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AI Use Cases

A collection of over 250 uses for artificial intelligence

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Legislation conformance

Introduction

The legal profession has not been left behind in the 4th Industrial Revolution by implementing digital solutions. This is because the industry is being flooded with data and it becomes difficult to keep up with the changing legislation, compliance and regulatory aspects. This is where Regulatory AI Governance (RAG AI) can help. RAG AI is an advanced form of artificial intelligence which assists in organizing, steering and respecting the interconnection of laws. It presents various options for the legal departments as well as for legal professionals, from reducing costs and increasing efficiency in routine tasks to predicting the evolution of the law. This technology enhances the legal experts’ ability to concentrate on important decisions hence increase productivity and minimize legal errors.

Challenges

There are several issues that the legal industry is facing which can be solved with the help of RAG AI. The first challenge is the vastness of legal information such as the cases laws, statutes and regulations which are difficult to handle and analyze without the use of tools. Also, the frequent changes in the legislation make the legal department have to update their knowledge base from time to time which is not an easy or cheap task. Also, the language and formatting of legal contracts and other documents are often complex and hard to decipher which may result in misunderstandings and non-adherence to legal requirements. Lastly, the possibility of a mistake together with the serious consequences of legal non-conformity puts more stress on legal experts.

AI Solutions

RAG AI provides several options for the solution to the challenges. To handle massive data, it applies Natural Language Processing (NLP) and machine learning techniques to analyse and understand legal texts, extractions of information and insights made. In order to address the issue of frequent changes in legislation, RAG AI employs predictive analytics which enables it to predict future trends in legislation. It also applies semantic search to comprehend the legal jargon commonly found in legal contracts and documents thus minimizing the chances of legal misinterpretation. Also, RAG AI reduces the chances of mistakes being made by humans through the performance of boring tasks like checking contracts for compliance.

Benefits

There are numerous advantages of applying RAG AI in the legal domain as well. First, it enhances efficiency through process automation and thus allows legal experts to concentrate on important tasks. Second, it increases the precision and the likelihood of not violating legal requirements by offering proper analysis of legal texts. Third, it is efficient as it helps legal professionals to be abreast with legal changes. Fourth, it offers essential information and forecast on future legal developments to help organizations be prepared. Lastly, it increases the satisfaction of the clients as they are delivered legal services within the shortest time and with high accuracy.

Return on Investment

The ROI for RAG AI is impressive. This is because it performs a significant amount of routine tasks which would otherwise require a lot of time and resources from people, thereby cutting down on the time and resources needed for the work. It also helps in reducing the risks of non-compliance which may lead to fines and bad image. In addition, through the provision of predictive analytics RAG AI allows firms to make right time decisions hence gain competitive edge and boost their revenues. For example, a research done by Juniper Research revealed that AI technologies such as RAG AI had the potential of cutting businesses’ costs by $8 billion annually by 2022.

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