The legal and corporate worlds are buying into the power of AI and machine learning. Now, many industries are becoming increasingly receptive to how to use better data classification methods and AI models to generate better business practices. A decade ago, the legal and corporate worlds needed more convincing about the power of AI and machine learning. Now, many industries — legal included — are becoming increasingly receptive to how to use better data classification methods and AI models to generate better business practices.
AI is a data-driven game,
hands down, but predictions
will be accurate only if the
training data used to teach
the AI prediction model is truly
representative of the target
cases being classified or
predicted. If I had to put it in
one term, AI is basically about
decision-making—smarter
decision-making.”
To Become a Data-Driven Enterprise, Data Democratization is EssentialCognizant
To optimise enterprise knowledge, organizations need a modern platform that enables data to be more easily shared, interpreted and capitalized on by internal decision makers and by business partners across the extended value chain.
Investing in AI: Moving Along the Digital Maturity CurveCognizant
Digitally mature businesses are more likely to consider themselves at an advanced stage of AI adoption, according to our recent study, enabling them to turn data into insights at the scale and precision required today.
In a world where smart machines augment human work, board members and C-suite
executives need a working understanding of AI before they define how they will
implement it successfully within their organizations. Fingent provides technology
solutions that ensure that the technical implementation and strategic adoption of AI
builds toward their long-term goals.
IT that matters in the new machine age prioritizes cybersecurity, innovation, time-to-market and customers over cost-cutting, according to our latest study. Here’s what the future looks like for IT infrastructure, including our HEROES framework to guide you along the way.
AI is a data-driven game,
hands down, but predictions
will be accurate only if the
training data used to teach
the AI prediction model is truly
representative of the target
cases being classified or
predicted. If I had to put it in
one term, AI is basically about
decision-making—smarter
decision-making.”
To Become a Data-Driven Enterprise, Data Democratization is EssentialCognizant
To optimise enterprise knowledge, organizations need a modern platform that enables data to be more easily shared, interpreted and capitalized on by internal decision makers and by business partners across the extended value chain.
Investing in AI: Moving Along the Digital Maturity CurveCognizant
Digitally mature businesses are more likely to consider themselves at an advanced stage of AI adoption, according to our recent study, enabling them to turn data into insights at the scale and precision required today.
In a world where smart machines augment human work, board members and C-suite
executives need a working understanding of AI before they define how they will
implement it successfully within their organizations. Fingent provides technology
solutions that ensure that the technical implementation and strategic adoption of AI
builds toward their long-term goals.
IT that matters in the new machine age prioritizes cybersecurity, innovation, time-to-market and customers over cost-cutting, according to our latest study. Here’s what the future looks like for IT infrastructure, including our HEROES framework to guide you along the way.
Digital, Data & Analytics, Disruption in DealsAnand Rao
Presentation at the PwC Midwest Deals Summit by Dr. Anand Rao, John Sviokla and Andrea Fishman.
The presentation looks at impact of digitization, data and analytics and the disruption they cause in retail, healthcare, agribusiness, and financial services. We look at how this is leading to more deals across the spectrum from large M&A's to private equity to venture capital
How Insurers Can Tame Data to Drive InnovationCognizant
To thrive among entrenched rivals and compete more effectively with digital natives, insurers will need to get their data right. That will mean moving to more responsive, AI-enabled architectures that accelerate data management and deliver insights that drive business performance.
Everyone is talking about Artificial Intelligence — the new normal, which has entered almost every work process across industries. Enterprises are rethinking and strengthening their AI capabilities, using it as a tool to improve products and services. With AI becoming crucial to enterprise success, upskilling has become the new mantra among Indian IT professionals, who are keen to make an impact in their careers with Machine Learning and AI.
In our annual AI Study with Great Learning, we take a look at key AI trends dominating the Indian AI market-leading companies, professionals, salaries, jobs broken down by cities and how AI’s potential for industry growth has risen over the last few years. In the second half of the study, we cover AI literacy in India through Great Learning’s comprehensive AI/ML programs that are bridging the current skill gap and consequently boosting workforce transitions.
Gamifying Strategy - Enterprise AI use cases on agent-based simulation and re...AnandSRao1962
This talk was presented at the 2018 O'Reilly AI conference in New York. It highlights how advances in AI gaming technology can be used to solve strategic problems in business. It combines agent-based modeling with reinforcement learning to solve strategic problems in financial services and mobility as a service sectors.
