4 posts tagged with "applications of ai"

Introduction

A lot of businesses find it difficult to create and manage contracts in an efficient and productive way. However, the growing use of AI contracting software offers three significant opportunities to enhance the way all businesses contract: It can first alter the instruments that companies use for contracting. Second, it may have an impact on the terms of contracts. Lastly, it can enhance the procedures used by businesses to create and carry out contracts. The workforce needed to oversee contracts and the contracting process as a whole may be greatly reduced by these new technologies, which would be extremely valuable to the company as a whole.

Why Contracting?

Although it's a typical practice, few businesses are proficient or successful at contracting. In fact, depending on the conditions, it has been estimated that inefficient contracting costs businesses anywhere from 5% to 40% of the value of a given agreement. However, newer technology advancements like artificial intelligence (AI) are now assisting businesses in overcoming a lot of the difficulties associated with contracting.

Challenges

The largest issue that businesses have when it comes to contracting is the sheer volume of agreements that they have to monitor; they are frequently inconsistent and challenging to arrange, oversee, and update. Most companies lack a database containing every detail found in their contracts, much alone an effective method for extracting that data. As a result, it is difficult to read complex outsourcing agreements or compare the wording of a certain phrase across many divisions in an organized and timely manner. Drafting, carrying out, and refining not only the contracts but also the contracting procedures and the transactions they regulate need for a large workforce.

For instance, a large tech company might have hundreds of hours and a team of contract managers to review and track all this information in order to make sure that no renewal or opportunity is missed if it finds itself with a large volume of procurement contracts with varying terms for renegotiation and renewal.

How AI Contracting overcomes challenges?

On the other hand, AI technologies can quickly extract data and make contracts more understandable. (It could swiftly gather and arrange the conditions of the renegotiation and the dates of renewal from any number of contracts.) It can help businesses evaluate contracts more quickly, arrange and find a lot of contract information more quickly, lessen the likelihood of conflicts and hostile contract negotiations, and negotiate and sign more contracts.

All businesses' contracting processes could be improved by the use of AI contracting software, which will have three main effects: it will alter the tools businesses use to enter into contracts, have an impact on the substance of contracts, and change the procedures by which businesses enter into contracts.

Better Contract Management Tools

Although legal document review software has been around for a while, it usually primarily serves to assist businesses store and arrange their contracts. AI-powered contract software expands the capabilities of these instruments. AI contracting software, for instance, can recognize different contract types based on patterns found in the document's drafting—even when the contract is written in more than one language. AI contracting software helps a company handle its contracts more efficiently by knowing – and having easy access to – what is in each contract. It does this by training its algorithm on a set of data (contracts) to identify patterns and extract relevant variables (clauses, dates, parties, etc.). Additionally, simple prediction is provided by AI software, which has consequences for due diligence. AI contracting software has the ability to swiftly filter through a high volume of contracts and mark certain contracts according to parameters set by the firm.

Upholding Consistency in Contracts

AI contracting software assists businesses in ensuring that the terms and usage of each contract are consistent. For instance, if a business wishes to define "confidential information" in its non-disclosure agreements (NDAs) in a particular way, it must ensure that every division agrees with this definition and that any changes are promptly and correctly incorporated, as any deviation from this definition could be detrimental to the business. AI contracting software can detect other terms in business partner NDAs that indicate "confidential information," and it can effortlessly maintain consistency with this term across the firm's templates.

New Procedures Call for New Expertise

The actual content of contracts is being altered by emerging AI contracting tools, which has an impact on the contractual procedures that companies employ. In the past, drafting, negotiating, monitoring, and reviewing contracts were all necessary for successful contracting. Specialized high-value deals required teams of lawyers to invest several hours in thorough due diligence. It was expected of contract drafters to come up with ingenious ways to incorporate clauses that would benefit their clients. Furthermore, staff have to be extremely detail-oriented in even more mundane transactions.

Conclusion

Utilizing and implementing AI contracting tools successfully requires an understanding of what these tools can and cannot achieve. At the moment, they might provide the most value add to businesses who undertake more routine transactions and have a big volume of contracts because they reduce the time spent on contract evaluation and preparation. However, as this technology advances, it is almost a given that all businesses will find use for it in the future.

Introduction

Upon its inception in late 2022, ChatGPT quickly gained popularity as users were astounded by its capacity to provide succinct and conversational responses to any query. Access to up-to-date information was a crucial aspect that ChatGPT was missing, though. AI-driven search engines arose to close the disparity.

