Innovative Artificial Intelligence (AI) solutions continue to optimize task management in a multitude of industries and improve speed and accuracy. Industries that were cautious to adopt new technologies – such as the legal services sector – are now seeing the value of implementing AI to improve efficiencies for their clients.
AI in contract review
Contracts are the engines of businesses, driving growth and containing critical business- obligations, and opportunities. But still, firms continue to struggle to do something that sounds so simple: connecting contracts to business value.Legal Tech News says at least 10 percent of contracts are misplaced and hard to find, or still remain in paper form, buried as an attachment in an email, or on a file sharing system.
As every lawyer has experienced, contract review requires tedious reviewing of thousands of pages of contracts for hours. Even in the digitized world, poor quality of scans and the need to deliver quickly with errors can prove challenging, and sometimes important obligations can be missed.
Machine learning can make the process more efficient and effective, and could be used for:
- Reviewing and analyzing large numbers of contracts
- Drafting contracts best suited for a situation based on existing data
- Identifying potential problems in the contract
- Translating contracts into other languages if needed
Cenza embraces AI
At Cenza, we recognize the value that AI can offer legal firms and have brought our considerable legal expertise into this space. We work with leading AI providers and legal firms in the areas of Contract Review, Lease Review and Compliance projects. Cenza is also certified by the leading AI providers such as Kira Systems and Leverton among others.
The purpose of a contract review is to make sure key business parameters are captured, cataloged, and managed to enable better decision making. While ML accelerates contract review, human subject matter experts oversee the clause extraction and interpretation process and then make decisions based on the findings.
The combination of ML and an offshore team like Cenza creates the opportunity to extract provisions from hundreds of contracts or more and perform robust quality checks to collate the contractual data into a structured form.
We help clients make sense of and manage large contract collections in the following ways:
- Build a high-level knowledge base about all the contracts in the form of a contract repository
- Summarize, analyze and derive key intelligence within the contract clause data/metadata to identify critical risks and latent opportunities
- Recommending missing clauses or finding clauses in the proposed contract that might lead to financial risk
- Actionable insights on the obligations or benchmarks within the contracts
At Cenza, we’ve been part of the Contract Management services space for a number of years. Until about 5 years ago, most of our process was driven by people. Today, ML tools help us work with smaller teams and deliver reports and greater value from contracts with improved speed, accuracy and efficiency. Reach out to us here, if you’d like to explore an engagement with us. One of our contract management experts will get in touch.