How Artificial Intelligence is Changing Retail

How Artificial Intelligence is Changing Retail

Posted on by Michael Tupek

Artificial Intelligence (AI) is changing the retail industry in dramatic ways due to the comprehensive digital transformation of the retail business. This technological change in retail has been ongoing for many years now. The results are improved speed, efficiency, customer service, and accuracy. Advanced data and predictive analytics systems play a large role in this transformation. An estimate states that AI drove an additional $40 billion in revenue during a three-year span in retail. AI helps the retail industry stay competitive. AI technologies ensure increased business intelligence and speed. These advantages will set the more successful stores apart from those that lack these digital resources.  

Retail Before Artificial Intelligence

The retail business is a data-driven industry. Goods and commodities that are stocked and sold are rendered into data records. These retail transactions are then analyzed. For decades, these datasets were managed by traditional analytics. But they required manual work by human personnel. Data scientists performed data analysis processes for business intuitions. This retail practice took more time and energy.

Retail With Artificial Intelligence

Retail with AI contributes to efficient business operations and increased revenue. A prediction states that 85% of retail enterprises will be using AI by 2020. Not using these IT solutions will likely cause losing significant market share in the retail industry. AI in the retail industry means using several IT technologies such as machine learning (ML) and predictive analytics platforms that uses historical retail data. These technologies can process vast amounts of data, surpassing manual operations. AI can predict retail market trends and help with data-driven decisions.

Artificial Intelligence in Retail Examples

Cashier-Free Retail Stores

Some stores are using self-checkout lanes. They reduce waiting lines, minimize personnel, save money for the store, and free up retail associates to help with real customer needs in the aisles and floors. They can give customers a sense of greater control over their purchasing time. 

Customer Service Chatbots

These answer many common questions and provide many straightforward solutions. They improve customer service by assisting with self-initiated searches and store services. They mimic human interaction. 

In-Store Assistance

Autonomous in-store robots can provide customer assistance in many languages. Smart shelf price tagging can display pricing and eliminate paper price tagging.

Store inventory Management And Logistics

A store’s inventory being relevant according to customer demand and supply is an important part of the retail financial economy. AI-powered computers can smartly ensure inventory is current.

Visual Search

Customers can upload images of products they are searching according to their specification by using visual search systems powered by AI.

Voice Search

People can speak into smart devices such as Alexa or Siri to locate stores or items. Pricing and delivery status can be learned without typing.

Predicting Customer behavior

These technologies can process vast amounts of historical retail data. AI can then detect both customer emotions and interests, and predict retail market trends. 

Conclusion

Digital transformation has advanced the retail industry. AI technologies have radically improved business practice. The application of these technologies results in significant enterprise savings, increased operational efficiency, smarter market and product predictions, improved customer service, greater market share and revenue stream.

RPA Innovation

RPA Innovation

Posted on by Marina Roukalova

Innovation is a buzzword that is popular in tech circles. From Silicon Valley to New York and Tel Aviv, tech hubs are leading advancements in technologies such as Artificial Intelligence (AI), Natural Language Processing (NLP), and Robotic Process Automation (RPA). These businesses are pursuing innovation as a response to a highly competitive market environment. Industries that create tremendous internal and external pressures to deliver excellence and something new to move a business to new heights.

As COVID 19 gripped the world, it became clear business is now more instantaneous than ever and companies that don’t invest in innovation are headed for a decline. RPA is an emerging technology practice that cuts costs and improves operations for enterprises. RPA automates repetitive rules-based business processes freeing up businesses to focus on customer service and other higher-value work. Innovations in RPA are transforming business operations across industries and redefining the art of the possible for enterprises.

