What is generative AI for contracts?
AI has endowed us with limitless possibilities. There¡¯s hardly an industry or process that hasn¡¯t been improved with the right AI technology. From intelligent marketing to product improvement, and customer support, AI has transformed every aspect of businesses and everyday lives.
What is Gen AI and how does it relate to contract management?
Over the last 10 years, AI 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 AI to write content instead of just analyzing it.
Today, AI 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 Gen AI.
What is Gen AI?
Gen AI uses AI algorithms to study existing elements of content such as text, audio, or images; identify underlying patterns related to those original inputs; and create completely new content that is similar. Large language models such as GPT-3 and image synthesis such as 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, Gen 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.¡±
?
Gen AI offers many benefits such as:
Higher-quality outputs due to self-learning from all datasets
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 Gen AI such as:
Image-to-image conversion: translates an image to another (for example, 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 such as 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:?upgrades images from low resolution to high
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 Gen 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, Gen 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 such as 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: Gen AI has the potential to impact business more broadly, from generating email exchanges to drafting and editing documents¡ªand legal contracts are no exception.
¡°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.¡±
¡ªAmine Anoun, Senior Director of Machine Learning Engineering, Â鶹´«Ã½
Â鶹´«Ã½ trains Gen AI.
For the first time ever, AI can help you review, negotiate, and edit contracts instantly. Gen AI delivers transparent, explainable contract recommendations that speed decision-making, contract execution, supply chain management, vendor onboarding, and much more.
Gen 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 Â鶹´«Ã½ Gen AI can help with your organization¡¯s contract management, contact us .