Deep Learning and Negotiations
Jan 6, 2021 | Blog
Negotiations have never necessarily been an easy endeavor, but they have been more straightforward. Once upon a time, there was no screen between us and the other party. We could rely on factors such as body language, facial expressions, and the overall “vibe” of the room to get a read on the situation, or maybe if we were lucky, to get negotiations to swing in our favor.
Of course, none of this is as readily available for us anymore. With many of our business talks now conducted over Zoom or even accomplished with simple phone calls or emails, we’re now left with few tells and little extra help to make things go our way. However, there are some technologies that are being used to fill in this gap left behind by other tech – deep learning being one of the biggest future game changers.
What is Deep Learning?
What exactly is “deep learning?” Deep learning, or DL for short, is a use of artificial intelligence and a subset of machine learning that mimics how our brains conceptualize and process information. Instead of merely accepting basic inputs and developing an output, it can “think” more deeply for itself. It can extract impressive amounts of data, both structured and unstructured, and analyze it with nonlinear approaches. That’s thanks to its brain-like construction, with layers upon layers of artificial mesh, interconnected neuron nodes, and more making up something oddly familiar to the messy web inside our heads.
The result is that deep learning can accomplish more than what basic algorithms can while also not having humanity’s limitations. There’s more to it than just this, though. DL programs also have the added perk of actively getting better as they go about this complex processing. Like with us, they’re constantly analyzing and re-analyzing data, able to detect patterns, changes, and small nuances that will aid the program in better engaging with similar information in the future.
Impact of DL on Negotiations
That’s all well and good, but what about the practical implications of this? Add deep learning and negotiations together, and you get, what? The answer is a winning match. Machine learning and general AI already makes for fantastic implementations in business discussions, taking care of some of the figurative heavy lifting and allowing us to focus on different matters that could use our attention. But DL can be used across the board to make our jobs simpler, faster, and more thorough. It can be used to understand a huge, wide swath of information – amounts and complexities that could take actual humans years to disentangle and implement.
It can, in many ways, make us adapt to not seeing quite the full picture, recognize minute body language, process certain words and phrases, and ultimately read between the lines during remote negotiations. The long and the short? It can draw conclusions we might miss in the digital translation, enabling us to make better decisions. It’s good for us, our partnerships, and our profit!
Intellext is an AI startup that is revolutionizing the way contracts are negotiated, accelerating time to close, and improving deal terms. Intellext’s Intelligent Negotiation Platform™ eliminates the complexities of contract redlines and stakeholder collaboration and optimizes deal terms by applying machine learning during the negotiation process.