Customer Experience Driven By Innovation

One thing companies invested in RPA innovation know for sure is that customer experience dictates the trajectory of innovation. A solution is only as good as the user experience that supports it. What can technology do for customers? RPA providers need to consider that developers don’t want to spend lots of time brainstorming ideas for automation. Instead, the real value of innovation is for developers to deploy bots at scale and move on with the day. The RPA system needs to be designed to do the heavy lifting. This allows employees to review and modify it and adapt it in their workflow. The efficiency of RPA is defined by how well the user adapts automation in their workflow.

Industries Driven By Innovation

When RPA innovation is tailor-made for a particular industry, it can have transformative results. For example, healthcare is an industry that is highly regulated and bogged down by paperwork. By automating mundane rule-based processes such as patient intake or insurance coding, it frees up healthcare professionals to devote more time to patient care. The pandemic has shifted the service delivery for healthcare to a virtual environment. There is a lot of opportunities for RPA developers to design systems specifically targeted towards healthcare to improve operations.

In the same way, the financial services industry has also greatly benefitted from RPA. RPA has been used in banking to automate the extensive financial requirements necessary to onboard and service a client. This trend towards automation allows banking employees to focus on customer service and personalizing the banking experience. As a benefit, RPA streamlines operations for healthcare and banking enterprises and reduces costs.

Previously, enterprises would spend money on manual processes and the employees to facilitate them. Now, an investment in innovation, especially a technology like RPA allows businesses to become more agile and productive. The focus on RPA innovation comes not only due to industry demands but also a global shift in business operations. In a world besieged by the global health crisis, innovation has become a necessity rather than a privilege of those businesses seeking to be on the leading edge.

Posted in rpa
The Importance Of Diversity In Tech

The Importance Of Diversity In Tech

Posted on by Marina Roukalova

Corporate Initiatives In Tech

Most enterprises recognize the value of a forward-thinking initiative across the company. Many fundraising efforts and HR educational workshops have gone into generating more awareness for employees about the societal climate. With the COVID-19 pandemic and different societal movements, every crevice of America, from the public sector to the private sector, has felt the implications.

The tech industry has not been immune to mirroring society. Some sociologists and talking heads elevate the tech industry to be one of the more progressive business sectors. Just think about the Silicon Valley titans, like Elon Musk and Mark Zuckerberg, with their quests for transcending the human experience with experimental science. Tech has embraced the bold thinkers, visionaries, and innovators and promised them a better tomorrow in exchange for original thinking and incubators.

One of the more prominent initiatives in tech is diversity. It has become a popular buzzword for West Coast executives, but does it work?

What Diversity Means For Tech

As the tech industry focused more on diversity, some questions came to the forefront about being more inclusive in the workplace. What have been the contributions and innovations of minorities in tech? Can the tech sector provide better opportunities for minorities? Would tech advancements benefit from a more inclusive workforce?

Research shows that a more diverse workforce correlates with higher revenues and more creative teams. For the tech industry, intentional diversity practices amount to an extra $400 billion in annual revenue. The increase in cash flow creates opportunities that were nonexistent before. It also shows that tech companies behind the curve in diversity are operating from a loss perspective.

The tech giants have been slow to respond despite extraordinary financial gains made by diversity. At Google and Microsoft, the number of blacks or

Latino US tech employees rose by less than 1% since 2014. Apple reported that black tech workers accounted for less than 6% of the total US workforce. Better gains were made for female employees in tech. The trailblazers like Sheryl Sandberg at Facebook and Elizabeth Theranos of the eponymous, notorious company brought more public-facing awareness to women innovating in tech. As a result, both Facebook and Google reported an 8% increase in female employees.

Why Diversity In Tech Matters

Change is hard. When change involves millions of dollars, hiring practices, and challenging the status quo, it becomes a cause. Diversity in tech is a worthy cause that is going to make the workplace better, more productive, and innovative. Take for example the story of Charley Moore. Charley is the founder of one of the nation’s preeminent black-owned businesses, Rocket Lawyer. Rocket Lawyer began as an idea to make legal services affordable to anyone from anywhere. These days, Rocket Lawyer is an online service that helps entrepreneurs with legal advice at a fraction of the cost. Moore had the vision to grow his company into a global operation. Now, Rocket Lawyer has 20 million subscribers, created 100,000 business contracts a month, and resolved a tremendous number of legal issues.

