What is Artificial Intelligence (AI)?
Artificial Intelligence (AI) refers to systems or machines that mimic human intelligence in its ability to reason, understand and perform tasks, and learn iteratively over time, by using patterns in training data. AI technology is improving human performance and productivity by automating processes or tasks that once required human energy and were often tedious or repetitive, and by making sense of data on a much larger scale than humanly possible.
What is Machine Learning (ML)?
Machine Learning is the learning process for AI. It’s a method of data analysis based on the idea that systems can learn from data, identify patterns, and make decisions with minimal human intervention. Some examples of familiar ways machine learning is used today: online recommendations from Amazon or video recommendation from Netflix; fraud detection; and Google Gmail suggestions when replying to emails.
What Are Neural Networks?
A neural network is a computing system made up of several simple, highly interconnected processing elements [neurons], which process information and provide data outputs. Made up of multiple layers, such as the input layer, where data is inputted; the hidden layers, where the data is processed; and the output layer, where the final data is released, neural networks solve a wide variety of problems in natural language processing, computer vision, forecasting, data validation, risk management, customer research, and more. In contracting, neural networks are used in natural language processing or computer vision to understand how to read a document and associate terms and phrases.
What is Computer Vision?
Computer vision is another subset of AI that enables machines to perceive as if they had human vision. It allows the AI to read and understand images. Relevant to contract management, it allows a system to parse text out of scanned images and documents using OCR (Optical Character Recognition), as well as read logos, signatures, and tables.