AI Articles and Analysis in Professional services

Last year, Boston Consulting Group reported that banks were tracking three times as many individual global regulatory changes as compared to 2011. The report added that these institutions were averaging 200 regulatory revisions per day in 2017.

Intellectual property (IP) is about more than preventing competitors from copying a technology or idea. IP informs a number of other strategic initiatives for companies:

Deloitte, EY, PricewaterhouseCoopers (PwC) and KPMG are among the largest service providers in the accounting industry— collectively referred to as the Big Four. Many of the financial and consulting services offered by these firms - such as advising on investment decisions - involve finding patterns in very large sets of data. This data is often beyond the understanding of a single person (or team of persons) and is often “noisy” and without a set format.

Artificial intelligence -- especially machine learning -- is at it’s best when it is working with a large, analyzable data set, like text. But much of the data in the world isn’t in text form. Instead, it’s in the form of spoken words on video and audio recordings or even live events. This makes reliable voice transcription an important goal for artificial intelligence.

Global spending on utility customer information systems (CISs) and analytics is expected to total nearly $37 billion from 2014 to 2023, according to a report from Navigant Research. Some of the top utilities companies in the United States have been using predictive analytics to enhance operations, cut costs and improve customers’ experience.

To stay competitive and relevant in the fast-changing world led by digital, India’s leading IT services companies, well-known for their cost-competitiveness, have begun leveraging more artificial intelligence (AI) initiatives as the technology has continued to gain traction.

Episode summary: This week’s episode explores the current possibilities in applying natural language processing for legal contract review. We speak with Andrew Antos and Nischal Nadhamuni from Klarity, a Boston-based startup focused on using natural language processing (NLP) based information extraction, from non-disclosure agreements (NDAs), in a live setting.

Artificial intelligence companies continue to find ways of developing technology that will manage laborious tasks in different industries for better speed and accuracy. In the legal profession, AI has already found its way into supporting lawyers and clients alike.