The benefits of a diverse workplace can push tech innovation and advancement to greater heights while making the world a better place.

Content Analytics – The C-Suite Perspective

Content Analytics – The C-Suite Perspective

Posted on by Jim Eddy

Since 2000, I’ve been a Chief Executive Officer, Chief Information Officer and Chief Technology Officer. That’s 21 years in the C-suite. Over those 21 years I guided my businesses through 9-11, years of the country at war in Afghanistan and Iraq, multiple hurricane landfalls in Florida, the Great Recession, the COVID pandemic, the ransomware threat, radical political polarization, and social justice movements.

Sometimes I wonder how we made it through.

It hasn’t just been challenging. There were many economic opportunities and new technologies to leverage:

– Business Intelligence technologies

– the explosion of the internet economy

– the proliferation of smart mobile devices

– virtualization technologies

– social media

– the sharing economy

– 3D printing

– Blockchain

– personal digital assistants

– the privatization of space

– drones

– electric and self-driving cars

– quantum computing,

– the mainstreaming of Natural Language Processing (NLP) and Artificial Intelligence (AI)

During that span, I, and every other C-suite executive, were navigating those challenges while trying to take advantage of new opportunities. While there is a strategic aspect of our responsibilities, there’s also an operational aspect that requires constant management…marketing, sales, product delivery, support, billing, compliance, security, etc.

Think back to the challenges and opportunities listed. How does one keep informed on them? News articles, blogs, government notifications, industry newsletters, special interest emails, tv, video streaming, podcasts and more. It is all Unstructured Data. How does one keep up with it all during normal times? Further, what about during the tumultuous times? The volume of information becomes more critical, more voluminous evolving at a faster pace.

As mentioned in some of my previous articles, the world has access to many sophisticated business intelligence and dashboard systems. This has revolutionized executive decision-making and management span of control of your operations. They can give you a great perspective on the internals of your business. But what about those external factors? It requires Content Analytics.

When major world events occur, you can be forced to respond with everyone else. With Content Analytics you can not only respond faster, even first but can use that advantage to dictate to your competitors.

This is because Content Analytics can help you access 80-90% of the data you didn’t even know you had, Unstructured Data. This enables better decisions based on internal data you can now access as well as externally produced data.

Nobody can maintain the pace necessary to consume it all and make the necessary decisions for your business. It is all data that is external to your business…coming from the outside world. Imagine what you can do if that large volume of constantly evolving Unstructured Data could be automatically gathered, read, analyzed, structured, and visualized for you. That is Content Analytics at work for you.

9-11 is a good example. At that time, I was Chief Information Officer for a data-center management company with 35 data-centers throughout North America, including 2 in lower Manhattan. As the towers were burning the landline and mobile phone services in Manhattan were overloaded. We lost voice contact with our own data-center employees. We were very concerned for them.

Once we were able to sift through the news reports and understand the scope of what was going on with voice services, we manually shifted our voice system into Voice-Over-IP mode. Then, we were immediately able to communicate with our employees. We enabled voice communications for our data-center customers. With Content Analytics monitoring the news feeds our systems could have been re-routed automatically and we could have stayed in constant contact with our employees.

In the coming week take note of all the external information you consume that is unstructured. Imagine what you can do if all the information could be delivered to you, analyzed automatically, and integrated into your decision-support systems. In my next article, I’ll review the evolution of Data Analytics technologies and how they led to Content Analytics.

Work Breakdown Structure Pros And Cons

Work Breakdown Structure Pros And Cons

Posted on by Michael Tupek

Work Breakdown Structure (WBS) pros and cons concern the benefits and disadvantages of the WBS method of project management. WBS is a project management plan that uses a tightly structured and segmented plan. This type of project management comes with many pros but also some cons to weigh before adopting it.

