuming to relatively painless. Think about it: business users shouldn’t have to contact the legal team every time they have a question about a contract and then wait around for days to get the answer they need. This type of technology allows them to locate and view any contract, at any time.
Not only is this more convenient, but it can also be more accurate. Machine learning technology is capable of seeing patterns in data that even trained professionals don’t always catch. Automating those tasks allows professionals to do their work faster and focus on higher-value activities that their computers can’t do. Machine learning and NLP has opened the door for an ongoing process of automation, allowing business leaders to make more informed decisions based on insights derived from contract data.
When you think about contracts, you might think of the legal department within an organisation or lawyers in general, who are becoming more open to automating data review and management tasks, allowing them to focus their time on providing the high value strategic counsel they’ve been trained to give. But really, the legal teams aren’t the only ones who can benefit from this type of technology. The business intelligence that comes out of an automated contract data extraction and review process is being used to power decision-making for other levels of the business (c-suite, sales, procurement, facilities, etc.) across a variety of sectors. Contract data includes all of the terms, obligations, incentives and liabilities organisations have with external parties, on the buy and sell side. This data fuels better decisions overall, and can lead to a higher performing organisation.
Not only is AI a cost saving option for many companies, but the true value lies in the intelligence it provides to the business. Companies now have the ability to make better business decisions, and manage contract data and data in other systems, in a way that they couldn’t do before.
This is Urban Fantasist
Barrister and Reuters correspondent turned writer, award-winning tech journalist, radio presenter, podcaster, blogger, storyteller, and sometime werewolf-hunter Charles Christian is here to inform and entertain you with tales of writing, radio, geek, tech, media, music, folklore, and the weird. The site also has links to all Charles Christian's books including fiction, nonfiction, and the latest reviews. Plus links to his weekly Weird Tales and Smart Radio shows.
The Latest Podcast
Weird Tales Radio Show podcast episode #44: Meet the Krampus - Santa’s Demonic Little Helper + Jane Christian & I go into the bowels of the earth to explore the hidden tunnels beneath historic Norwich.
Follow this link to access episodes of the Weird Tales Radio Show podcast. The page contains links to all our other podcast platforms. Click the player button below to hear latest show.
Hear Charles Christian on Smart Radio
The Midweek Late Lunch
Wednesdays 2:00pm to 4:00pm (UK)
The UK Chart Toppers Show
Sundays 2:00pm to 5:00pm (UK)
and on mobile...
Apple iOS App: Smart Radio GY
Android App: Smart Radio GY
TuneIn Radio App: Smart Radio GY
Weird Tales Podcast Links
The Urban Fantasist website is now averaging over 5000 page views daily and 150,000 page views a month plus over 6000 unique visitors each week.
Tel: 44(0)1986 788666
"Listening to your wonderful show now. I love the stories! Wonderful concept. Great work."
"Charles Christian defiantly makes my world a brighter, funnier place."
"Wonderful show tonight full of all the usual delights we've come to expect."
"The legendary Charles Christian at his eclectic best... his insight and humour alone make this a must-read blog."
"Charles Christian is my inner spirit animal, thank you for making me laugh."
"the funny, wonderful and slightly cantankerous Charles Christian"
"Carlsberg don't make clients, but if they did... they'd be Charles Christian"
"His tech journalism is always witty. He has a talent for pricking the overblown claims of suppliers."
"Charles Christian does awesome!"
Charles Christian's Books
Can I copy content from this site?
Yes... providing you properly credit it. Urban Fantasist content is licensed under a Creative Commons Attribution 3.0 Unported License which means it may be shared, copied, remixed or used commercially as long as Urban Fantasist or the Weird Tales Radio Show are cited as the source.
This website uses marketing and tracking technologies. Opting out of this will opt you out of all cookies, except for those needed to run the website. Note that some products may not work as well without tracking cookies.Opt Out of Cookies
Copyright © Charles Christian
& WordsandVision Limited 2018
Tel: 44(0)1986 788666
Urban Fantasist - infotainment fuelled by green tea and dark chocolate
Contact Address: Oak Lodge, Darrow Green Road, Denton, Harleston, Norfolk IP20 0AY, United Kingdom
Until the next time you visit Urban Fantasist... Stay well, Stay weird, Stay different
GDPR: By completing the Weird Tales newsletter form you opt-in to our emailing list. The only personal data we store is your email address, which is kept in a secure digital format. We will not share, sell or disclose your email address to anyone... ever! You can unsubscribe at any time by emailing email@example.com