With enormous amounts of data being shared on a daily basis, companies are increasingly seeking robust analytical solutions to decipher complex datasets.
AI has emerged as the cornerstone for businesses looking to make more informed data-driven decisions and create operational excellence among Australian companies.
By harnessing the power of AI, businesses can now process and analyse vast volumes of data with unparalleled speed and accuracy. This capability allows businesses to gain deeper insights, track progress towards strategic objectives, and streamline operational processes.
In 2023, 68 per cent of Australian businesses implemented AI technologies and a further 23 per cent are planning to implement them in the next 12 months. AI has become more than just a buzzword. This surge in AI adoption underscores the growing recognition of its transformative potential in driving business innovation and competitiveness in the digital era.
AI augments human intelligence for key business decisions
This integration of AI technology isn’t just about automation; it’s about ushering in a new era of efficiency and innovation. In many cases, it allows for the type of analysis that is not possible without AI. Businesses now have the power to automate complex analytical tasks, sift through a wealth of data to uncover hidden patterns, and make instant, informed predictions. It’s like having a supercharged assistant that can process volumes of information in minutes, giving businesses the edge they need to stay ahead in today’s competitive landscape. In fact, 68 per cent of companies are turning to AI as a solution to address critical issues and navigate challenges in project management, reflecting the increasingly pivotal role of AI in guiding key business decisions and driving organisational success.
But AI’s impact goes even further — not only crunching numbers but also augmenting human intelligence. While AI undoubtedly reshapes the landscape of work and productivity, its greatest potential lies in complementing and augmenting human capabilities, not replacing them. Humans and AI work better together than either one alone. Combining the power of humans and AI is the key to driving more strategic decision-making, productivity, and success.
The challenges businesses have traditionally faced with AI
With AI technology becoming more mature and well-developed, businesses looking to gain a competitive edge and improve their productivity have been seeking out the adoption of AI-powered technology. However, one aspect that businesses continue to grapple with, is accuracy when it comes to AI tools.
In some data-driven industries like the legal sector, the consequences of missing crucial information can be profound. While AI offers remarkable capabilities, it’s not perfect. The black box approach, where the AI generates answers without transparently revealing the reasoning behind them, isn’t conducive to building trust, and relying solely on an opaque AI can lead to errors and put a company’s reputation on the line.
One of the biggest challenges with accuracy in the generative AI space is the possibility of “hallucinations,” where the AI confidently provides answers even if they are incorrect. This can lead to misguided decision-making and potential legal ramifications. That’s why businesses should partner with reliable vendors when building AI solutions to ensure traceability and have well-defined guardrails to allow for verifiability, avoid hallucinations, and ensure accurate outcomes. For businesses, this means knowing what to look for when measuring accuracy and choosing an AI solution.
AI enhances the value of legal services
While AI is reshaping business practices across all sectors, this digital evolution is particularly true for the legal industry. Traditionally characterised by labour-intensive paperwork and time-consuming research processes, the legal sector is undergoing a paradigm shift fuelled by the unprecedented capabilities of AI.
AI technology can provide law firms access to real-time data and easily access historical data which can save time and improve collaboration, transparency, and new strategic capabilities. For example, thanks to the power of enhanced AI capabilities, legal tasks that previously required 6 to 8 hours of manual effort can now be completed in a mere 15 to 20 minutes.
Clients pay for the knowledge and intelligence of the firms they hire, yet this information often tends to reside with individuals rather than in a structured, accessible repository. With the help of generative AI, the knowledge management problem can finally be solved, enabling lawyers to leverage their firm’s intellectual property for better client service and more efficient work processes.
In response to the growing demand for AI innovations in the legal sector, pioneering companies like Litera are constantly innovating AI solutions to meet the unique needs of legal professionals. First-of-its-kind, Foundation Dragon, is a generative AI deal term database that accurately sifts through final deal documents, and provides legal teams with instant access to all valuable data points and critical insights. Legal practitioners are now empowered to negotiate from a position of strength, facilitating more informed decision-making, and ultimately securing favourable outcomes for their clients.
The next step in the evolution of AI-based contract review and analysis and intelligent workflows is further supporting corporate lawyers in additional areas — things like automating the development of actionable insights and evaluating the impact of extracted text. Litera’s AI contract review software, Kira, utilises GenAI to be a legal team’s trusted assistant in not just reviewing contracts, but analysing them and creating client deliverables for the transactions they work on.
As law firms continue to innovate and think of ways to improve their productivity, leveraging AI will be key to driving operational efficiencies, delivering superior client experiences, and redefining the future of legal practice.
Future-proof your business with AI
As Australian companies and their employees increasingly integrate AI tools into their daily activities, the immense capacity of AI becomes ever more apparent. The insights, predictions, and recommendations derived from AI technologies are revolutionising decision-making processes and addressing real business challenges successfully across different industries.
To continually evolve and make the most of these technologies, Australian companies must embrace the continuous change brought by AI and equip themselves with the necessary skills and tools to thrive. On the other hand, by having an AI technology provider that adopts a thoughtful and deliberate approach to innovation, businesses can ensure access to the best, most valuable, and most secure tools available in the market. This strategic approach enables businesses to make more strategic and data-driven decisions, and more importantly, future-proof their businesses in an increasingly AI-powered world.
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