What Is A WBS?

The Work Breakdown Structure (WBS) method of project management uses a template that displays the entire project and all the workers involved, using manageable units. The WBS provides a helpful template for project managers where all the steps of a project are defined and incrementally accomplished. WBS demands that 100% of a project is accounted for when broken down into manageable parts. Each part also produces 100% of the devoted portion of the project. 

Work Breakdown Structure Pros

· You can plan incremental project accomplishments. Projects are more manageable when done in portions at a time

· Determine milestone accomplishments for the larger project. The parts of a project can be measured, and assurance can be felt

· Plan the number of days for the milestone accomplishments. The segments of a project can be more easily predicted when small

· Increase productivity. When many team members are assigned small parts to deliver, much can be accomplished

· Increase transparency. The simpler the deliverables, the easier to be accountable and monitored

· Strengthen accountability. Project managers can have a better sense of the progress of the tasks and those accountable

Work Breakdown Structure Cons

· WBS uses steps that could encourage resentful micromanagement

· Requirements for a deliverable can be mistaken for the task itself

· The breakdown and listing of project tasks can be difficult to agree upon

· The WBS can become outdated during the actual process

· A large WBS project can be painstaking to develop

· Changes may be necessary due to project changes, which will require changes to the WBS

Rules To Make A Good WBS

· The whole project’s completion is the final goal. Individual tasks should not be repeated

· Tasks should be accomplished between 8 hours and 80 hours

· Each task is assigned an individual or select team

· Outcomes are the focus rather than intermediate actions

There are different formats of a WBS template. Some are:

· Tree format

· Outline structure

· Hierarchical structure

· Tabular structure

WBS Areas

· Tasks

· Costs

· Schedule

· Scope

· Function

· Responsibility

Conclusion

Business projects are never attempted at once as a whole piece. Good project managers need to be able to manage their projects by segment and increment. They need to break up projects into manageable units by assigning deliverable parts to responsible team members, and by scheduling durations and deadlines. Using a work breakdown structure (WBS) template will help project managers portion out the work visually in a structured manner. WBS helps to define the steps of the parts in the whole project, which helps in assigning responsibility, allocating resources, and monitoring schedules. WBS helps project managers to efficiently allocate their attention and energies.

Artificial Intelligence In Finance

Artificial Intelligence In Finance

Posted on by Michael Tupek

Artificial Intelligence (AI) in finance is the use of computerized learning software technology to serve the financial industry in various ways. The major business concerns of all financial institutions, such as having a strong competitive edge, excellent customer experience, and robust security are now being provided by the digital technologies of Machine Learning (ML) and Natural Language Processing (NLP).

Artificial Intelligence In Finance Examples

Credit Decisions

Most consumers prefer to pay with a credit or debit card rather than paying with cash. AI uses these digital transactions to learn about customer spending and payment practices, which enables the banks’ smarter credit approval decision-making.

Risk Management

The financial world is volatile. AI is used to analyze market trends and other factors to minimize risk while offering their financial products to customers.

Personalized Banking

AI uses website chatbots to simulate actual customer service representatives with advice.

Artificial Intelligence In Finance Benefits

Smarter Banking And Financing

Vast amounts of financial customer datasets can be easily analyzed by computers empowered by AI better than human labor. AI can assess financial customers’ spending and credit practices that contribute to the approval process by identifying the credit-worthy customer with greater accuracy and minimal risk.

Smarter Financial Marketing

AI-empowered search engines use the digital technology of NLP to scour transcripts, filings, even news with keyword searches to detect changes and trends quickly and easily in financial services.

Safer Banking And Investing

 The machine learning of AI can help financial experts predict safer planning and investments by the digital help of seeing good market trends and identifying market risks.

