AI assistants are reshaping the business landscape, offering unprecedented efficiency and capabilities across various sectors. As corporations increasingly leverage these advanced digital tools to streamline operations, enhance customer service, and drive innovation, it seems only a matter of time before they become ubiquitous.
In customer support, AI chatbots handle routine inquiries 24/7, improving response times, delivering superior customer satisfaction, and reducing operational costs; freeing employees to focus on the more complex issues. Many e-commerce platforms now utilise AI assistants to provide personalised product recommendations and enhance the customer shopping experience, as retailers look to boost sales.
AI plays an active role in data analysis and decision-making, where AI assistants process vast amounts of information quickly, identifying patterns and insights crucial for market research, financial forecasting, and strategic planning. Some AI tools can even generate reports and presentations, saving executives valuable time.
Human resources departments employ AI for initial candidate screening and scheduling interviews, accelerating the recruitment process. In marketing, AI assistants help create targeted campaigns, analyse consumer behavior, and optimize ad placement.
The transformative power of AI is also evident in healthcare, where it assists in diagnosis and treatment planning, and in manufacturing, where it optimises production schedules and predicts equipment maintenance needs.
As AI technology continues to advance, its role in business is likely to expand further, potentially reshaping entire industries and creating new opportunities for innovation and growth.
As AI technology advances, its potential to unlock new levels of human productivity grows. Research by Goldman Sachs suggests that AI could drive a 7% (or almost $7 trillion) increase in global GDP and lift productivity growth by 1.5 percentage points over 10 years.
Other studies indicate that generative AI could enable labour productivity growth of 0.1 to 0.6 percent annually through 2040, depending on the rate of technology adoption and redeployment of worker time into other activities. Combining generative AI with all other technologies, work automation could add 0.5 to 3.4 percentage points annually to productivity growth.
Despite the promise of efficiency and productivity gains, AI adoption is not without challenges. Like with most technologies, there are downsides. Reduced human intervention and involvement are being noticed. While companies are pressured to adopt AI in their functions – driven by the promise of efficiency, productivity gains, and cost savings – the discerning customer may think otherwise. Corporations will ignore their needs at their peril. Research highlights that customers cite the difficulty of reaching a human customer service agent as a major concern. For the sake of personalised service, they would even switch to companies that provide it.
They have a point. While automation and AI can provide benefits of speed of response, AI assistants aren’t designed to offer nuanced, emotional interactions. Think healthcare or counseling. Likewise, AI assistants can make mistakes or provide incorrect information.
The use of AI in decision-making processes raises questions about accountability and moral responsibility. AI systems can perpetuate or amplify existing biases if not carefully designed and monitored. There are issues with data security and personal privacy too.
The professional services sector may have got it right! Cutting through the hype, these organisations are increasingly adopting AI assistants (no they aren’t chatbots!) to enhance efficiency and accuracy in various aspects of legal or financial practice to enhance service delivery – while retaining the crucial human-client interactions.
One primary application is in legal research, where AI tools can quickly sift through vast databases of cases, statutes, and legal documents, providing relevant precedents and insights in a fraction of the time it would take a human researcher.
AI is revolutionising contract analysis and due diligence. These systems can review large volumes of contracts, identifying key clauses, potential risks, and inconsistencies much faster than manual review. This capability is proving especially valuable in mergers and acquisitions and compliance work.
AI-powered predictive analytics are increasingly being used to forecast case outcomes, helping lawyers develop more effective strategies and provide better advice to clients. Some firms use AI for initial case assessment, determining the strength of a potential lawsuit.
In e-discovery, AI assistants are helping to rapidly process and categorise millions of documents, significantly reducing the time and costs associated with litigation. Natural language processing enables these tools to understand context and identify relevant information.
AI is also being employed in legal writing, assisting in drafting routine documents and even suggesting relevant arguments based on case law.
Some courts are experimenting with AI for administrative tasks and even in decision-making processes for simple cases. For example, in Germany the Frankfurt District Court successfully tested an AI system (Judgment Configurator Electronic) for air passenger rights lawsuits. The Stuttgart Higher Regional Court in Frankfurt also used an AI assistant for case categorisation, and metadata extraction to help bring cases to faster resolution.
Document management-related tasks are prime use cases for AI and generative AI technologies. iManage is at the forefront of delivering practical AI solutions for the legal sector. Their upcoming AI services include Ask iManage, an AI assistant that helps lawyers automate tasks such as document summarisation or comparison; and the iManage Mailbox Assistant to helps users automate tasks such as email filings and saving attachments, learning from organisational and individual user behavior to increase accuracy continually.
A key advantage of iManage's approach is that its AI assistants are grounded in user organisations’ approved, structured, and centralised data, addressing privacy and accuracy concerns that often worry professional services providers.
If AI and generative AI adoption are on the cards for your organisation, iManage AI offers the fastest, smoothest, and safest route to implementation. By removing mundane tasks, these AI services allow professionals to focus on high-value aspects of their work, genuinely delivering productivity advantages to organisations in the professional services sector.
Imminently, iManage AI services will be generally available for implementation
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FAQs
An AI assistant is a virtual assistant that provides support to professionals on specialised tasks in a human-like manner.
A chatbot is a computer program that is created to interact with users through text or voice. For example, they are found on websites and offer elementary customer support. AI assistants provide more personalised support and help with troubleshooting, acting like personal assistants. An example is Apple Siri or Amazon Alexa. Both tools use AI technology, but AI assistants are used in the business environment and provide support and answers using organisational data.
AI assistants that are grounded in good quality organisational data can be considered accurate because data integrity is assured.