The market for AI contract solutions is fueled by competitive innovation, differing law firm and legal department demands and the evolution of corporate legal.
Three months into 2017 and we continue to encounter stories and predictions about how artificial intelligence (AI) will fundamentally change a variety of industries on an almost day-to-day basis. While it’s receiving significant attention, the challenge is explaining what this type of technology could do to improve certain functions and jobs. Implementing systems to make dynamic and complex decisions as a way to displace humans is way off from mainstream adoption and the lack of articulating that concept effectively is typical of any hype cycle.
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.
Given the increasing sizes of contracts, many corporate law departments are relying on technology for contract review, and some are relying on artificial intelligence (AI) for scrutinizing their agreements. Using AI technology enables counsel to review far more contracts than would be possible by relying on human reviewers alone, and the increasing reliance on these sorts of tools is also shifting how in-house counsel and law firms interact, potentially making the legal market far more competitive for firms.
The amount of electronic data collected and distributed in a modern company is at an all-time high. Every business purchase, sale or partnership creates a contract dozens of pages thick with “legalese,” which can lead to hours of wasted time daily trying to find the right documents, let alone make sense of them. Walnut Creek-based contract discovery and analytics company Seal Software seeks to sift through those mounds of data to give businesses the information and context they need.
Spend Matters research found 2017 is likely to be the year that advanced procurement organizations will incorporate AI and machine learning capabilities. Michael Lamoureux and Jason Busch take a deep dive into Seal Software and how our solution can improve business processes.
How quickly can you analyze the terms/risks within your logistics contracts when unexpected disruptions occur? Most companies do this manually, bringing delay and financial loss. Contract discovery and analytics technology delivers dynamic contract insight, enabling intelligent decisions and optimal outcomes.
Legal Tech News interviews Seal Co-Founder and CTO, Kevin Gidney, and explores how AI-empowered in-house counsel are changing firms’ business dynamics, and how firms can adapt to a new market.
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