AI is already used in areas such as due diligence and drafting of smart contracts, but how can companies use it to its full potential when it comes to the complex closing of M&A deals? Experts say that the use of artificial intelligence can accelerate the entire process of an M&A deal, especially in the area of accounts receivable, real-time data collection, and more in-depth research of business targets.
There are two general types of Artificial Intelligence; Narrow AI and General AI. Narrow AI refers to the ability of a machine to carry out narrowly defined task through very limited artificial cognitive function. Siri is an example of Narrow AI as it is responsible for speech recognition and internet searching in order to sift through all the data possibilities. General AI has the ability to carry out more sophisticated reasoning processes through their ability to predict conclusions and courses of actions that are different from the possibilities which have been initially programmed into their database. This type of AI engages in higher-order thinking, creativity, innovation and improvisation.