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Using AI To Help With Your Contracts Need Not Be Complicated

Docugami
June 16, 2021 at 4:09 PM

It can be simple, powerful, and more than cost-effective.

Contracts are complicated. They deal with a massive variety of laws, regulations, business risks, negotiated terms, deadlines, payments, and provisions. Contracts can require highly trained attorneys to pilot businesses through the complexity and risks. Even simple reviews require expensive, talented experts to do tedious work, reading, searching, copying, pasting, editing, before they can apply their valuable judgment. Putting this data to work for a business is a manual, painful process. Can ‘AI’ help?

Artificial Intelligence can also be complicated, with myriad AI techniques and different schools of thought, not to mention important ethical considerations that are evolving rapidly. Successful AI implementation usually comes with a big price tag, meaning a battalion of AI experts, developers, and IT specialists, and an army of manual labor for painstaking labeling and training. As one expert recently argued, after all this work, most of AI is neither ‘artificial’ nor ‘intelligent’, and is often not ‘good’ either.

Unfortunately, it should come as no surprise that combining two complex, tedious processes can result in more work, more cost, and uncertain benefits. Starting an ‘AI Project’ can be daunting.

In contrast, Docugami requires none of this complex setup or expense. Business users can be more productive on day one, without special expertise, without disrupting their normal workflow.

Computers don’t understand unstructured information. People can go with the flow.

In a simple example, contracts may include dozens of important dollar amounts scattered throughout, referencing different purposes, prices, payments, penalties, limits, and provisions. Searching for dollar amounts is easy for computers to find and list, but doesn’t provide the full context for each amount. Today’s AI solutions typically apply people’s labor to provide the context through extensive labeling and model training. And often the datasets used are irrelevant, poor quality or this labeling process is ineffective.

There is another way. There IS structure in contracts, if your software knows how to look.

What if the AI took the approach of transforming documents, from human lingo into semi-structured information that computers could work with? We are accustomed to the ‘human language’ version of a document. What if documents were processed to transform text into a hierarchical, semantically relevant, semi-structured XML format for computers to understand? Then computers can be much more helpful to the people working with that information while respecting the fact that documents, contracts, and negotiations are always ‘bespoke’ to some degree.

A Contract Manager or Attorney can be completely at ease as they work normally with the language in a contract. Yet the information from all their contracts can be organized for them, at their fingertips. NO outside ‘big data’ setting rules for them. NO laborious labeling process to set things up, NO AI skills, NO IT skills required.

When software sees the structure of the information, it can be applied to help.

Computers are dumb and fast. People are smart and slow. Together they can be amazing.

The benefit of having a contract with a ’shadow version’ for software to see is that the computer can do what it is good at:

  • Extracting, exporting, and re-purposing information from huge piles of contracts.
  • Finding and recommending relevant information for people to use while creating a contract.
  • Initiating business processes by sharing that information with line-of-enterprise systems (not just creating an ocean of ‘digital paper’ stored away).

While the people working with the contracts can do what they are good at:

  • Fine-tuning the language from past experience.
  • Leveraging insights to negotiate. Identifying risk.
  • Applying the analytics to their business objectives. Making the decisions.
  • Driving the business relationships and operations forward.

-Saving time, money, resources, and achieving greater overall productivity, with insights surfaced. It can set people free to get results for the business.

Docugami has developed new state-of-the-art AI techniques, not to complicate, but to eliminate complexity for users, and we keep people in charge of contract decisions, not the AI.

These are big claims. Exactly how is this done?

That’s our secret. But we would love to explain, show it to you and let you use it.

Our AI gets highly accurate results from ‘Small Data’ – in this case, your own batches of contracts. Our user experience is focused on simply clicking through the words, phrases, and terms that matter to you in your contracts. You do not need a massive, expensive, time-consuming project to set things up. You can get up and running immediately.

We work as a SaaS product, alongside your familiar tools. So there is no interruption to your normal contract workflow. You can simply get more done, in a better way. We keep your information AND the learning from your contracts utterly secure and confidential. Too good to be true? It is catching the attention of industry observers.

Right now using Docugami is free (for just a while longer), so you can check it out for yourself!

Team@Docugami.com

TAY INFORMED

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