James Manyika at AI Frontiers: Sizing up the promise of AIAI Frontiers
This presentation will draw on new findings from the McKinsey Global Institute's ongoing research on the economic and business impact of AI. It will explore four key questions for AI today: who is investing and where, who is adopting AI and how, where can AI improve corporate performance, and what do business leaders need to know tomorrow morning.
Now a days Artificial intelligence is rulleing the entire world. Many e-commerce businesses are already using forms of AI to better understand their customers, generate new leads and provide an enhanced customer experience.E-commerce sectors have unlocked new opportunities and scope for retailers. Retailers also have never seen such a growth in their sales. Artificial intelligence is taking E-commerce to the next level.
The 10 Most Admired Analytics Companies to Watch in 2018Merry D'souza
We introduce “The 10 Most Admired Analytics Companies to Watch in 2018”, in order to assist businesses to choose their right analytics companies. Assessing the scenario in versatile perceptions, our magazine has brought light onto the companies, who have flaunted excellence in providing technologically advanced analytics solutions. This list showcases the analytics companies which are creating a better ‘Analytics’ world.
The 10 Most Admired Analytics Companies to Watch in 2018Merry D'souza
"We introduce “The 10 Most Admired Analytics Companies to Watch in 2018”, in order to assist businesses to choose their right analytics companies. Assessing the scenario in versatile perceptions, our magazine has brought light onto the companies, who have flaunted excellence in providing technologically advanced analytics solutions. This list showcases the analytics companies which are creating a better ‘Analytics’ world."
Data Science Leaders Outlook In India 2019: By AIM & SimplilearnRicha Bhatia
In its fifth year, our Data Science Leaders Outlook in India 2019 in collaboration with Simplilearn takes stock of the analytics landscape in India and how enterprises have moved up the analytics maturity index. What was once viewed as a competitive advantage is now powering the core operations and helping companies launch entirely new business models. Analytics and Data Science has changed the dynamics of the industry, spawning a winner-takes-all market.
With enterprises putting digital at the core of their transformation, our annual Data Science & AI Trends Report explores the key strategic shifts enterprises will make to stay intelligent and agile going into 2019. The year was marked by a series of technological advances, including advances in AI, deep learning, machine learning, hybrid cloud architecture, edge computing (with data moving away to edge data centres), robotic process automation, a spurt of virtual assistants, advancements in autonomous tech and IoT.
Digital, Data & Analytics, Disruption in DealsAnand Rao
Presentation at the PwC Midwest Deals Summit by Dr. Anand Rao, John Sviokla and Andrea Fishman.
The presentation looks at impact of digitization, data and analytics and the disruption they cause in retail, healthcare, agribusiness, and financial services. We look at how this is leading to more deals across the spectrum from large M&A's to private equity to venture capital
How Insurers Can Tame Data to Drive InnovationCognizant
To thrive among entrenched rivals and compete more effectively with digital natives, insurers will need to get their data right. That will mean moving to more responsive, AI-enabled architectures that accelerate data management and deliver insights that drive business performance.
Everyone is talking about Artificial Intelligence — the new normal, which has entered almost every work process across industries. Enterprises are rethinking and strengthening their AI capabilities, using it as a tool to improve products and services. With AI becoming crucial to enterprise success, upskilling has become the new mantra among Indian IT professionals, who are keen to make an impact in their careers with Machine Learning and AI.
In our annual AI Study with Great Learning, we take a look at key AI trends dominating the Indian AI market-leading companies, professionals, salaries, jobs broken down by cities and how AI’s potential for industry growth has risen over the last few years. In the second half of the study, we cover AI literacy in India through Great Learning’s comprehensive AI/ML programs that are bridging the current skill gap and consequently boosting workforce transitions.
Gamifying Strategy - Enterprise AI use cases on agent-based simulation and re...AnandSRao1962
This talk was presented at the 2018 O'Reilly AI conference in New York. It highlights how advances in AI gaming technology can be used to solve strategic problems in business. It combines agent-based modeling with reinforcement learning to solve strategic problems in financial services and mobility as a service sectors.
James Manyika at AI Frontiers: Sizing up the promise of AIAI Frontiers
This presentation will draw on new findings from the McKinsey Global Institute's ongoing research on the economic and business impact of AI. It will explore four key questions for AI today: who is investing and where, who is adopting AI and how, where can AI improve corporate performance, and what do business leaders need to know tomorrow morning.
