Process Text Easier with Natural Language Processing (NLP)
Natural Language Processing (NLP) is a key innovation in artificial intelligence (Ai) and machine learning. To the point where it is very critical and has become a field in its own right.
There are many things NLP can be applied towards. Imagine being able to read tweets and their sentiment in real time. Are they negative or positive?
What we’d like to discuss is how NLP can help businesses with something they all have to deal with… contracts!
Think of how many times you go through an end user license agreement. What do you do? You probably just click ok. Wouldn’t it be nice if there was some way to summarize the terms and conditions you are agreeing to?
Every company deals with text. It’s how we communicate with each other. Whether it’s verbal or transcribed into text, that’s how humans communicate. Legal documents, text messaging, social media… all this is text-based.
There is an enormous amount of information contained in text. Not just in the words being used but the sentiment and structure of the document, the semantic richness that you get with any document. What’s the headline, where is a keyword, etc.
You see this in contracts, legal briefs, scripts, so many documents. And each one is written in a particular format. That formatting tells a story in and of itself. If you get a generic NLP engine, that’ll work.
But if you get something that understands the structure and semantic richness that structure conveys, the sky’s the limit as to what it can do!
How do you use Natural Language Processing (NLP)?
If you have a smart assistant, you are using Natural Language Processing (NLP). Such as you can tell your smart assistant to turn off a specific light and that light will turn off (provided the plug or lightbulb is Wi-Fi enabled).
The true magic of NLP is it knows the intent and purpose behind what you’re saying even if you say it differently each time (e.g., Smart Assistant, turn off the kitchen light. Smart Assistant, would you please turn off the kitchen light?).
It would be extremely difficult if you were to do this with conventional algorithms and code. Sure, you can analyze text or speech-to-text recognition with conventional approaches.
But with the ability of NLP to not just lexically parse a document to find the Verb-Subject-Object, applying artificial intelligence you can get a much richer understanding. It’s much the same thing as when a human reads a document. Just with super-human abilities.
How can Natural Language Processing help with contracts?
There is a need for contract management and optimization. And we would like to introduce you to a fantastic way for you to get a handle on your contracts.
ElectrifAi’s ContractAi uses Ai and machine learning to power this intuitive SaaS solution, translating raw contract data into detailed insights - exposing hidden risks and opportunities. By reading and understanding inaccessible and complex contractual language and clauses, ContractAi grants full contract visibility with unprecedented accuracy—empowering you to act fast in business-critical moments.
With ContractAi, you can:
- Integrate with SpendAi (check out the SpendAi demo!)
- Analyze risk
- Compare documents side-by-side
- Find out when contract terms are coming to an end
- And much more!
You start by using a sample of contracts to train pre-built machine learning models that use cutting-edge NLP. This will allow you to determine key phrases and conditions of the contract. This won’t replace lawyers or paralegals but makes them even more efficient.
If you’re a small company and you can only afford one or two people to look over your contracts, you can do so with the added efficiency of ContractAi!
Contracts aren’t new! But what is new is using Ai to process and parse through your contracts to highlight those contracts that have problems or concerns. Rather than bringing an army of lawyers, you can have one or two paralegals and a lawyer do the work of an entire legal department.
Imagine being able to quickly go over all your contracts, know precisely what you’re agreeing to (e.g. payment terms), and go through the contracts to highlight the ones you want your lawyer to review. Instead of having your lawyer go through tons of documents – which is not inexpensive – you can just go through the documents that actually need review.
What value does ElectrifAi provide?
We provide the value of pre-built machine learning models so you don’t need to hire a full-time staff to build out rich models. You can use us to save time and overhead costs with proven models already built!
What makes us different from other machine learning companies is we train the models on your contracts. You give us a sample of your contracts, we train the model, and we’re with you every step of the way to help ensure the model is deployed properly.
If there are any problems, we can go back and make sure we train the model on how it actually performs in the field. And the model iteratively gets better and smarter on the contracts you specifically handle.
ElectrifAi doesn’t provide Ai for the sake of Ai. This is practical and applied Ai. Our key value is rapid time-to-value!
There is so much excitement in the field of natural language processing. Check out the case study of how a Chemical company better understood their procurement contracts by using ContractAi.
If you want to do more with your contracts, contact us today for a custom demo!
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