Another common name for “artificial intelligence” is “machine learning,” which is particularly interesting when applied to contract management. Automation in the space has existed for a while—fill in one box on a contract, and software will fill in the rest based on past data. But does that truly count as “learning”? And if not, what does it take to make a technologically advanced, and actually useful, artificially intelligent contract tool?
Contract management company Apttus, which primarily focuses on the corporate legal market, has endeavored to solve the problem. The company partnered with information management company ABBYY, which uses machine learning for tasks like character recognition and document capture, in creating Apttus Intelligent Import. The tool looks to automatically scan, load and analyze physical and digital contracts before loading them to Apttus’s contract management repository.
