Technology is fantastic. There’s no denying that it has improved our lives in thousands of ways.Companies use technology to improve productivity and accuracy. For example, menial tasks can be automated, thanks to artificial intelligence (AI), leaving more time for humans to focus on activities that require empathy and human brain power.
As a notoriously risk-averse field, the law has been slower to adopt technology than other fields. However, things are changing. A 2021 Gartner study has found that legal teams are quickly adopting technology. By 2024, up to 50 percent of legal work will be automated.
As more legal teams start to embrace the power of technology, it’s critical to remember that AI is most beneficial when it is used to supplement human capability, not replace it. A study from the Harvard Business Review that included teams from 1500 companies concluded that AI is most productive when used alongside humans to augment processes instead of overtaking them entirely.
That’s because machines and humans each have their strengths and weaknesses. For example, specific tasks, such as those that require empathy or other emotions, come naturally to humans and are inaccessible to robots. On the other hand, robots can perform tasks like data processing much more efficiently (and accurately) than humans.
Because humans and machines work best when they work together, it’s critical to keep humans in the loop for every automated process, including contract review.
Utilizing AI for contract negotiations should consist of a two-fold approachーidentifying the concepts within the contract and harmonizing the concepts found against the organization’s rules.
By quickly scanning a document to identify key concepts as they relate to your rules, AI can dramatically cut down on the amount of time it takes for contract review. However, it’s essential to still have human eyes reviewing each document to ensure that the AI was accurate. Machines can miss nuances in language, causing a false alarm or, on the flip side, neglecting to raise a flag when something is amiss.
Humans also need to stay in the loop, so they can continue to train AI. Remember, AI is only as intelligent as the data it is fed. Therefore, humans need to continually monitor and correct AI so it can continue to learn. As it learns, AI will become more accurate, leading to even more considerable savings in costs and resources.
The law is human-centered, which means humans should be involved in every task, including contract negotiation. DocJuris empowers users to leverage review technology to streamline the contract markup and negotiation process without completely eliminating humans from the loop.
Combining human intelligence with artificial intelligence enables better outcomes for everyone. When humans work alongside machines, they can ensure the data they’re using is accurate and meets the organization’s needs. By validating each other’s work, humans and machines can improve contract outcomes for every party involved.
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