Artificial Intelligence in contract management (Part 4): Natural Language Processing and Machine Learning)

In this final installment of our series on artificial intelligence in contract management, we turn our attention to natural language processing (NLP). In earlier posts in this series, I mentioned chatbots and the Turing test, both of which require NLP. I also mentioned machine learning and the process of classifying text to the domain-specific ontologies that model commercial knowledge. At this point, you may have wondered, “Yeah, but how the heck do I actually model and extract all of this knowledge out of our existing contract documents in the first place?”