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Managed Document Review Powered By AI

By Marcelo Cardoso posted 09-26-2023 14:51

  

It is nothing new that artificial intelligence is dominating discussion boards, forums, podcasts and all media, generating anxiety, fear and doubt. However, how can this technology really make a difference in everyday life? How can we use it to reduce our workload and improve the quality of our deliveries? For example, we consider document review with the help of artificial intelligence (AI), a model that represents a revolution in the corporate environment. This technology offers a number of significant gain points for companies, while also presenting challenges and risks that need to be carefully managed. What do we gain from this technology in our daily lives?

Improved Efficiency
AI enables the automation of document review tasks, speeding up the process and reducing dependence on human resources. This results in savings in time and operating costs.

Accuracy and Consistency
Algorithms are capable of identifying errors and inconsistencies in documents with high precision and consistency, minimizing human errors.

Big Data Analysis
AI can analyze large volumes of documents in real time, identifying trends and valuable insights that can guide strategic decisions.

Customization
AI systems can be trained to meet specific company needs, ensuring document review is aligned with internal policies and regulations.

Quick Response
AI can identify risks or issues in real time, enabling immediate response, which is vital in regulated industries. Not everything is rosy, we also have risks.

Algorithmic Bias
If AI algorithms are trained on biased data, they can perpetuate biases, resulting in poor decisions and legal problems.

Data Privacy
Document review involves handling sensitive information. Ensuring the protection of this data is essential to prevent privacy violations.

Technological Dependence
An excessive reliance on AI can make the company vulnerable to technical failures or system unavailability, affecting regular operations.

Legal Liability
Responsibility for AI document review must be clearly defined, as problems can arise, raising legal questions about who is responsible for errors or omissions.

Human Rejection
Some employees may resist adopting AI in document review, which can affect company morale and culture.

In summary, document review with AI offers significant opportunities for efficiency and accuracy, but it is essential to carefully address the associated risks. A balanced approach, which combines intelligent automation with human oversight and strict data governance policies, is the key to maximizing benefits and minimizing risks to the business. Large companies are at the forefront of this topic, and we can learn a lot from the business model, LegalZoom, LawGeex, Lex Machina, MyCase, Rocket Lawyer and Xactly.


#CorporateLegalOperations
#ArtificialIntelligence

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