Now a days Artificial intelligence is rulleing the entire world. Many e-commerce businesses are already using forms of AI to better understand their customers, generate new leads and provide an enhanced customer experience.E-commerce sectors have unlocked new opportunities and scope for retailers. Retailers also have never seen such a growth in their sales. Artificial intelligence is taking E-commerce to the next level.
The 10 Most Admired Analytics Companies to Watch in 2018Merry D'souza
We introduce “The 10 Most Admired Analytics Companies to Watch in 2018”, in order to assist businesses to choose their right analytics companies. Assessing the scenario in versatile perceptions, our magazine has brought light onto the companies, who have flaunted excellence in providing technologically advanced analytics solutions. This list showcases the analytics companies which are creating a better ‘Analytics’ world.
The 10 Most Admired Analytics Companies to Watch in 2018Merry D'souza
"We introduce “The 10 Most Admired Analytics Companies to Watch in 2018”, in order to assist businesses to choose their right analytics companies. Assessing the scenario in versatile perceptions, our magazine has brought light onto the companies, who have flaunted excellence in providing technologically advanced analytics solutions. This list showcases the analytics companies which are creating a better ‘Analytics’ world."
Data Science Leaders Outlook In India 2019: By AIM & SimplilearnRicha Bhatia
In its fifth year, our Data Science Leaders Outlook in India 2019 in collaboration with Simplilearn takes stock of the analytics landscape in India and how enterprises have moved up the analytics maturity index. What was once viewed as a competitive advantage is now powering the core operations and helping companies launch entirely new business models. Analytics and Data Science has changed the dynamics of the industry, spawning a winner-takes-all market.
With enterprises putting digital at the core of their transformation, our annual Data Science & AI Trends Report explores the key strategic shifts enterprises will make to stay intelligent and agile going into 2019. The year was marked by a series of technological advances, including advances in AI, deep learning, machine learning, hybrid cloud architecture, edge computing (with data moving away to edge data centres), robotic process automation, a spurt of virtual assistants, advancements in autonomous tech and IoT.
This emerging tech research from CompTIA describes the growing role of artificial intelligence in the technology strategies that businesses are building.”
Turning AI into Concrete Value: The Successful Implementers' ToolkitCapgemini
A Capgemini study of nearly 1,000 organizations implementing Artificial Intelligence highlights the growth opportunity of AI and counters fears that AI will cause massive job losses in the short term.
Turning AI into concrete value: the successful implementers’ toolkitBen Gilchriest
This research is a pragmatic guide to help organizations in their AI investment decisions, built from an analysis of over 50 AI case studies and a survey of nearly 1,000 senior executives already implementing AI.
Evolution of AI ML Solutions - A Review of Past and Future Impact.pdfChristine Shepherd
Need to incorporate technologies that drive unparalleled advancements? If yes, leveraging AI and Machine Learning services helps enterprises to streamline operations and also usher in a new era of possibilities and societal benefits. Whether it's designing novel solutions, creating intelligent products, or optimizing workflows, AI and ML serve as catalysts for innovation, propelling enterprises into the forefront of their respective industries.
AI Readiness: Five Areas Business Must Prepare for Success in Artificial Inte...Kaleido Insights
This research report from technology research firm, Kaleido Insights introduces a framework for organizational preparedness—not only of data and infrastructure, but of people, ethical, strategic and practical considerations needed to deploy effective and sustainable machine and deep learning programs. This research is the first to market to articulate the need for readiness beyond data and data science talent. Based on extensive research and interviews of more than 25 businesses involved in AI deployments, the report identifies and examines five fundamental areas businesses must prepare for sustainable AI. Download the full report: https://www.kaleidoinsights.com/order-reports/artificial-intelligence-ai-readiness/
20 Useful Applications of AI Machine Learning in Your Business ProcessesKashish Trivedi
The fear of robots taking over our lives has been a prevalent concern, with over 70% of the U.S. population expressing apprehension, as highlighted by a 2017 Pew Research study. However, while the emergence of a Skynet-like scenario remains uncertain, it's evident that technology, particularly artificial intelligence (AI), is poised to revolutionize various aspects of our daily tasks, freeing us from repetitive and dehumanizing job elements rather than rendering us obsolete. With AI being a strategic priority for 84% of businesses, its implementation has shown remarkable efficiency enhancements, such as boosting sales team productivity by over 50%. The accessibility of AI tools has expanded significantly, enabling practically anyone to leverage its benefits. In this discourse, we'll explore 20 diverse real-world applications of AI, ranging from healthcare and finance to entertainment and government, illustrating its pervasive impact on modern society.
