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With each passing day, we are increasingly living in an algorithmic universe, due to the easy accumulation of big data. How can management provide some kind of check on the sometimes naïve, sometimes sophisticated corporate use of algorithms?
When the legal department at Baxter needed to quickly review a large batch of contracts, it turned to AI. But the technology was far from ready out of the box. Helpful insights for those considering AI: focus on the people side.
J.P. Morgan’s quantitative investing and derivatives strategy team issued the most comprehensive report ever on big data and machine learning in financial services. Titled "Big Data and AI Strategies" and [...]
While machine learning cannot currently match human professionals' ability for higher-level interpretation, it is still capable of automating a wide variety of decisions. From classifying invoices and unstructured data to predicting future case outcomes, these decisions are becoming more vital in the legal space. These automated decisions are also raising ethical questions of how much the legal industry should rely on them.
Ignoring the headline, the article provides some focus on machine learning to make better sense of legal spend data. Machine-learning powered data classification is providing better insight into internal and operational data, but it has yet to spread to all areas of legal work.
Deployed last year for legal professionals as the engine behind legal research platform ROSS, Watson has recently made further inroads into the legal space with the December 2016 launch of Watson Discovery Service. Watson Discovery Service enables developers to implement a "machine learning model" in their search tools, which allows the tools to understand how certain language terms are related on a deeper level. The service allows developers to create search and e-discovery tools using Watson's technology—which can comprehend language and data on an almost human level—to find relationships in structured data and unstructured data, and categorize and index such data into a searchable database.
This article discusses potential impacts of Artificial Intelligence (AI) on the legal profession. Specifically, I discuss (i) WHY you should care about AI, (ii) WHAT AI means, (iii) WHERE [...]
Automation is happening, and it will bring substantial benefits to businesses and economies worldwide, but it won’t arrive overnight. A new McKinsey Global Institute report finds realizing automation’s full potential requires people and technology to work hand in hand. People will perform activities that complement the work that machines do and vice versa.