NLP in Contract Management: Labeling for Fine-Tuning
Jul 18, 2022
The subset of machine learning (ML), NLP is the technology that helps in understanding, interpreting, and generating human language in the form of text or voice. In addition to text and voice processing, the capabilities of this technology include information extraction, machine translation, automatic summarization, and more. Some of the examples include Siri, Alexa, chatbots, and predictive suggestions by Google. This would be interesting to know how this technology works wonders in contract creation and management.
NLP and Contract Management
In recent years, natural language processing (NLP) has become an integral part of various business processes, and contract management is no exception. In contract lifecycle management, NLP plays a pivotal role with a wide range of useful features. The technology has a long way to go before it gets implemented into businesses perfectly. The commercial and retail application of NLP has grown by leaps and bounds.
In the initial stage, NLP brought a great deal of improvement in search features as well as categorization of documents in CLM (Contract Lifecycle Management) solutions as well as document management platforms. These features of NLP were just the beginning, the capabilities of NLP and other ML models are enormous. The accurate reading of clauses and subclasses in the contract can be regarded as a more advanced feature of this technology. Some automated contract solutions that are available these days offer a relatively small approach to use in this case. For instance, lawyers and/or business professionals can get timely alerts regarding the ambiguous language used in their contracts.
Hence, to avoid ambiguity, lawyers can consult regarding changing the contract language while avoiding future conflicts. Without a doubt, this specific use case in the form has little value for lawyers who are handling high-value agreements.
This is also not the use case of artificial intelligence (AI). It can be considered AI if the solution has the capabilities to provide the drafters with an alternative language or by automating the required changes.
Let’s take another example here- the creation of a contract. From chatbots and spreadsheets to other forms, NLP can create drafts of contracts by extracting information from these sources. The solution can also complete an enforceable contract, specifically for low-risk and formulaic contracts. Needless to mention, some bespoke or high-value contracts may need to be checked by a lawyer.
Key Benefits of NLP in Contract Management
Drafting a contract is something that requires technical skills. Experienced lawyers need to ensure that they comply with the set rules and regulations. Hence, many organizations hire new contract lawyers to take care of all these tasks on a regular basis. However, a single person will have a limited capacity to read and write on a given day. Such physical limitations put a limit on how much a business can manage. This is where AI proves to be helpful. It allows you to develop contracts with the help of templates and clauses. This, in turn, automates the process while saving a great deal of your precious time.
In the contract lifecycle management, the initial application of NLP is quite helpful, especially when we talk about high-volume routine contracts. Lawyers and businesses spend a great deal of their valuable time dealing with manual processes. ML models have the capability to automate a wide range of contract processes, and it results in faster turnaround time, improved efficiency, and more consistent language.
Another important benefit is high morale and better productivity. While dealing with high-volume routine work, lawyers and business associates find it difficult to work on what’s more important. When all these tasks are handled by an automated process, they can buy more time and energy to focus on core work.
What Makes a Contract Hard to Read?
Well, there can be many reasons, from jargon and length to non-standard capitalization, complexity and passive voice to inconsistent language, there can be other things that can make it difficult to read a contract. There are plenty of use cases and valid reasons where NLP has remained narrow in contract management.
In general terms, it is difficult for algorithms to read what’s there in the document. Thousands of contracts were analyzed by experts and they figured out that there are several issues that caused trouble in reading. However, the real challenge in reading contract documents comes from center-embedded clauses.
Implementing the right tool can simplify various contract processes and this is where UBIAI comes in handy.
Importance of Labeling in Model Fine Tuning
When it comes to contract, businesses have to keep track of a large number of contracts. These contracts are not easy to maintain, organize and update. But the AI and ML models are now helping businesses in solving many contracting issues. With combination of contract management system and AI, businesses can convert unstructured contract documents into structured data.
But it is also necessary to train AI models with accurate and well-labeled data so that they can recognize and understand the objects properly. Data labeling helps to improve the quality of training data, improve the accuracy of data, & thus gaining better outcomes.
How UBIAI can Help in Data Labeling?
Taking labeling to a new level, UBIAI is NLP powered model that simplifies the entire process of labeling your data. For businesses that are looking for a solution that can get the job done fast, UBIAI is the best choice to make. UBIAI is dedicated to creating an easy-to-use interface that ensures a great user experience. We understand the fact that video labeling and text labeling are two completely different needs, they need quite a different set of features. To overcome these issues, we have created a solution that addresses both NLP and text annotation needs.
When compared with other tools, UBIAI has a unique interface that supports data labeling in contract management, manufacturing, and other businesses and industries. For contract management, this tool makes data labeling a hassle-free process. With this tool, simultaneous annotation of entities, classes, and relation is possible. Also, the OCR feature makes this tool a perfect choice for data annotation. These are a couple of big differentiators of this tool.
Here are some features that make this tool unique:
- The tool is completely versatile.
- It offers multi-lingual support.
- UBIAI simplifies teamwork and team management. Goal tracking is possible with this tool.
- The tool is smart and automatic.
- It is flexible and scalable as per your business needs.
The Bottom Line
So, if you are looking for a tool that simplifies data labeling and various other business processes, you must visit ubiai.tools. Here, you will find a wide range of solutions for various complex business processes. In case of any query or concern, feel free to connect with our dedicated professionals, they will help you every step of the way.