More Convenient Customer Service

Good customer service is critical for retaining a loyal customer base. AI, using ML and NLP improves basic customer service for financial institutions such as using website chatbots. These digital assistants mimic actual persons providing basic advice and answers to simple questions needing straightforward responses and directions. Chatbots free up live customer service representatives to allow more time and energy for more complex needs of customers.

Conclusion

The digital technology advantages of AI, ML, and NLP have vastly improved the business models and services of banks, investment firms, and Fortune 500 companies. Computers empowered with the abilities of digital intelligence and learning can outperform countless financial experts. These AI-empowered computers accomplish tremendous amounts of analysis, discovery, and prediction with amazing efficiency and ease. The result is that the financial industry is a business offering remarkable efficiency, security, and convenience to its customer base compared to the earlier years when it did not have these technological advantages. In a similar way that AI serves the financial industry, any company needing to analyze vast amounts of datasets and unstructured data to excel at its business ventures can be performed by the Content Analytics Platform (CAP). The CAP, developed by Scion Analytics, can provide the same accuracy, efficiency, ease, and speed to any business that needs to succeed by profitably leveraging vast amounts of unstructured data.

The Future of Government Contracting

The Future of Government Contracting

Posted on by Michael Tupek

In 2020, the coronavirus pandemic interrupted the world. Yet, forecasts are hopeful that 2021 will bring more normalcy and growth into the government contracting sector. In recent years, from 2014 to 2018, there was a trend of steady growth in federal contract spending, especially from the Department of Defense (DoD). DoD spending grew in 2018 and again in 2019. But in 2020, the COVID pandemic placed a limitation on government contracting. The effects of the pandemic will be still felt in the coming years. Despite the inescapable effects of the pandemic, both the continued upward tick of federal contract growth and the increased workplace practice of telecommuting, at least during the pandemic, indicate positive notes for the future of government contracting. 

Upward Trend Will Continue Despite COVID

The upward trend in federal contract spending will continue despite the COVID pandemic. Bloomberg estimated fiscal year 2020 would see between $583 billion and $630 billion in federal contracts. There has been a steady growth average of 6 percent year-over-year for the last five years till 2020. 2021 is feeling the effects of the pandemic, and government contracting will still experience the negative impact in the year ahead. But normalcy is expected to return, and the federal contracting sector should still see growth.

A Shift In the Workplace

The coronavirus pandemic caused a shift in the workplace. In 2020, more work was performed from the safety of home. Many companies are questioning the need for the traditional corporate building office space for the workplace. When contractors can accomplish tasks just as well at home, then the overhead cost for office space is up for reconsideration.

A Shift In Recruitment

The coronavirus pandemic caused a shift in recruitment. Due to the increase in remote workers, federal contractors can source their staffing needs from across the nation. Federal government contractors and providers do not need to live close to the government in Washington, DC. The DC area is expensive to live in and demands a higher salary. But when an employee lives in a less expensive setting, a lower pay can be offered. Larger contractors will reach out to smaller companies for access. There is an increased emphasis on HUBZones. HUBZone is a United States Small Business Administration program. It promotes small business opportunities in historically underutilized business (HUB) zones. The federal government awards contracts without competition to such set-aside minority-owned businesses. Federal contractors find such set-asides valuable in winning contracts. The result is that small businesses gain more of the market share in government contracting.

Conclusion

The future of government contracting looks bright. Government spending is continually trending upward, which means new work opportunities for federal contractors. The continued growth in this sector suggests new opportunities especially for those serving the DoD. These opportunities also mean work for smaller businesses. Much of government contracting can be accomplished remotely and so the increased telecommuting is expected to continue. In 2020, the largest amount of defense contract opportunities related to enterprise-level IT solutions, such as IT modernization, data analytics, cloud computing, and enhanced cybersecurity.

