Welcome to our third edition of The Link. We’re talking today about something that underpins the success of in-house legal teams, and how they operate: data.
VentureBeat recently covered a report from Signal AI about the impact of artificial intelligence (AI) in business. The article revealed U.S. companies lose a combined $4.26 trillion in revenue every year because they lack the AI to help make critical decisions. It’s a staggering number, and it got me thinking about the journey every company takes to harness their data.
Ultimately, every company wants to wield its data to control the future. Getting there requires completing what I call:
Step 1) Data Collection: Every company starts its data journey by figuring out how to collect data. The practice of storing data in Excel has been around for decades, and this step is rudimentary for most.
Step 2) Visualization: Now that you have data, do you have the means to see it (graphs, charts, etc.)
Step 3) Prediction: Once you have collected enough data, you can identify trends and use the data to make a prediction or inference.
Step 4) Wisdom: Harnessing AI systems gives you access to the predictive wisdom over your data, allowing you to control your future.
How can you get from Step 1 to Step 4 as quickly as possible?
The same study from Signal AI revealed that 92 percent of respondents believe companies should leverage AI to augment their decision making. As such, there is a clear appetite for AI solutions, although decision makers aren’t always clear on how and when to deploy. At LinkSquares, we’re focused on supporting you along your data journey and helping you realize the greatest possible returns from your contracts. And, when we look at all that anonymized data across 400+ customers, it is possible to see real trends emerging.
We’ve thought long and hard about how we can help you attain predictive wisdom from your data. Through our data extraction and visualization capabilities, our customers can soon gain insight into macro trends that will help them make informed decisions. LinkSquares has now extracted 50 million points of data, and we're excited to share the data trends we’ve identified in the near future. Stay tuned.
The future of contracting is AI-assisted decision making. Humans can’t store and contextualize thousands of contracts signed and decisions made, but AI can. Today, AI can store institutional knowledge and the decisions you’ve made, and help you use it in a meaningful way to control your future.
If you have thoughts on the role of artificial intelligence in the legal industry and the insights we’ve found, drop me a line at vishal@linksquares.com.