Major search engines, such as Google and Bing, integrated generative AI into their platforms to provide conversational responses based on current information sourced from the internet within months of ChatGPT's inception. To compete with ChatGPT and the major search engines, other businesses like Perplexity AI joined the market and created their own AI search engines from the ground up.

Although they differ greatly in how they operate, AI search engines provide customers with the same fundamental service. Certain options—such as variations in search results, user interfaces, and suggestions—are more beneficial than others.

Perplexity AI

Perplexity AI was designed to be an AI search engine, in contrast to the other choices on our list that have incorporated AI into already-existing search engines. our methodology is evident in its interface, which flawlessly combines the greatest aspects of AI chatbots and search engines. In the end, this feature distinguishes Perplexity from every other player in the market and elevates it to the status of the most intriguing and all-encompassing AI search engine.

Upon initially using the application, a textbox that mimics the interface of any AI chatbot will appear. On the other hand, when you click on the textbox, a number of timely suggestions based on current affairs will appear, akin to what happens when you type a search query into a search engine. These recommendations distinguish Perplexity from other AI chatbots and aid in stimulating creative thinking.

If you use Perplexity as a search engine to find the best website, the results page offers multiple links at the top once you submit your search query. Conversational, succinct, bulleted AI-generated responses with footnotes and website connections are among the outcomes.

Finally, consumers can benefit from a "related" area beneath the AI insights, which mimics the functionality of a search engine tool like Google's "people also ask" feature. This section marked "related" promotes exploration. It's simple to use Perplexity as it's free to use and doesn't require an account.

Perplexity features: Free | Exclusive LLM | Access to advanced models like GPT-4 Turbo, Claude 3, and more via a premium subscription

Microsoft Bing

Since integrating Copilot, an AI chatbot, into its Bing search engine, Microsoft has noticed a huge increase in the number of daily active Bing users—more than 40 million new users over the course of the previous year. During my testing, Copilot has shown to be a very competitive chatbot, including capabilities that set it apart from ChatGPT.

Because Microsoft and OpenAI worked together to develop Copilot, the chatbot utilizes GPT-4, an extremely powerful LLM from OpenAI. When visitors search for anything using the box at the top of the search page results, Copilot's connection with Bing delivers high-quality results. The fact that the AI insights aren't overpowering and are contained in a single box off to the side, as seen in the image below, is the best aspect of Microsoft's execution and what sets it apart from Google's.

With this method, you can simply enlarge the results to view additional AI-powered insights. However, the AI insights are limited to a small area of your desktop screen that you can ignore if you'd rather scroll through the standard search results instead of the output. Bing is a fantastic choice if you're not quite convinced you want to switch to an AI search engine.

Google

Google may already be the greatest choice for you if you are a devoted Google user and interested in learning how AI might enhance the search experience. Google unveiled its Search Generative Experience (SGE) last year. Users could only access it through Search Labs, but it provided AI-generated insights at the top of search results. Nevertheless, the company declared at Google I/O that it will make those AI overviews available to all American users.

This implies that Google would automatically provide the AI insights when you enter a search query that could benefit from AI overviews. The sole drawback is that you are forced to see them even if you have no interest in doing so. Pushing organic search results down may not be a suitable strategy for everyone, as the AI insights are larger than Bing's and occupy the top of the screen.

You.com

You.com is the greatest AI search engine if you enjoy the way an AI chatbot looks, feels, and interacts with you. When you first visit You.com, the interface will look a lot like an AI chatbot. The main distinction is that You.com is a search engine because it is connected to the internet.

You can ask any question you have about any subject you'd like to know more about, and you'll get conversational answers along with real-time web results. But, the output that is shown is not what you would expect from a standard search engine, so this tool might not be your best bet if you prefer to see results as a list of webpages.

Alternatively, consumers can click on the conversational response with further footnotes that You.com displays to visit the website and confirm the source. As demonstrated in the image at the top of the page, the tool will also, when appropriate, add graphics that improve the responses over those from a conventional AI chatbot like ChatGPT. Alongside its response, You.com offers a "People also ask" section and a "private mode" that is akin to Google's incognito mode.

Features on You.com: Free | Subscription option | You.com proprietary LLM available in the free edition

Brave Search

Because it gives users more privacy and security when accessing the web, Brave Search is a popular search engine. Blocking trackers and online advertisements is one of Brave's best features; it also extends the life of your device's battery and speeds up your browsing. With the recent addition of Brave's "Answer with AI" function, which integrates generative AI into the search engine, users can still enjoy the security aspects of the tools mentioned above, but will have a virtually same experience.

