AI for Contract Analysis in the Enterprise

Close to a year ago, we had an interview here on the AI in Industry podcast with Jeremy Barnes of Element AI. We visited their headquarters in Montreal, and we'd interviewed Yoshua Bengio a couple years before that. Jeremy had brought up one point in that interview that I really like and that transfers its way into this conversation, which is that businesses should think not just about being more efficient with artificial intelligence, but places where they can actually make a real difference in the bottom line for the company beyond shaving off some savings. In this week's episode, we focus on compliance and analyzing contracts. At first, one might think about such an application in terms of cost savings. We speak with Shiv Vaithyanathan, an IBM fellow and Chief Architect of Watson Compare & Comply, about the following: • What's possible with AI when it comes to analyzing contracts, and, most importantly • Where is the business upside for AI as it relates to contract analysis. How can we analyze contracts not just in a way that saves money, but that allows us to optimize our deals for revenue, for the likelihood that they'll go through? What's that farther vision?