AI has become the buzzword for organisations all over the world, and it’s not sparing a single sector. One of the sectors currently affected by AI is the legal world. It would be nearly impossible to find a law or accountancy firm that hasn't heard of and/or experimented with artificial intelligence yet.
Companies are applying unique solutions that focus on augmenting the traditional legal services with AI, thus introducing innovative business models that are disrupting the established ones. These powerful solutions can execute time consuming, routine tasks allowing your skilled co-workers to focus on the most challenging and rewarding tasks.
iManage’s RAVN is a great example of a cutting-edge AI platform capable of automatically extracting relevant business information from complex documents, all the while learning how to become even better at it. Although this may sound scary at first, the fact that it can search, read, interpret and summarise vast amounts of unstructured data 10 million times faster than a human counterpart must give you an inkling as to how AI can help your firm. Especially when you think about the countless hours lawyers and accountants spend reading and dissecting information.
Instead of spending a large section of your time reading through files, you can now leverage the applied intelligence of a platform like RAVN to focus on the summarized, relevant information.
Typically, you’d need to decide on the next action to take based on the summaries the AI platform has extracted for you. While artificial intelligence has saved you a considerable amount of time so far, it hasn’t provided you with recommended actions yet.
What you need is actionable AI.
hink of it like this: when you receive the structured summaries automatically extracted from your unstructured documents and read through them, you will decide which action to take next based on the applicable business rules. These could be sector-specific, client-specific or even just specific to you as a person. You may decide to handle one case first based on the priority level it has, or the deadline you need to respect, etc. The logic you apply here will be the same for every case (but the conclusion will differ).
To make AI actionable, you need to combine it with automated decision-making.
Use your knowledge efficiently, and start pouring the logic applied into automated decision models. The decision-making system will then apply the logic to the structured information provided by AI.
Introducing actionable AI will provide you with the following major advantages:
Your organisation will be far more efficient which means you will be able to provide your clients with a faster and better service than your competition. The decisions taken will be applied consistently. The decisions will be stored allowing you to trace back each decision made to the rules and logic it was based upon. Start using your knowledge in a commercial way by using it efficiently.
We, Avola Decision, have created a platform that enables you to structure logic in automated decision models in an easy and understandable way. Want to learn more? Contact us at [email protected] and we will get back to you asap!