For the complete experience, download the Brave browser on your computer. On the other hand, by going to its website, you can utilize Brave Search in any browser. Entering a search query is all that is required to use Brave Search, making it user-friendly. You will see AI-generated insights at the top of the search results, just like with Google and Microsoft's search engine (see the screenshot below).

Although Brave Search doesn't provide footnotes for its answers, it does provide "context" with links to related articles beneath the response, which is helpful for confirming the accuracy of the information. Brave Search distinguishes itself further by claiming that, in contrast to many competitors that depend on Google's or Bing's search engines, the results are generated using Brave's own search index.

Features of Brave Search: Free | Brave's own search index

Introduction

We who have been using Google Search for years are familiar with the process. When you enter your search term or word at the prompt, thousands or perhaps hundreds of thousands of links to relevant webpages will appear in the results. However, who has the time to visit each of those links? Fortunately, you can now use a significant amount of artificial intelligence (AI) to narrow and fine-tune your Google searches.

With Google's latest tactics, you can now request an AI Overview that provides a summary of the outcomes. You can ask for suggestions for presents, activities, or movies and TV series to watch. You can request assistance with creating code and other types of material.

You can also request additional artwork and pictures. Additionally, you can see an article or other page that is displayed in your browser's side panel by using the Google Search side panel. A Chrome browser and a Google account are all you need. Here's how you get started.

1. Turn on the AI Tools

To accomplish this, launch Chrome on your computer and navigate to the Google Labs Search page. Click the "AI Overviews and more" and "AI tools while browsing" Turn on buttons after swiping down to the AI Experiments section.

2. For any search, obtain an AI overview

The AI Overview is the first feature you should try. Open the Google search page and type your query into the box. To discover the proper kind, you might need to try a few different searches as this doesn't work with all queries. Typing a question in place of a word or term is your best option. An AI Overview ought to appear at the top of the search results as a result. To bring up the Overview, click the Generate button if it doesn't open automatically.

Usually, the material is summarized in one or more paragraphs in the Overview. Additionally, you might view related pictures or videos.

3. Examine the sources

To view the name of the source that was used, click the down arrow at the end of any paragraph. Any source's webpage with the pertinent information marked can be seen by clicking on the link. To see more information about a source, click the three dots icon.

4. Get recommendations

You can focus your request to get suggestions for particular products. Perhaps you're trying to find the ideal present for a certain person. Perhaps you would want a list of activities to do in a new city that you are visiting. Perhaps you're looking for something to watch on TV or in the movies for a calm evening at home.

Enter your request in the search field based on the information you're looking for. In exchange, Google's AI Overview need should provide a few, ideally beneficial suggestions.

5. Produce code or additional material

Asking Google to create content for you is the name of the game when it comes to generative AI. Almost any kind of content can be requested, including computer code, essays, poems, haiku, and stories. Give Google the details of the material you want to generate, then watch what it comes up with.

6. Make an image request

You can next request that Google create an image. Describe the kind of image you want at the prompt. Additionally, you can choose a style, such anime or photorealistic. Google responds by displaying two or more photos. You may edit, share, and export an image by just clicking on it.

7. Obtain a page synopsis

Lastly, you can ask for an AI-generated synopsis of a large number of webpages and publications. Go to the page you want to view summarized to use this function. On the toolbar, click the G symbol. Click the Generate button when the sidebar displays. A synopsis of the content on the current page is now displayed to you. To learn more about the subject, you can also choose from any of the linked searches.

Ever wondered how we have evolved from the old stone age to the present day with many innovations, inventions, and discoveries? We have even seen an evolution in technology, be it from stone tools which were discovered 2 million years ago by Homo habilis then to the present fourth Industrial Revolution that is ruling more than 90% of the globe with technologies like Artificial Intelligence and Machine learning, quantum computing, 5G, Edge Computing, Virtual Reality and Augmented Reality and more.

Let us understand more about the use of new age technology - Artificial Intelligence to be specific, in manufacturing. The market size of Artificial Intelligence in Manufacturing was estimated to be USD 2.3 Billion in 2022 and is anticipated to be USD 16.3 Billion by 2027; growing at a CAGR of 47.9% from 2022 to 2027 as published in markets and markets