Evisort Whitepaper: Understanding AI And Machine Learning For Contract Lifecycle Management
Artificial intelligence, neural networks, machine learning…the list goes on and on. If a company is not using some type of artificial intelligence (AI) it’s behind the industry standard. It’s the latest technology trend, like cloud and mobile before it, and it strives to make intelligent machines. AI provides a streamlined approach to accomplish everyday business processes. For example, contract management without AI requires a company’s employees to manually track each data point, but tracking may only occur at the end of every quarter and on contracts above a certain value. Without AI, companies are stuck in a “filing-cabinet” era, where finding specific information requires a lengthy process of searching through multiple files, extensive documents, and numerous pages to find the information it needs. AI applications of Natural Language Processing (NLP), and computer vision and image processing have enabled a new era of contract lifecycle management with streamlined processes, passive data collection, and the ability to find what you need in all your contracts, at any time. Before we dive into how Evisort AI helps transform legal and procurement departments let’s review what AI means and the relevant associated terms.
What is Artificial Intelligence? 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.
Download this whitepaper to learn more about AI, Natural Language Processing and Optical Recognition, and how each of these technologies and can augment your contracting business practice to save you time, money and mitigate risk.