In the realm of contract management, treating contracts as a mere source of data is not enough. The true potential of artificial intelligence (AI) in managing complex contracts is unlocked when that data is of the highest quality. At Affinitext, we recognize that AI requires wholly comprehensive and accurate data. This means you must be feeding AI the fully consolidated, up-to-date versions of your contracts, along with high-quality metadata to function optimally.
The Role of High-Quality Data
AI models rely on data to learn, adapt, and generate insights. Indeed, in the words of Tom Godden, Enterprise Strategist and Evangelist at Amazon Web Services (AWS), “Your AI is only as good as your data”. See Tom’s article in full here – https://aws.amazon.com/blogs/enterprise-strategy/your-ai-is-only-as-good-as-your-data/#disqus_thread
In the context of contract management, this data includes the text of contracts, amendments, compliance records, and associated metadata. High-quality data ensures that AI can perform tasks such as contract reviews, risk assessment, and compliance monitoring with precision. Conversely, poor-quality data can lead to errors, misinterpretations, and ultimately flawed decision-making.
A perfect blend of artificial intelligence and human intelligence allows Affinitext to transform your contacts into data assets of the highest quality, which can be confidently relied upon. This allows you to optimise artificial intelligence today, and ensures you are equipped to leverage the technologies of tomorrow.
Up-to-Date Versions of Contracts
Contracts are living documents that evolve through amendments, addenda, and variations. For AI to be effective, it must work with the most current versions of these documents. At Affinitext, our platform consolidates all amendments and variations into a single, navigable version of the contract. This ensures that AI is always referencing the latest information, thereby improving the accuracy and relevance of its outputs. Importantly, you can also run AI over the contract as it stood at any point in time.
Importance of High-Quality Metadata
Metadata provides context and structure to the data within contracts. It includes information such as dates, parties involved, Extension of Time days claimed, value of price adjustments overtime. High-quality metadata enhances AI’s ability to understand and process contract data efficiently. Affinitext’s solution ensures that metadata is accurately captured and maintained, enabling AI to perform more sophisticated analyses and generate deeper insights.
Benefits of High-Quality Data in AI Applications
With high-quality data, AI can significantly enhance contract management processes. It can automate routine tasks, identify potential risks, ensure compliance, and provide actionable insights. By prioritizing data quality, organizations can unlock the full potential of AI, leading to improved efficiency, reduced costs, greater value realised, and better decision-making.
Conclusion
In the age of AI, the quality of data is the cornerstone of effective contract management. At Affinitext, we are committed to providing a platform that not only treats contracts as a vital source of data but also ensures that this data is of the highest quality. By doing so, we enable our clients to leverage AI to its fullest, driving innovation and achieving superior outcomes in managing complex contracts.