Artificial Intelligence has been around for almost 70 years, but only in recent years has it become a major disrupter for many industries due to the convergence of big data, processing power and cloud computing. This has led to the development of “deep learning”, which allows a type of computer intelligence that closely mimics human decision-making. In this paper, I take look at the evolution of Artificial Intelligence, along with two disparate industries: Retail and Real Estate. These industries have adopted AI at different speeds. Also, each industry has its own form of resistance and uses for the technology. My theory is that there are forms of technology resistance by major players in the real estate industry in combination with the long industry cycles that are causing slow adoption.
A Guide on How AI Contributes to Businesses in Today’s Era to Watch in 2023.Techugo
Artificial Intelligence and Machine Learning have become the main focus of the scene. Artificial intelligence can be used for a wide variety of uses in business, including streamlining processes and aggregating the performance of companies. Researchers are still determining what AI will mean for businesses shortly. AI is predicted to shift technological advancement away from the traditional two-dimensional screen and towards the three-dimensional physical space surrounding the person.
Although the acceptance by society in general for AI does not mean anything new. The idea itself isn’t. Artificial intelligence is a broad field of business application. Indeed, most of us interact with AI in some way or another. Artificial Intelligence is changing all aspects of business across every industry. To know more, visit the post.
How AI and ML Can Optimize the Supply Chain.pdfGlobal Sources
Artificial intelligence (AI) and machine learning (ML) were already buzzwords in the technology and manufacturing spheres before the pandemic upended the global supply chain. Ironically, with the disruption from the health crisis the push toward translating them into reality has become stronger.
Although there is still a huge gap between “ambition and execution,” as industry analysts put it, the AI and ML promises of higher productivity and better resilience cannot be ignored. A few have started adopting the technologies and many more are expected to follow and reap the benefits of a highly integrated system in the coming years.
Global Sources‘ latest e-book, How Artificial Intelligence & Machine Learning Can Optimize the Supply Chain, explores the potential benefit of technology on key areas, such as data collection and analysis, supply chain optimization, cost reduction, forecasting and planning. It offers a roadmap to augmentation and automation, and how this will help speed up operations, boost efficiency and build resilience. The book also covers challenges posed by the adoption of artificial intelligence and machine learning in current setups, and how they can be overcome.
Read more about the advantages of adopting a highly integrated system using artificial intelligence and machine learning.
Download here to get a free copy of How Artificial Intelligence & Machine Learning Can Optimize the Supply Chain.
Artificial Intelligence: Competitive Edge for Business Solutions & Applications9 series
The growth of Artificial Intelligence in recent years brought forth a major challenge for brands in deploying such AI solutions. Many brands lack the clarity regarding where to start the AI integration process and profitably deploy these solutions in the most effective manner.
20 Useful Applications of AI Machine Learning in Your Business ProcessesKashish Trivedi
A 2017 study from Pew Research found that more than 70% of the U.S. is scared that robots are going to take over our lives. And, while we can’t perfectly predict the emergence of a Skynet singularity, we can say with some certainty that technology is set to take over the repetitive, dehumanizing elements of our jobs instead of putting us out of work. Artificial intelligence (AI) is a strategic priority for 84% of businesses, and in some cases has been used to improve sales team efficiency by over 50%. Even I’ve used AI in the past to generate hundreds of relevant hashtags for social media posts at the click of a button. It was once the stuff of utopian science fiction and huge enterprises, but now practically anyone can take advantage. For this post, we will dive into 20 different applications of AI in the real world.
AI & Analytics Predictions of 2022. InfographicInData Labs
What does 2022 hold for artificial intelligence? Will the AI revolution continue to gain momentum?
This report will provide a look into the future of AI technologies, including:
- Strategic AI predictions and trends for 2022 and beyond
- The current and projected state of the AI market and its value
- Business functions that already benefit from AI implementation
- Industries where AI is making the greatest disruption
- The business value generated by Artificial Intelligence
- Costs of AI implementation and main challenges
The Age of Artificial Intelligence and the Reinvention of the Tax Function VasudhaSharma33
As a tax professional working in the industry, experts suggest AI will redefine your role, optimize productivity and open doors to more satisfying - and valuable - work.
