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OpenAI (ChatGPT) is the latest AI tool to take the internet by storm. It's an intelligent bot, created using the company's existing technology, GPT-3.5. The bot is also the best language-processing AI model available online today.
Well, when we asked ChatGPT about GPT, this was its response:
"GPT is a conversational AI language model developed by OpenAI. It was trained on a large corpus of text data to generate human-like text based on the input provided. It can be used for various NLP tasks such as question-answering, text completion, and conversation generation."
In simpler terms, it is a bot designed to understand human language, generate human-like responses, and engage in conversations. It's a tool that anyone can utilise.
Users can input hundreds of questions or requests, from a basic query to asking the bot to write a social media post. OpenAI's GPT can even act as a recruitment consultant to help with interview preparation or plan your holiday itinerary.
ChatGPT is still in its beta phase but is already a compelling tool. OpenAI plans to launch even more powerful GPT versions in the future.
ChatGPT has taken the world by storm as users can apply the technology for several use cases that weren't previously available. Using natural language processing and machine learning, ChatGPT can understand hundreds of user requests and provide useful responses. It has also been designed to provide more structured and reliable answers rather than just one-word responses. This ability is in part due to the dramatic improvement of AI.
Users can use the bot to help write content. The output should not be directly copied and published without review, but it does provide a starting point by summarising complex information or highlighting new ideas.
ChatGPT is gaining popularity due to its potential and scalability. For example, a user could ask for a shopping list, prompting the bot with cuisine requirements and a budget.
With its advanced language capabilities, ChatGPT can handle a large volume of requests, which positions it as an efficient and cost-effective solution. It also has massive potential for businesses looking to roll it out within their products.
Corporate legal departments have historically been slower to adopt automation and technology, but the changes to how we work (fuelled by the pandemic) have transformed the modern workplace.
Often known as Robotic Process Automation (RPA), Artificial Intelligence (AI) and ML-driven technology, automation allows teams to execute weeks' worth of work in a matter of minutes. For years, people thought this technology would replace humans in the workplace, but instead, it's helping redefine workplace processes
The in-house legal team's work is often manual-heavy and is heavily focused on language and long-winded written documents. So, with these latest advancements in AI and the pressing need to do more with less, ChatGPT has the potential to reduce the pressure on legal teams by accelerating tasks.
With the correct utilisation, in-house legal teams can benefit from ChatGPT in several ways:
• Research: The chatbot can collate information on laws, regulations and precedents.
• Document reviews: If it's incorporated into a product like Summize, ChatGPT can help review and analyse contracts or legal documents.
• Predictive analysis: The technology can help analyse legal data, providing predictive insights that allow in-house legal teams to make better-informed decisions.
The OpenAI GPT language model can significantly enhance the potential of existing tools. It's an intelligent way to incorporate a disruptive and innovative assistant within pre-existing technology like Summize.
Summize is the first to market in the Contract Lifecycle Management space to integrate the power of the GPT's language model into its game-changing legal technology. Summize's unique combination of expert software and OpenAI's GPT ensures that its instant summaries are accurate and provide immediate value with just one click.
GPT isn't a tool that will replace lawyers in the workplace. It is not designed to work against them, instead, it's been created to work with its users. However, it could dramatically enhance and develop how they work, especially in a tool like Summize.
If you haven't already, take a look at our OpenAI page to learn more about how it works within Summize and book a demo to see it in action.
Can ChatGPT review contracts?
No, ChatGPT doesn’t review contracts. ChatGPT is a conversational AI language model which has been trained to understand human language and generate human-like, text-based responses. However, by integrating the intelligence from Summize’s Contract Analysis Engine, Summize can utilise the full power of GPTs Natural Language capabilities, speeding up the first pass review process and generating meaningful, human-like summaries.
Can ChatGPT analyse contracts?
On its own, ChatGPT can’t successfully analyse contracts. Although it has been trained to understand human language, it lacks the knowledge and understanding of legal concepts that legal teams possess. It can, however, help supercharge existing technology platforms like Summize by generating easy-to-read summaries for users, removing the complexity from summaries.
What is NLP contract analysis
Natural Language Processing (NLP) is not able to analyse contracts. NLP is a brand of Artificial Intelligence (AI) that is designed to bridge the gap between computer and human language. However, NLP algorithms have been designed so that they understand human language, so when this is combined with Summize, it can produce human-like, easy-to-read summaries for users.
Can ChatGPT write contracts?
Although ChatGPT can generate contracts, its ability to do so effectively is severely limited. Contractual agreements are all unique, and their complexity comes from the T&Cs and the nature of the agreement such as the parties involved, and the jurisdiction and purpose of the agreement. Given these circumstances, ChatGPT can’t generate a legally binding watertight contract.
Note: ChatGPT is the user-interface and Q&A style experience that is trained on top of an underlying GPT model. Summize uses the underlying model, and not the ChatGPT model. However, due to the huge popularity around ChatGPT, it is a more familiar concept than GPT, and as such we often find our customers referring to the entire generative text concept as ChatGPT.