The CAP Goes Commercial

The CAP Goes Commercial

Posted on by Marina Roukalova

Days Spent In The Office On Proposals

The proposal manager sat in a swivel chair in the office. He looked over the window that opened to a million-dollar view. The waves were crashing on the shore in a warm oasis of sunsets and forgotten feelings. The palm trees gently swaying in the wind and men of leisure in boats that went far out from the shore. The proposal manager straightened his suit jacket. He thought of the Saturdays he spent in the office. The days that his wife packed his lunch and left his dinner on the kitchen table. Those days, he pored over proposals in the government contracting world that seemed endless with acronyms and regulations. He won some business and he lost other business. The thing about working on proposals is that the process was as unpredictable as his moods. He could be prone to error and forgetful only to catch himself at an important moment in the day.

A Glimpse Of The Future

He remembered the day and those conversations where he discovered the Content Analytics Platform (CAP). The ability to automate the proposal process was a timesaving he only dreamed of. That night, was it Halloween, he remembered? That night he dozed off in front of the TV and had a vision of a more automated world. After a few rum drinks, he was certain he discovered the secret to Artificial Intelligence (AI). That’s the way these things went. Some days you were up and other days you were down. Those days being buried in endless volumes of proposals were history.

The CAP was a glimpse of the future. The thing is, he told his friend at the country club is that he got tired of working in government contracting. He wanted to take a more consultative approach and scale his clients beyond the confines of the RFP. What if he could bridge the gap between government contracting and commercial space?

CAP Goes Commercial

The proposal manager thought about the art of the possible with unstructured data. He ran the “what if’ scenarios in his head. What if enterprises knew what they didn’t know about their data? What if enterprises had access to 80-90% of unstructured data that was hidden in content? What if enterprise decision-making changed from guesswork to data-driven insights? In his head, he pictured unstructured data like an endless alphabet soup of social media, voice, audio, text, and customer reviews. If that alphabet soup could be condensed and produce insight, could it transform an enterprise?

He thought about the sleek boardrooms where he would meet with executives to demo the CAP. The look on their polished faces when they saw the revenue-generating CAP dashboard light up with customized microservices and time savings. The glare from the computer screens illuminated the satisfaction executives experienced when the demo ended. Unstructured data became structured in an instant. It finally made sense and fit like a puzzle piece into the enterprise. As the proposal manager left the boardroom, he looked at the executives and said, “Imagine what you can do with it”. The computer screens folded, and the boardroom went dark with all the possibilities lingering in the air.

How To Avoid Long Sentences

How To Avoid Long Sentences

Posted on by Michael Tupek

How to avoid long sentences is important for successful writers. Good writers impact their readers quickly with clear ideas. The ideas are expressed in short sentences and few interruptions. Reading audiences range from school children to academic professors. All reading audiences benefit from concise statements rather than long, complex sentences.

Why You Should Avoid Long Sentences

Why should you avoid long sentences? Shorter sentences promote successful communication. Most people cannot easily process sentences complicated with several ideas. A single idea conveyed in one short sentence appears and sticks to the reader’s mind more easily. A reader sees the concept with greater visual clarity better than reading longer sentences carrying a train of related notions. Parts of a complex idea are more easily grasped when presented individually better than grouped in a longer sentence. The reader can then build up the simple ideas to the complex idea structure more successfully.

One Idea Per One Sentence

As stated above, write sentences with one idea to be more readable and impactive. Most people will be bogged down with long, complex sentences with connected ideas and supporting clauses. They will not be able to absorb the main point because of the apparent distractions of subordinate ideas. Instead, break up complex thoughts into easily expressed short sentence units that contribute to the main point. Readers will more effectively track with your thinking.

Use An Active Voice

Use an active voice in the sentence structure. This easily points out the actor in a sentence. Passive voice sentences can seem evasive regarding significant actors in a contract agreement, for example. Passive voice sentences usually take more words to express, which renders a writing lengthier than necessary.

