Up until recently, artificial intelligence (AI) was just another new buzzword I was seeing all over Twitter, Facebook, and pretty much every major publication. What came to mind when I would hear about AI was robots making my venti coffee at Starbucks (stay tuned I have a feeling about this one). What I didn't realize is that I was already using AI in my everyday life. Anyone heard of a miss Siri? How about those product recommendations on Amazon or Google’s language translator? Not only does AI play a role on my Amazon Prime membership but it is also making its way into my workplace.
So, what is AI?
Just for the record, I’m not a computer scientist. In fact, the only thing I’ve ever programmed is my DVR. Writing this post gave me an opportunity to do some research on AI, and I’m glad I did. What I learned is that Artificial Intelligence has been around since the sixties, but recent advances in computing power and AI techniques have helped make massive leaps forward. Seemingly, we’re now on the cusp of something truly remarkable!
Artificial Intelligence can be defined simply as a system that exhibits a smart behavior, but what I’ve learned is that this is just the start of what’s possible. Systems and products that leverage AI are rapidly finding their way into our home and increasingly into our businesses. While current technology seems to be making all our products “smarter” we’re starting to see some areas where machines are better at tasks that were only possible for humans just a few years ago. Tesla owners have now driven over 1.3 billion miles using its auto-pilot feature, while radiologists are using AI to assist with the art and science of a diagnosis.
As AI advances from basic forms of smart systems to more sophisticated systems that begin to learn for themselves, we’re in for change. This is a journey and the more we use AI the smarter the machines will get. The autopilot feature in the Tesla is groundbreaking, and at the same time, Uber has been working on self-driving cars for the past year. This means the computers in the car are going to learn the behaviors of not only the road ahead but the cars that are driving around them, and, of course, the pedestrians. Now, that’s a wicked smart car!
As mentioned there is a lot of data that needs to be collected in order for these machines to learn and exhibit certain behaviors. These different AI behaviors come in the form of predictive analytics, natural language processing, voice and image recognition or machine translation.
Artificial Intelligence has three main functions:
At Exari we recently added powerful machine-based data extraction into our contract lifecycle management (CLM) platform. In our case, this form of AI is used to extract text from images and translate them from words in a document into data. Then, it automatically maps that data to a contract data model, so all terms roll-up to the Master Agreement for a real-time view and constant visibility into all your terms, rights and obligations. With a system that recognizes contracts as data it is now easier to organize and analyze contracts in ways that were never possible before.
Exari customers are now extracting key data points from their contracts by scanning a word document, pdf and even an image into the system. This data can provide businesses with deeper visibility into their terms, risks and obligations. Information that was once just words on a piece of paper is now invaluable data. A legacy contract can be uploaded into your contract management platform, giving you visibility into business analytics within minutes.
Artificial Intelligence can have many benefits to a business, but not all systems are created equal. Make sure you are choosing the right one for the needs of your organization. In my personal life I look forward to the same robots making my coffee and predictive analytics enhancing my shopping experience.
If you want more information about AI and contract lifecycle management then give our new ebook a read.