A legal department is something that exists in all sorts of companies and industries, today it is almost a given. As globalization increases, new obstacles also grow with it and more complications arise. More licenses and distribution agreements need to be contracted between counterparts and new laws and regulations need to be complied with.
For an enterprise or even a medium-sized company, it is an enormous task to be able to monitor that all contracts are complied with, as there can be several hundreds of contracts. Drafting contracts can be a very difficult and time-consuming process as everything must be correct, down to the smallest detail.
Deep learning can automate a lot of these processes and also improve them by limiting human errors and optimizing the wording when drafting contracts for example. You can also train a model to recognize irregularities in documents which is easy for a human to bypass, especially when going through many contracts that consist of a lot of pages. It’s not just about increasing the accuracy and limiting the errors, AI will also speed up a lot of these processes and help free up time for other tasks.