AI is not ‘futuristic’ – it’s here and working alongside us already, and the love affair between robots and humans is stronger than you might think. At Wolters Kluwer, we’re already seeing new ways “robots” are doing more than just serving people – they’re partnering with professionals.
Let “robots” pick up your time-consuming, repetitive tasks
During an average working day, there are probably a few tasks you perform that you’d describe as repetitive or mundane. This is where technology can free you from time-consuming, nitty-gritty tasks – and it’s not help in the form of a person, or a team of people. It might not even be in a visible form, and don’t mistake it for being a ‘simple’ piece of software.
AI is making it possible for software to make global connections at speeds previously unimaginable, and as a result, is getting very good, often better than us, at very particular tasks. AI works with what is known as ‘narrow’ intelligence. It is extremely good at doing a single task, or a pattern of tasks, over and over and over again.
Can AI read 10,000 legal documents at lightning speed and find the number of times ‘house by the lake’ is mentioned? Sure. Can AI then have an insight that correlates the number of times ‘house by the lake’ is mentioned, beside the particular dates of those mentions, the contexts of those mentions, and determine that ‘house by the lake’ is actually the defendant speaking in code about ‘an offshore account’, which has nothing to do with a physical house by a lake? No. You need to be a human, preferably a trained lawyer, to do that. And that’s where this love affair between humans and robots begins.
How can robots make my life easier?
Robots can make your working life more productive. In the legal world AI is being used to comb through large data assets such as merger, stock purchase and asset purchase agreements and their ancillary documents, and to streamline the M&A drafting process for lawyers and bankers. Applications like M&A Clause Analytics provide insights and guidance for drafting, benchmarking, and negotiating better clauses by sifting through a treasure trove of other clauses. Like a true partner, AI hands the baton over to professionals to draft better legal agreements.
AI is fantastic at identifying and tracking vast arrays and patterns. If you’re overseeing complex kinds of reporting, AI can do some of your big data heavy lifting for you. In the world of healthcare, where insurance company denials are such a huge and complex issue, AI is proving very effective at accumulative learning of codes associated with specific denials. The result: the billing process and payment cycles are getting progressively more streamlined and efficient.
Gain extra time to focus on work that matters more to you
There’s a whole array of higher functions out there, just waiting for you to perform them. AI can’t do them for you, but it can help you get to them. It can empower you to do what you do beyond even your own expectations, because in the days ahead you’ll have a multiplication of networks, people and power – or in other words – an AI-based power force of ‘robots’ augmenting and supporting your work – not taking it away from you.
Curious to learn how business leaders are teaming up to bring advanced technology innovations to their organizations? Read how a CFO and a CIO work with each other to develop and utilize AI in their organization.