Tax and accounting professionals are already seeing the benefit of new AI-driven opportunities. Routine tasks (such as invoicing) are increasingly automated. As well, real-time views of workflows thanks to cloud technology makes identifying productivity risks and spotlighting new opportunities easier than ever before.
Your role as a tax professional in industry is on the verge of transformation as well. AI might be a disruptive force, but its power can be harnessed to enhance the corporate tax function in new and innovative ways. With the help of advanced technologies, you’ll be able to more readily predict outcomes, identify and troubleshoot problems as they occur, and play a leading role in building strategies for growth. AI-based tools will lessen the burden of data management and analysis, and industry tax professionals will be empowered with deeper data-driven insights that help them steer the business forward with confidence and clarity.
Quantitative Data AnalysisReliability Analysis (Cronbach Alpha) Common Method...2023240532
Quantitative data Analysis
Overview
Reliability Analysis (Cronbach Alpha)
Common Method Bias (Harman Single Factor Test)
Frequency Analysis (Demographic)
Descriptive Analysis
Techniques to optimize the pagerank algorithm usually fall in two categories. One is to try reducing the work per iteration, and the other is to try reducing the number of iterations. These goals are often at odds with one another. Skipping computation on vertices which have already converged has the potential to save iteration time. Skipping in-identical vertices, with the same in-links, helps reduce duplicate computations and thus could help reduce iteration time. Road networks often have chains which can be short-circuited before pagerank computation to improve performance. Final ranks of chain nodes can be easily calculated. This could reduce both the iteration time, and the number of iterations. If a graph has no dangling nodes, pagerank of each strongly connected component can be computed in topological order. This could help reduce the iteration time, no. of iterations, and also enable multi-iteration concurrency in pagerank computation. The combination of all of the above methods is the STICD algorithm. [sticd] For dynamic graphs, unchanged components whose ranks are unaffected can be skipped altogether.
Data Centers - Striving Within A Narrow Range - Research Report - MCG - May 2...pchutichetpong
M Capital Group (“MCG”) expects to see demand and the changing evolution of supply, facilitated through institutional investment rotation out of offices and into work from home (“WFH”), while the ever-expanding need for data storage as global internet usage expands, with experts predicting 5.3 billion users by 2023. These market factors will be underpinned by technological changes, such as progressing cloud services and edge sites, allowing the industry to see strong expected annual growth of 13% over the next 4 years.
Whilst competitive headwinds remain, represented through the recent second bankruptcy filing of Sungard, which blames “COVID-19 and other macroeconomic trends including delayed customer spending decisions, insourcing and reductions in IT spending, energy inflation and reduction in demand for certain services”, the industry has seen key adjustments, where MCG believes that engineering cost management and technological innovation will be paramount to success.
MCG reports that the more favorable market conditions expected over the next few years, helped by the winding down of pandemic restrictions and a hybrid working environment will be driving market momentum forward. The continuous injection of capital by alternative investment firms, as well as the growing infrastructural investment from cloud service providers and social media companies, whose revenues are expected to grow over 3.6x larger by value in 2026, will likely help propel center provision and innovation. These factors paint a promising picture for the industry players that offset rising input costs and adapt to new technologies.
According to M Capital Group: “Specifically, the long-term cost-saving opportunities available from the rise of remote managing will likely aid value growth for the industry. Through margin optimization and further availability of capital for reinvestment, strong players will maintain their competitive foothold, while weaker players exit the market to balance supply and demand.”
06-04-2024 - NYC Tech Week - Discussion on Vector Databases, Unstructured Data and AI
Round table discussion of vector databases, unstructured data, ai, big data, real-time, robots and Milvus.
A lively discussion with NJ Gen AI Meetup Lead, Prasad and Procure.FYI's Co-Found
06-04-2024 - NYC Tech Week - Discussion on Vector Databases, Unstructured Data and AI
Discussion on Vector Databases, Unstructured Data and AI
https://www.meetup.com/unstructured-data-meetup-new-york/
This meetup is for people working in unstructured data. Speakers will come present about related topics such as vector databases, LLMs, and managing data at scale. The intended audience of this group includes roles like machine learning engineers, data scientists, data engineers, software engineers, and PMs.This meetup was formerly Milvus Meetup, and is sponsored by Zilliz maintainers of Milvus.