Use Bullet Points For Lists

Use bullet points to list several things in an organized way. Instead of listing many things in a continuous sentence, using bullet points will display all the listed items in an easily scannable way. As an example, rather than mentioning how to avoid long sentences by stating one idea per sentence, using an active voice, using bullet points for lists, and avoiding run-on sentences, instead write such a list this way:

Avoid long sentences by:

· stating one idea per sentence,

· use an active voice,

· use bullet points for lists,

· avoid run-on sentences.

Avoid Run-On Sentences

Avoid run-on sentences. These are different from long sentences, which are sometimes necessary. But run-on sentences are never necessary. Examples of run-on sentences are:

· I like ice cream, I make my own ice cream.

· The weather is gloomy, overcast skies depress me.

Using better grammar, better sentence structure, and coordinating conjunctions, these are better written in these possible ways:

· I like ice cream so much that I make my own.

· I like ice cream; I make my own ice cream.

· The weather is gloomy. Overcast skies make me depressed.

· The weather is gloomy; overcast skies depress me.

Avoiding run-on sentences by breaking them up into smaller sentences especially contributes to the main goal of avoiding long sentences.

Conclusion

Avoiding long sentences is important for keeping your readers’ attention and making your message clear to them. This practice is critical for contracts and proposals in the business world. Rather than confusing the audience of a federal government contractor, capture their imagination easily and quickly. Avoiding long sentences will ensure this goal. Impressing your readers with your ideas is the goal of writing in plain, simpler language.

Automation In The Legal Industry

Automation In The Legal Industry

Posted on by Michael Tupek

Automation in the legal industry is the automating of many routine, low-value tasks that are accomplished by lawyers and colleagues using software programs specifically designed for such work. Automation for the legal team means eliminating the many functions that require a large number of man-hours or a large headcount. Automation allows a law firm to be more efficient, responsive, serviceable, and profitable.

Legal automation uses software to perform many routine, non-complex procedures. It streamlines the lawyers’ workload to be focused on the important concerns rather than tedious functions. Automation quickly accomplishes ordinary documentation requirements that frees up the legal team to work on more complex actions. Legal automation will never replace lawyers completely. Lawyers need to hear arguments, give advice, direct actions, and make judgments. But such processes as intaking of new legal cases, the triaging of cases, the allocation of assignments, the drafting of ordinary agreements, and the signing of contracts can now be done automatically with the right software programs. Document creation is done electronically using digital templates that are edited, contributed, or updated in-browser and in real-time to retain consistency across the legal enterprise. Documents are signed electronically and transmitted across the Internet. Rather than manually combing through thousands of PDFs and Word documents, a legal team can use an Artificial Intelligence (AI) technology to review a contract’s data content. Software is used to either automatically detect the risks or verify the compliance of a company’s proposal. Software automation makes a law firm much more scalable and more serviceable to clientele.

Automation In The Legal Industry Examples

Automation in the legal industry examples are:

· Contracts can be electronically signed.

· Routine legal agreements are digitally drafted using templates.

· Artificial Intelligence (AI) is used to capture data from PDF and Word documents.

· Billing is automatically processed.

· Contract time frames are automatically managed.

Legal Automation Benefits

There are many legal automation benefits including:

· Routine tasks are streamlined.

· Administration is reduced.

· Costs are reduced.

· More reliable compliance.

· Faster deliveries of contracts.

· Greater responsiveness to clientele.

Conclusion

Legal automation will never replace lawyers completely. Lawyers need to serve their clients by applying their knowledge and judgment rather than just process contracts. But automation makes the workload easier for the legal team by eliminating the more repetitive and annoying procedures and freeing them up to concentrate on the more demanding concerns. This business model serves the clientele better. By using software that employs the technologies of Artificial Intelligence (AI) and Natural Language Processing (NLP), the automatic evaluation and management of unstructured data in PDFs and Word documents are primary ways the legal profession is advantaged. This technology serves the interests of the client better. The Content Analytics Platform (CAP), developed by Scion Analytics, can provide the advantage needed by the legal industry to quickly discover and manage the content of any document for successful, expedited delivery.