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Using AI to Establish Automated and Scalable Best Practices for Contracts

With the recent excitement and heightened awareness of the potential of AI – ChatGPT! Then ChatGPT plus Bing! Then wait, Google has a better model but it’s a top secret! – we have had a lot of time to really consider how NLP can make a real, practical impact in our daily working lives. While it is overblown to announce that all attorneys, business analysts and other knowledge workers will become obsolete because of AI, there are real advances in AI that will make a lot of the routine and mindless work around documents a thing of the past.  

Extracting key terms and summarizing contracts, for example, can now be automated with AI. AI can also automate bulk searches with reports generated on all the findings across a vast array of document types, without much human intervention. All these advances are creating an interesting opportunity for legal professionals, business analysts and other knowledge workers – the ability to automate and scale best practices for their document-based workflow.  

As an example, a sales team or procurement department can have visibility into hundreds or thousands of contracts that currently are most likely distributed throughout an organization (where are they? who even knows who has them?). These contracts and their provisions can be summarized for better use, understanding, and compliance by everyone on the team without the need to tax in-house legal departments or hire more outside legal counsel. How many organizations can say they have a tight handle on all their agreements? To make matters worse, if and when a situation arises where these contracts need to be analyzed for an MFN (most-favored nations) clause, for example, this can create immediate fire-drill type challenges for many under-staffed teams. Also, not having good insight into your agreements can also lead to a lot of missed revenue-generating opportunities such as enforcing price increases. 

AI is here and now. There are solutions that can automate document best practices like contract analysis across thousands of documents, that need very little human intervention. 

Here at Ai Bloks, we are obsessed with bringing practical, state-of-the-art AI solutions to help business professionals massively increase productivity and gain valuable insights from their files. Please follow us on LinkedIn (Ai Bloks) or visit us at www.aibloks.com.