How to Evaluate AI-Based Solutions for Legal Tech - ERP Spain.com - España y América Latina

According to Gartner, legal departments will increase their spend on legal technology threefold by 2025. A large share of these investments goes to contract management solutions that centralize all contracts in one single system, while assisting subject matter experts in managing the lifecycle of contracts, compliance requirements and more. These systems are more and more leveraging advanced technologies like machine learning and artificial intelligence, which remain obscure to most legal specialists, making it difficult for them to compare the different approaches. This question and answer session covers the steps required in the process of evaluating AI-based solutions to automate contract review and analysis: - Search for training material - Annotation of training material - Methods to compare results - Calculation of precision - Identification of potential AI-based solutions - Integration with an existing system