Wolters Kluwer has a strong pool of talent and knowledge in artificial intelligence. We had the good fortune to have three of our top AI experts speak about how this technology may assist legal departments operate better and get better results at our 2022 ELM Amplify user conference. We had the following panellists from our distinguished AI-based product and service team at the session “AI leadership: Welcome to the winner’s circle”:
- Jeffrey Solomon, Senior Director, Product Management
- Sharon Horozaniecki, Director of Managed Services
- Abhishek Mittal, VP, GRC Data Analytics and Operational Excellence
Our experts discussed some of the most significant advantages of adopting AI in the legal sector throughout the debate, as well as the significance of these advancements. Here are a few of the primary conclusions.
AI is perfectly equipped to quickly complete a lot of repetitive activities. Because they are not especially exciting or engaging, these are the jobs that individuals tend to get stuck on because they divert busy professionals from the higher-value work they would prefer focus on. Much of the repetitive manual labour that interferes with their primary job duties can be handled by an AI-driven solution. With the proper AI technologies, they may still maintain monitoring and control over the processes while easing some of their burden.
AI is also capable of completing numerous tasks far more quickly than a human worker. An AI tool can examine the complete historical and present portfolio to find patterns and indicate instances of something that is out of the ordinary. AI can easily maintain all potentially relevant data top-of-mind at all times while humans struggle to do so. As a result, AI can perform activities that would normally take humans several hours to finish in a matter of seconds. Therefore, the productivity improvements AI may offer affect both individual employees and departments as a whole.
A person won’t realistically have time to examine each item equally if they have to analyse a set of bills with a total of 10,000 line items. They will need to sort the line items in order to finish the assignment so that they can concentrate their efforts on the most crucial ones. They might prioritise the larger items and sort by line-item value. They might also sort by law firm to see which ones they’ve previously had issues with.
These are legitimate ways, but they might result in unreviewed minor errors by businesses that are typically in compliance. Every line item is checked by an AI tool much more quickly.
A technical gadget, unlike individuals, produces the same amount of work throughout the entire day. At three in the afternoon, technology doesn’t require a fresh cup of coffee to stay attentive. It isn’t inhibited by outside distractions, and it doesn’t strive to finish up early on Friday to kick off the weekend. You can have entire faith in AI’s work because it is consistently equally reliable.
The daily operations of legal departments result in the production of a large amount of data. By incorporating AI into some aspects of that work, professionals can transform unused data into analytics that support important business choices. It can assist you direct the department’s efforts to maximize performance by giving you visibility into the overall results of the job your team is performing.
It is crucial to remember that the value of AI lies in improving human decisions rather than taking the place of them. People must continually make a lot of judgments in a hectic environment like a legal department, from whether to amend an invoice to which outside counsel firm should handle which subject. AI tools can assist in providing the insight required to guarantee that those decisions are sound.
To assist you understand where the variation comes from and whether it signals a problem, AI technology may also be used to assess variation among the employees who are making those decisions. In situations where human decision-making is appropriate but might be enhanced, this offers a data-assisted backstop. It serves as a tool for quality control for your legal operations in this way.