Unlock the Power of AI Data for Strategic Business Decisions
We’ve heard a lot about how artificial intelligence (AI) is changing the legal industry. But there are still some who believe the hype has outpaced reality. Let’s get one thing straight: AI has already become a powerful tool in legal tech, and certainly has a place within the modern legal office. Especially the wealth of AI data – which can be leveraged to gain business insights and empower business decision-making.
Let’s look at how AI data can be used to improve your business through more informed decision-making.
The ABCs of AI Data in Legal
AI can be defined as “applying advanced analysis and logic-based techniques including machine learning to interpret events, support and automate decisions and to take actions”.
AI in the legal sector is usually applied using natural language processing (NLP), which provides computers with the ability to read, understand and interpret human language. This gives AI the ability, in the legal sector, to:
- Provide speech-to-text applications;
- Review contracts;
- Find relevant documents in the discovery process;
- Assist with legal research;
- Draft contracts;
- Predict legal outcomes; and
- Recommend judicial decisions.
Legal Interact has been working on AI to process structured documents like invoices as well as unstructured documents like contracts. Using NLP, our software can instantly translate documents, eliminating the need for (resource-intensive) translators.
Contract Manager – one of Legal Interact’s products – uses AI to cleverly:
- Review contracts using AI data;
- Extract metadata like renewal dates, termination terms, obligations, benefits etc;
- Prevent breaches; and
- Ensure that clauses are in line with business standards.
What becomes clear is that AI data extracted through the use of tools like Contract Manager assists contract managers and legal counsel with time-consuming and repetitive tasks.
RELATED ARTICLE: Improving Legal Department Efficiency with AI & Automation
AI Data: The Treasure Trove of the Legal Industry
The legal industry has A LOT of documents containing a wealth of valuable data. What if we could train AI to review those documents to give insights into the likeliness of a particular lawyer winning a case with similar facts, over another?
Similarly, could we gain insight into the likelihood of winning a case when points of law are relevant?
We could take this further and predict the cost of a matter, based on points of law and fees generated historically and costs incurred. With this AI data, quotes to clients become more accurate, and financial losses can be mitigated.
Using AI tools like project and contract management software makes it easier for businesses and legal counsel to calculate and compare costs to assess financial risks. AI can also assist to manage processes and outcomes, ensuring efficiency in meeting deadlines.
AI Data Supports Humans, Does Not Replace Them
A business or law firm does not exist without its clients. There must be a focus on how clients choose to engage with your business and how successful your business is at communicating with its clients.
Gaining insight into how clients engage and personalising their experience can go a long way in ensuring long-term engagement. AI data can be very valuable in gaining these insights and empowering your business. It will become vital for businesses to delve deep into data to analyse how to provide services to clients in the way they want to receive them. AI like chatbots, website analytics and service analytics supports this.
Managing people in a business can be an onerous and often difficult task, especially when considering human emotions, error and biases. However, it is paramount for businesses to get the most out of their people to ensure that clients get the most out of the business.
AI can provide performance monitoring on an ongoing basis. This can further provide insight into skills deficiencies and recommended learning opportunities. Whilst this can be seen as intrusive, by considering how and where to draw the line, AI data can support the performance review process rather than take it over completely.
In conclusion, AI can help us better understand our businesses, clients and people. By analysing the AI data at our disposal and identifying patterns, we can see our business in new and innovative ways. AI has become ingrained in our daily lives and is more accessible than ever. Evolving to use it to gain insight will ensure an existence that continues in our ever-changing modern society.
Don’t let your business fall behind – find out more about how we use AI or see our contract manager solution by calling us on +27 719 2000 or emailing us on firstname.lastname@example.org