In a world where technology is rapidly changing and evolving, Artificial and Business Intelligence is being built into solutions to bring human-to-machine interaction. We now experience AI at our workplace, in our cars, homes, healthcare, and hotels. AI has been changing our world for some time and will continue to do so into the future.
AI software is programmed with the ability to automatically learn and improve from experience without being explicitly programmed, a.k.a. “machine learning”. Artificial Intelligence relies heavily on Natural Language Processing, which gives your computer the ability to interpret human voices to analyze, understand and generate human language.
The State of Artificial Intelligence in the Legal Industry
AI technology in the legal industry is still in its early stages of development and implementation. Legal software vendors are claiming their solutions can perform AI technology; however, most are waiting to see what works before investing in development. The use of AI solutions in law firms are currently limited to certain practice areas or activities that require search or review of data due to the cost to implement. In addition, the misconception that AI technology requires staff with technical knowledge has kept it out of reach of many smaller firms that do not have the necessary resources.
To benefit from AI technology, law firms must have a working knowledge of the features and understand the limitations. But the true key to success lies in the research prior to implementation: firms must do their due diligence in identifying the needs and priorities and know how to leverage the technology to produce maximum positive impact and ROI for their business.
Law firms that are slow to adopt AI technology to communicate with clients, opposing counsel, vendors, experts, courts, etc. will be left behind by competitive law firms that are already offering services facilitated by AI. As more firms in the legal industry move to implement state-of-the-art AI solutions, below is some helpful insight on artificial intelligence.
What is Artificial Intelligence (AI)?
Artificial Intelligence (AI) is the theory and development of computer systems able to perform tasks that routinely require human intelligence, such as visual perception, speech recognition, decision-making, and translation between languages.
How Does Artificial Intelligence (AI) Work?
Artificial intelligence works by combining data with interactive processing and intelligent algorithms with a series of instructions, allowing software to learn from work patterns or features in the data.
What is Business Intelligence (BI)?
Business Intelligence (BI) refers to technologies, applications, and practices for the collection, integration, analysis, and presentation of business information. It leverages software to transform data into actionable insights to support business decisions.
How Does Business Intelligence (BI) Work?
Essentially, business intelligence systems are data-driven and provide historical, current, and predictive views of business operations. Business intelligence is sometimes used interchangeably with briefing books, report & query tools, and executive information systems.
Use of Artificial and Business Intelligence in the Legal Industry
As the legal industry develops and releases AI solutions, and machine learning gets better, your law firm will improve efficiency, increase billable time, and make better financial decisions.
The following are the most popular uses of AI technology in law firms:
- Perform due diligence and research
- Prediction technology to forecast litigation outcomes
- Legal analytics from past case law, win/loss, and judge history
- Document automation: using templates to complete documents
- Electronic billing where billable time is captured and computed automatically
BQE Core Legal: Legal Technology with Ready-to-Use Artificial and Business Intelligence
BQE Core Legal’s artificial and business intelligence is powered by the latest innovations in machine learning. By using a solution with built-in intelligence and voice commands, you can get deeper insights beyond questions and answers. BQE Core Legal provides suggestions about your business’ financial status and staff performance.
- Use your voice to get work done anywhere, anytime
- Stay informed with a virtual business analyst without the cost
- Receive deeper insights beyond just answers
- Be in command of your business and perform work easier
- Access business intelligence from any device
- Dashboards provide a real-time snapshot of your business performance metrics
BQE Core Legal has been engineered to include artificial and business intelligence, which understands voice commands to access data, provide alerts, give reminders, send messages, and accurately provide results. It does all of this within seconds anytime, anywhere from any device.
BQE Core Legal’s intelligence becomes smarter with increased usage. The more questions you ask, the better it gets to know your business. This empowers you to elevate your business by operating more efficiently.
BQE Core Legal’s AI Tools Will Help Your Firm
Although there are still many questions regarding the full possibilities of AI technology in the legal industry, there is no doubt that it will improve efficiency and save money with value billing. Law firms that adopt AI will move faster through case work and pass savings onto the client.
Currently, larger law firms are the ones implementing AI technology because they can afford the cost—they also have the staff and resources to test the tools and integrations. Smaller law firms may not have the staff or be able to bear the cost of the technology, but it is still valuable. However, all firms must do their due dilligence in researching and selecting the right solution in order to leverage the full value of scaling up their business operations using AI technology.
In closing, artificial and business intelligence will help law firms manage tasks and provide better insights with accuracy. And the emerging interest in implementing AI technology is transforming how law firms manage case workflows and how attorneys practice law.