2. “I believe with advancement of Artificial
Intelligence technologies, all
professional service industries business
models are under threat. I believe that
the future is going to be an arms race of
companies building their own
proprietary AI models. Law firms will
look to build out their own bespoke
models to effectively compete and
differentiate. In a few years, law firms
will be advertising their AI models on
their websites and not their people.”
- NexLP CEO Jay Leib
NexLP.com | info@nexlp.com
3. What is an AI Model?
An AI model is formed similarly to how a person’s mind develops. Learned behavior is
based on patterns. By capturing and studying the expertise and experience of a past
occurrence while attempting to containerize that knowledge, a specific scenario can be
re-created. For legal teams and copratations, this is applicable for:
● eDiscovery
● Investigations
● Information Governance
● Corporate Governance
MODELS ARE A CONTAINER OF FEATURES.
FEATURES REPRESENT THE COLLECTION OF
PAST KNOWLEDGE THE MODEL HAS LEARNED
NexLP.com | info@nexlp.com
4. A decade ago, the legal and corporate worlds needed more convincing about
the power of AI and machine learning. Now, many industries — legal included
— are becoming increasingly receptive to how to use better data classification
methods and AI models to generate better business practices.
Lawyers and investigators have been finding and labeling documents for many
years, but they’ve never had the technological capabilities to holistically
analyze data with contextual review at scale with such speed and accuracy.
Until now.
The Value of AI Tech for Enterprises & Firms
Artificial Intelligence has become a
buzzword, but not many truly understand
the vast benefits of applying this technology
to traditional business models.
Many organizations struggle with how to justify
adding another line item to the technology budget.
Others question how AI can actually enhance
operational efficiencies, while others are simply
overwhelmed with learning how the technology
works.
NexLP.com | info@nexlp.com
5. AI Market Growth
NexLP.com | info@nexlp.com
$6.5
Billion
The predictive analytics software market is propelling the
machine learning application market forward. The market is
projected to reach $6.5 billion in 2019 — up $4.5B from 2012.
$15.7
Trillion
AI is projected to be a $15.7 trillion market by 2030, according to
PwC data — with the U.S. accounting for $3.7 trillion of that
growth. This growth is expected to be driven by productivity
gains from businesses automating processes and increased
customer demand.
“The first step in creating value from data and analytics is accessing all the
information that is relevant to a given problem. This may involve generating the
data, accessing it from new sources, breaking silos within an organization to link
existing data, or all of the above. Combining and integrating large stores of data
from all of these varied sources has incredible potential to yield insights, but
many organizations have struggled with creating the right structure for that
synthesis to take place.”
-McKinsey & Co.
A McKinsey & Co. report on “The Age of Analytics” hits on the
value of AI and deep learning to innovate industries on a global
scale. Looking specifically at lawyers, the report cites the value
deep learning can bring to automate processor and provide
enhanced consultation. The report estimates that 31% of activities
could be automated with machine learning.
31
Percent
$3
Trillion
The amount of wages potentially affected if machine learning gains
better capabilities in natural language understanding.
“AI has the potential to become a great equalizer.” — PwC
6. The AI Market Is Transitioning Quickly
NexLP.com | info@nexlp.com
“Many companies haven’t seen the payoff from their big data investments. There
was a disconnect. Business and tech executives thought they could do a lot more
with their data, but the learning curve was steep, tools were immature, and they
faced considerable organizational challenges.”
-PwC 2018 AI Predictions Report
Innovation in AI tech, machine learning and data analytics are eliminating
this disconnect
Tech advancements highlighted by PwC’s report:
● “Easier methods for mining less-structured data,
including natural language processing for text
indexing and classification”
● “Enterprise application suites that incorporate more AI”
● “Emerging data lake-as-a-service platforms”
● “Public clouds that can take advantage of different
kinds of data”
● “Automated machine learning and data management”
7. NexLP.com | info@nexlp.com
AI Investments are Skyrocketing
Global revenues from AI for enterprise applications is
projected to grow from $1.62B in 2018 to $31.2B in 2025.
(Source: Statista, 2018)
8. NexLP.com | info@nexlp.com
Investments Grow as Value is Realized
84% of enterprises believe investing in AI
Will lead to greater competitive advantages.
AI will
allow us
to move
into new
businesses
AI will allow
us to obtain
or sustain a
competitive
advantage
New orgs.
