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How does AI make contract management better?

Aivan.ai is an AI-based contract management solution – but what exactly does that mean? Are we just putting a “Made with AI” sticker on top of a traditional piece of software, just to ride the hype train?

And just what is AI good for? Is AI just a distant promise of a better tomorrow or can it benefit you already today?

AI learns by doing

By definition, artificial intelligence is a man-made simulation of human intelligence, or natural intelligence. We humans are pretty smart – we are quick to learn and we can adapt our actions on the fly.

Traditionally, computers and software pretty much suck at learning and especially in applying any newly-learned skills. This is where AI comes in to boost traditional software to the next level: AI systems learn from sample sets and apply that knowledge to process vast amounts of data.

The benefit? Less repetitive work for humans. Less costs. Less waiting. More happy.

AI in contract management

Our long-term goal, shimmering in the horizon, is to build a truly zero-effort contract management service. AI is an integral part of that plan.

We at Aivan aim to automate most of the tasks that traditional information management systems force you to carry out manually:

  • Entering contract metadata for new contracts: title, contract parties, relevant dates, etc.
  • Highlighting selected content of the contract, such as actionable items, liabilities, price related text – helping you to find interesting parts easier
  • Checking that documents are duly signed
  • Implementing follow-up tasks such as reviewing automatically renewing contracts

In the big picture, our goal is to make contracts active, living documents that help making sure organizations do the right things. After all, contracts are the binding agreements that define what should and must be done.

Will AI eliminate the need for human labour?

Yes, AI will have an impact on how many of us work. But no, AI will not be our get-out-of-work-free card.

In our context of contract management, we aim to free experts’ time to something more valuable and rewarding, instead of manually entering metadata, for example. Our AI helps in eliminating manual work that no-one really wants to do.

Also, AI is perfect for large tasks that would otherwise not be done at all. For example, Aivan.ai recently saved our client 7 person-years of manual contract processing. If an AI solution would not be available, it would be highly likely that this task would have been left completely undone or at least pushed back several years.

When you think of mind-numbing repetitive tasks or huge archives no-one wants to comb through, think if AI could be the helper for you.

 

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