Abstract
Artificial intelligence (AI) will continue to disrupt everything in the future; in the authors' view, AI needs a couple of years for perfect implementation. We need to minimize future AI negative impacts by passing suitable risk avoidance mechanisms for reaching global human satisfaction. Artificial intelligence has a critical role in converting the unstructured documents into structured enterprise data. Through implementing AI in contractual management, enterprises can get assistance in assessing risks and opportunities of businesses. The mission will be to develop and implement an AI strategy for the organization by selecting the best AI techniques and methodology for advancing legal documents' manipulation to assist managers in implementing and generating contracts and contracting analysis.
TopArtificial Intelligence Past Current And Future
In the 80s, the focus of Artificial Intelligence (AI) was on machine learning enabling business intelligence capabilities to optimize operations and maximize profit. Big data analysis allowed decision support systems for managers; it involved robots that served in the engineering control system to perform repetitive tasks. During the past two decades, AI modified its goal from solving complex problems inside the computer to communications, adaptation, growth, and existence involving human and physical virtual environmental interactions outside the machines. Such modification resulted in the appearance of New AI, which extended its services to cover several disciplines and more advanced methodology. With the AI service and design advancements, many different types of AI evolved, such as cognitive AI, precision AI, explainable AI, and semantic AI. AI has already impacted contracts and contracting analysis, and in the future, we may witness AI innovating even new types of intelligence for systems, humans, and machines.
Key Terms in this Chapter
Innovative Contracts: Contracting structure that enables the maximization of opportunities and reduction of risk based on agile and smart features.
Artificial Intelligence: The ability of a computer or a robot controlled by a computer to do tasks that are usually done by humans because they require human intelligence and discernment.
Watson System: An IBM supercomputer that combines artificial intelligence (AI) and sophisticated analytical software for optimal performance as a “question answering” machine.
Machine Learning: Machine learning is an application of artificial intelligence (AI) that provides systems the ability to automatically learn and improve from experience without being explicitly programmed.
Risk Management: The act of handling the risk exposure through mitigation, acceptance, sharing and avoidance.