What Is Generative AI and How Can It Help Contracts?

What is a Generative AI and How Does It Relate to Contract Management? 

Artificial intelligence has endowed us with limitless possibilities. There's hardly an industry or process that hasn't been improved with the right artificial intelligence or machine learning technology. From intelligent marketing to product improvement, and customer support, artificial intelligence has transformed every aspect of businesses and everyday lives.

Over the last ten years, artificial intelligence has learned to read content, including text and image files. The outcome has been so successful that it has revolutionized document and knowledge management by automatically extracting, classifying, and summarizing data. There have, however, been shortcomings when it comes to asking artificial intelligence to write content instead of just analyzing it.

Today, artificial intelligence has evolved from just automating routine data tasks to now helping machines leverage textual or visual data to create new variations of content from a prompt. This is referred to as generative AI.

What Is Generative AI?

Generative AI uses artificial intelligence algorithms to study existing elements of content like text, audio, or images, identify underlying patterns related to those original inputs, and create completely new content that is similar. Large language models like GPT-3 and image synthesis like Dall-E are starting to integrate themselves into many industries due to the value they offer across a wide variety of applications. 

Gartner states that by 2025, generative AI will account for 10% of all data produced, up from less than 1% today. MIT recently came out and described generative AI as “one of the most promising advances in the world of AI in the past decade.”

Generative AI offers many benefits such as:

  • Higher-quality outputs due to self-learning from all data sets.
  • Lowered risks.
  • Less biased machine learning models.
  • Depth prediction without sensors.
  • Localization and regionalization of content.
  • Comprehension of more abstract concepts both in simulation and the real world.

Due to these benefits, there are several fun applications of Generative AI such as:

  • Image-to-image Conversion - Translates an image to another (i.e. black and white photos to color photos, photos taken in the day to look like photos taken in the night).
  • Text-to-image Translation - Produces realistic photographs from textual descriptions of simple objects like birds and flowers.
  • Photos-to-emojis - Changes real photos to emojis or small cartoon faces.
  • Face Aging - Generates an older version of faces from a young photo.
  • Image Processing - It upgrades low-resolution images to high-resolution ones.
  • Film Restoration - Enhances old movies by upscaling them to 4K and beyond.
  • Audio Synthesis - Renders any computer-generated voice into one that truly sounds like a human.

These benefits of generative AI are already being used to help the following:

  • Identity Protection
  • Fraud Detection
  • Trend Analysis
  • Healthcare

In addition to the visual AI creative applications mentioned above, Generative AI’s large-language-models (LLMs) have helped businesses become more efficient by:

  • Automating sales and marketing emails
  • Writing business memos
  • Drafting marketing copy
  • Calendaring

Content creator roles in fields like journalism or marketing are starting to shift to make room for bots taking the first pass, and writers or editors focusing on reviewing and improving the language. It goes beyond that: Generative AI has the potential to impact business more broadly, from generating email exchanges to drafting and editing documents - and legal contracts are no exception.

Generative AI for Contracts

For the first time ever, artificial intelligence can help organizations review, negotiate, and edit contracts instantly. The following are some ways generative AI helps contract management:

  • Auto-reads contracts under negotiation highlighting areas for review.
  • Auto-discovers areas of concern based on company policies.
  • Auto-compares company policy with contract.
  • Provides recommendations based upon company guidance.
  • Auto-completes text while a lawyer is drafting a clause
  • Automatically generates a clause given a prompt (e.g., “Generate a publicity clause that asks for prior approval to use our name or logo in any press release”)

Evisort AI Lab's generative AI drafts intelligent business revisions in real time. It helps contract intelligence by delivering transparent, explainable contract recommendations that speed decision-making, contract execution, supply chain management, vendor onboarding, and much more.

Legal and contracting professionals are now empowered to leverage generative AI’s large-language models to automatically draft, redline, and negotiate contracts, which ultimately frees up time for more strategic tasks.

Instead of legal teams spending countless hours trying to understand the legal meaning of a contract’s terms, Evisort can negotiate and redline the contract for them. The legal team just needs to provide guidance on the preferred position for a clause and Evisort will generate redlines for review and approval. This provides significant time savings in document review and back-and-forth negotiations.

Evisort AI Labs Trains Generative AI

For the first time ever, AI can help you review, negotiate, and edit contracts instantly. Generative AI delivers transparent, explainable contract recommendations that speed decision-making, contract execution, supply chain management, vendor onboarding, and much more.

“We have customers who are interested in using AI to draft completely new contract templates, to comply with regulations like data privacy, and to manage their supply chains. We are at the beginning of the real commercialization of AI.” - Amine Anoun, Chief Technology Officer at Evisort 

Generative AI is set to reshape contract workflows and contract management, and will become the standard for drafting and redlining, so that legal professionals can focus on the more nuanced and complex negotiations, and remove bottlenecks to getting deals done.

To learn more about how Evisort’s generative AI can help with your organization’s contract management, contact us here.

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