Tech Bytes Part 2: Analytics and artificial intelligence for chief legal officers has been saved
Tech Bytes Part 2: Analytics and artificial intelligence for chief legal officers
Five opportunities for cost-effective quick wins
Solving the challenge of unstructured data has brought the legal industry to an inflection point. For the first time, many labor-intensive, repetitive legal department tasks can now be performed by computers instead of humans. Chief legal officers should be able to leverage analytics, AI, and automation to free up legal department resources so they can perform more value-added work.
How can you identify improvement opportunities that are achievable, affordable, and can help move your legal department in the right direction?
Time for a change
There are a variety of impacting reasons, but two specific factors have driven recent advances in analytics and artificial intelligence (AI): the exponential growth in data and the massive increases in computer processing power that can be applied to that data.
Much of this data is structured data, usually generated by prolific enterprise systems. However, many legal departments have largely been left out of this wave because their world revolves around unstructured data—documents, pictures, videos, and other data assets that reside outside of structured databases.
Solving the challenge of unstructured data has brought the legal industry to an inflection point. For the first time, many labor-intensive, repetitive legal department tasks can now be performed by computers instead of humans. Chief legal officers should be able to leverage analytics and AI to free up legal department resources so they can perform more value-added work, such as advising the business on strategic and directional matters. Is this possible when only half (56 percent) of legal executives say their departments have invested in technology to improve efficiency? The answer is a resounding yes.
Digital transformation doesn’t have to be done in a day
Read Tech Bytes Part 1 to explore these questions.
In Tech Bytes Part 2, we offer five improvement opportunities that we often see in corporate legal departments that leverage analytics and AI:
- Data governance and retention
- Legal billing and resource monitoring
- Contract management simplification
- E-discovery efficiency and reuse
- Litigation strategy/settlement decision support
We will dedicate the remainder of this series to exploring technologies that may be of interest to CLOs and the departments they lead, including:
Applying cognitive computing against massive data sets can help organizations process information more quickly and make smarter business decisions. And cognitive computing is increasingly being used in the domain of risk management, mining often ambiguous and uncertain data to find indicators of known and unknown risks.
Some say that artificial intelligence threatens to automate away all the work that people do. But what if there's a way to rethink the concept of "work" that not only makes humans essential, but allows them to take fuller advantage of their uniquely human abilities?
Management of corporate legal department operations has focused historically on controlling outside counsel costs, reviewing and processing invoices, and responding to pleadings. Today though, the legal operations function is more critical and complex, driven by increasing regulations, hearty appetites for litigation, voluminous discovery, and growing pressure to reduce costs.