Using AI
will enter
our market
Incumbent
competitors
will use AI
Pressure
to reduce
costs will
requires us
to use AI
Suppliers
will offer
AI-driven
products
and
services
Customers
will ask for
AI-driven
offerings
(Source: Statista, 2018)
9. NexLP.com | info@nexlp.com
Greater Accuracy Has Driven Growth
Error rates for image labeling have fallen
from 28.5% to below 2.5% since 2010.
(Source: 2017 AI Index Report)
10. The Value of AI Models for Legal
NexLP.com | info@nexlp.com
AI Models take the collective
consciousness of past matters and
instantly apply learned knowledge
to all incoming matters. With the
pervasiveness of Artificial
Intelligence, it will be imperative to
leverage this technology across
legal services.
Instead of complicating
practices, firms should invest
in AI technology that helps
them design repeatable
processes to find signals, key
facts and reduce costs.
11. How AI Tech Innovates
eDiscovery Practices
The Application of AI Models helps firms:
● Address gaps by helping teams find key information in data
they didn’t realize was hidden in plain sight
● Decide what is relevant and what is not
● Make sense out of unstructured data
● Use past patterns to detect future problems
NexLP.com | info@nexlp.com
An AI model library acts as a resource for firms to select the
appropriate model for similar cases to be used today and in the
future. This allows firms to analyze documents and data with
contextual review far faster than a human’s mind could compute.
AI models form from autonomously learned behavior, which is
also based on patterns, By capturing and studying the expertise
and experience of a past occurrence firms can recreate specific
scenarios and find information within data that they didn’t even
know they were looking for.
12. How AI Gives Firms an Edge
NexLP.com | info@nexlp.com
Industry data suggest firms are already taking advantage of technology-assisted tools,
leveraged data analysis, machine learning, data visualization and artificial intelligence.
P
E
R
C
E
N
T
AI models help firms analyze information needed to craft their litigation strategy in
order to better advise their clients. AI technology helps project case outcome by
putting the data in context. AI models act as a resource for firms to select the
appropriate model for similar cases to be used today and in the future. AI models are
built out probabilities and help decide what is relevant and what isn’t in a case.
Analytical tools are used in a variety of ways.
Based on survey conducted by Above the Law and Bloomberg Law
13. AI Models Bring Value to Big Data
NexLP.com | info@nexlp.com
“Everybody is talking about big data.
There’s so much data, companies
cannot process it manually anymore.
They need machine learning to get
real insight and context of that data.
The trend came together where we
saw the merging of AI, big data, and
machine using really complicated
algorithms. It’s really a dramatic shift
how much people are using AI in their
daily lives.”
— Dr. Irina Matveeva,
Head of Machine Learning, NexLP.
14. A Competitive Difference
AI Models take the guesswork out of the mix
NexLP.com | info@nexlp.com
A survey conducted by Above the Law and Bloomberg Law indicated that 70%
of respondents relayed that “the use of analytics has given my firm a
competitive advantage.”
That same survey indicated that nearly 65% reported “the use of analytics
has provided significant insight beyond what I obtain for other types of
tools.”
15. Why Firms Need AI Technology
There’s a common theme among among legal firms: Sorting through
data manually is a time-consuming and costly task. With a need to
leverage actionable information faster, many firms want to replace
existing technology that will solve their current data analysis needs.
Instead of expanding technology budgets to include a new item, many
firms express the need to replace a current system by adding on
additional expenses to their team.
NexLP.com | info@nexlp.com
16. AI Tech: A Better Approach
The evolution of technology is shifting how legal
teams think about the application of AI and
predictive analytics in their everyday tasks. The
key for legal teams is to employ technology that
is ubiquitous and invisible.
An advanced AI approach augments a human’s
ability to identify social networks, patterns,
anomalies, behavioral changes, emotion, key
actors, and topics to find key information needed.
No human can remember all the little bits of
information they've read over the entire matter, let
alone things they may have read years ago, and
connect those pieces of information to the current
case. This is why we’ve seen massive investments
across multiple industries to apply a more
advanced AI approach to business practices.
NexLP.com | info@nexlp.com
17. “What will happen in this future that I’m
predicting, is that new business models
and revenue streams will emerge. Law
firms, accounting firms, consulting firms,
etc., will start to take these artificial
intelligence models that they’ve built and
be able to offer them up as subscription
services directly to their clients. They’ll be
able to take their expertise and embed
that directly in their client's office.”
- NexLP CEO Jay Leib
NexLP.com | info@nexlp.com