Can AI Contract Review Replace Human Intervention?

Contract Management

Can AI Contract Review Replace Human Intervention?

Augmentations in Artificial Intelligence (AI)  is what the world is glue to. At present,  there is an increase in workload to ensure both transparencies as well as transformation. To cater to this ever-increasing demand,  humans must continue to work parallelly with machines. This amalgamation of human knowledge and machine learning is what most people are excited about. But are we ready to throw all this workload on the machines without any human intervention or have we accepted that machines are more intelligent than humans? In short, the answer is NO! While technologies like artificial intelligence have a huge impact on shaping today’s world, however,  they are mean to complement human capabilities, not replace them. Same as in contract management services.

Maybe if we rephrase our original question of “who is smarter?” with “what kind of synergy will humans and machines create?”, we will have a more sensible and sustainable solution.  

What Role Will AI Play in the Legal World?

AI technologies increase computing power to deliver faster and more accurate or enhanced voluminous data sets. With legal expertise, AI technologies can be utilize to create a game-changing experience. 

The legal system is vast and constantly changing, but with the use of AI, attorneys get insight into the legal domain within a second. For any legal research, a significant number of man hours is require which automatically reduces the profit for a law firm. And this is exactly where AI does its magic. Moreover, AI provides highly efficient and advanced tools that cater to the needs for advising and litigation. Artificial intelligence has made legal services smarter, efficient, and perfectly easier and bearable.

Can AI Mean Zero Human in the Field of Law?

AI without human interference would look like a child operating a remote car. An AI software is fast, easy to operate, keeps track of everything, and finds you even if you lost.  However, like a toy, without actually using it where it is most needed, it will remain a fancy tech tool. The AI is most used in contract management services, as well as in managing document review services. How to make the best use of AI tools has to be decided by an attorney to reap the best benefits for your business.

AI in Contract Review

As everyone knows, contracts are kind of engines of every business which drives growth and tackle critical obligation and opportunities in business. Hence, attorneys too spend thousands of hours reviewing contracts. Even in the digitized world, quick TATs may lead to errors in missing some obligations. So, machine learning can make the process more efficient and effective. With human intelligence and AI technology, the legal industry is now equip to:

  • Review and analyze the big data with high-level knowledge in the form of a contract repository
  • Draft contracts on existing data according to the situation
  • Summarize, analyze the contract clause data/metadata to identify risks and running problems.
  • Translate contracts in other languages

The combination of AI and the attorney team perform robust quality checks to collect the contractual data into a structured form. Today, ML tools help us work with small teams and delivers reports by adding value to contracts with improved speed, accuracy, and efficiency. Human intelligence is also require that who shape up the emergence, adoption, and innovation solution. However, human interference is necessary for the ‘why’ and ‘What if’ critical situations. Human oversight, expertise and quality assurance by the human brain are essential in using AI-generated outputs.

Complementing Each Other

Hence, human is more active in making the decision and AI is foremost in performing the best in technology task. The smart combination of AI and humans can complement their respective skillsets to help businesses scale faster and better. When human expertise is systematically injected into AI technology, AI becomes more accurate and gives the best results.

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