February 15, 2022

Using AI Powered Document and Data Analysis to Make Informed Business Decisions

        Using Artificial Intelligence (AI) powered document and data analysis is key in assisting businesses to improve the time, quality, and consistency in which they make decisions in the regular course of their operation with customers and partners.  In 2016, the global AI market grew to $1.4 billion dollars, and is expected to expand to almost $60 billion worldwide by 2025.  AI refers to the development of computer systems that can perform tasks usually requiring human intelligence, such as visual perception, speech recognition, and even decision-making.  In 2019, Gartner conducted a survey which found that 37% of businesses and organizations employ AI in some form in their workplace.  Gartner also found that, in the healthcare industry, 38% of providers use computers as diagnosis assistants. Because of these strengths, potential profit, and appeal of AI-operated tasks, it is transforming the personal and professional lives of people across the world.  

AI technologies can be applied to a number of under-taking to benefit organizations seeking to improve outcomes and productivity.  In fact, according to CB Insights, startup companies using artificial intelligence received more than $7.4 billion in funding in just Q2 of 2019.  The market for AI services in business is also continually growing.  According to Gartner, the number of enterprises using AI in business grew by 270% between 2015 and 2019, and is still on the rise.  Statistics have revealed that 52% of telephone companies now employ AI chatbots.  These chatbots are commonplace in many businesses and can assist in customer service, filing of complaints, receiving feedback, and improving the service of businesses to the public. Blumberg Capital found that 26% of consumers have said that they interact with AI on a daily basis, which does not even account for those consumers who are not aware that they may be interacting with an AI.  Fewer than half of consumers believe that they understand AI and what actually constitutes AI.  As AI expands, so does the consumers’ understanding of what it is capable of and how it can help streamline the commercial process.

Initially, consumers may have been hesitant about allowing so much AI management of the products and services which they purchase.  According to Blumberg Capital, 50% of consumers are now optimistic about AI and how it can improve upon their lives.  Additionally, one-third of consumers are more likely to interact with AI when it involves commerce.  As consumers who accept AI expand in numbers, and it becomes more globally accepted, AI will continue to become involved in more aspects of people’s lives.

An easily forgettable piece of AI technology in many people’s lives are that it comprises voice assistant technology, used in cell phones, home computers, and other voice-activated smart devices.  Globally, more than 3 billion voice assistants were in use in 2019, with 46% of Americans opting to use voice-controlled virtual assistants.  According to the Pew Research Center, for 55% of virtual assistant users, being able to control their devices hands-free is a major reason why they use speech recognition apps.  In fact, the smart speaker market was worth $11.9 billion in 2019, according to Statista.  

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       AI is not restricted to commercial businesses, but is also making advancements in automotive construction as well.  Presently, 25 countries are now working on designing autonomous, self-driving vehicles to impact the market, as two in three Americans believe self-driving cars are safer than regular cars.  The self-driving car industry is projected to reach the potential of being worth more than $600 billion over the next five years.  The annual growth rate of the self-driving car market is 36%, nearing $173 billion in global revenue according to Market Watch.  This does not mean that drivers are entirely comfortable with AI taking complete control over the car.  87% of Americans would rather see self-driving cars with a human driver ready to take the wheel and intervene, should it be deemed necessary.  This shows that, while AI is widely used and accepted, with great growth potential, having a human element to check in and make sure that it is functioning correctly is an important aspect of it.

AI capabilities are becoming especially important due to the COVID-19 outbreak.  Organizations face extraordinary circumstances and unexpected disruptions to their employees, their customers, and their businesses as a whole.  Business success hinges upon the ability to access all actionable data, anticipate market changes, and quickly scale operations to effectively deliver products and services.  Companies need a clear way to transform how they source, interpret and consume information.  That requires flexible data structures, as well as modern data and analytics platforms that allow the business to turn their chaotic business information into insightful and actionable intelligence.  

All of the above statistics beg the question as to what will the future of AI be?  According to PwC, the AI industry is projected that it could be worth more than $15 trillion by 2030, China being the biggest and accounting for 26.1% of the global AI market share.  Statista projects that there will be 8 billion voice assistants by the year 2023, and that the AI industry will be generating revenues of $118.6 billion a year by 2025.  The Robot Report states that experts predict the autonomous vehicle industry could be worth $667.7 billion by 2026.  As high as 72% of companies using AI believe that it will make their jobs easier in the future, according to PwC, with 59% of executives strongly believing that artificial intelligence applications will improve big data in their companies.   

It is clear that AI is on the rise in businesses, bringing in more money and growth in commercial areas than ever before.  Many processes will become streamlined, both for the business itself and for consumers.  Companies around the world are putting in time and effort to advance AI involvement in new areas of consumer life because of these real and tangible results which have already been seen previously.  As for when a business uses a program conducting AI data and document analytics, their benefits will boil down to three key results: a business will save time, reduce error, and optimize their profitability.

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Key Takeaways from the Use of AI Document and Data Analytics for Assisting Businesses

Save Time

Making an informed business decision based on lengthy contracts and documents is time-consuming and tedious.  AI powered analysis vastly reduces the time and effort needed to review business documents.  By marking key clauses and terms, full visibility of the contents of contracts is possible, letting you become fully aware of the contents, deadlines, and expiration dates for your contracts, allowing you to make a better informed decision going forward with your business decisions. Businesses can improve operational efficiency by extracting structured data from unstructured documents, can leverage insights to meet customer expectations, and streamline compliance workflows and reduce guesswork, keeping data accurate and compliance at a maximum. This can allow you to obtain the best analytical experience for your documents, giving you the chance to devote more time and attention to your customers and business transactions.

Reduce Error

AI powered document and data analysis will help reduce the likelihood of human error.  It will additionally allow you to reduce the time needed for you to review an agreement, which will in turn save you time in finding the key clauses and terms that are important for each document. The analysis makes transparent the important matters that your business needs to focus on, so that any issue may be addressed in a prompt and accurate way. Moreover, SpeedLegal’s program allows multiple users access to the analyzed document, so that any changes or important extracted information remains at your fingertips for any business deals that are time-sensitive and need instant access or alteration.  

Optimize Profitability

By using AI to keep track of the key terms, key financials, effective dates, and expiration dates of contracts and agreements, businesses are able to better understand the impact of marketing efforts on sales, compare their current performance with the previous period and future plans, forecast sales trends based on historical data and business goals, and identify gaps and inefficiencies in marketing channels.  Additionally, using AI to manage contracts and keep track of sales allows businesses to get deeper insights and better control of inventory, identify current trends to take early action, and manage overall profitability. 

Conclusion

In order to maximize the financial growth your business can accomplish, using SpeedLegal’s AI analytics for deals and contracts will be one of the most efficient and helpful programs in your toolbox.  Before understanding how SpeedLegal’s AI document and data analysis can apply to make informed business decisions, it is important to understand how SpeedLegal’s AI functions and what the AI will extract and accomplish from each document or contract to which it is applied.

(To be continued in the next article)