The adoption of artificial intelligence technology has been relatively slow compared to the ambition portrayed in media publications and journals. Companies are slow to incorporate this technology in the workplace citing complex decision-making and one-off scenarios as the need for humans to perform relatively rote tasks instead of machines. However, consistently missed from the analysis is that AI-like technology can help humans perform repetitive tasks much more quickly and greatly improve the quality of output. A good way to assess how impactful this technology could be is by looking at recent macro economic and macro political events and how technology could be deployed in those scenarios:
1) The Last Financial Crisis
During the 2008 Financial crisis when market liquidity dried up, banks and financial institutions undertook a massive effort to identify credit agreements that had been tripped based on the covenants associated. This was an intensive exercise including analysts and legal teams reading through largely similarly worded documents to identify and map the covenants associated. A solution such as Counselytics, which can extract and structure the covenants associated with each agreement and is able to analyze thousands of documents in a single day at a fraction of the cost, could have proved immensely beneficial.
2) FBI Email Scandal during the 2016 Election
Recently, the 2016 election was given a late twist due to revelations of new classified emails associated with the Democratic Party candidate, Hillary Clinton. A serious allegation so close to Election Day brought intense media and political pressure to present an outcome of the investigation prior to Election Day. A large team spent long hours going through the discovered emails and analyzing if any wrongdoing had occurred. Such a task, again, represents a great use case for the adoption of technology – an artificial intelligence solution using NLP (Natural Language Processing) could be trained to flag outliers and drastically reduce the amount of manual analysis that comes with evaluating large amounts of written text. The deployment of such a technology could have greatly reduced the workload associated with such an investigation and a multiple week national controversy may have been avoided.
3) EU Antitrust Regulations Investigations
For the past few months, the EU has embarked on an antitrust regulation campaign targeting the likes of Google and Volvo for violating anti trust laws in Europe based on their product and marketing practices. This situation presents another example of how the deployment of cognitive augmentation technology could greatly benefit the team by flagging violated regulations across the products/services being investigated.
Counselytics brings the power of machine learning and artificial intelligence to the universe of enterprise documents and content. Roughly 96% of the world’s digital information is unindexed and unstructured. Large companies and other organizations create and maintain a significant portion of that information without any efficient way to access it, understand it or use it; exacerbating this problem, those entities are now doubling their digital payload every 90 days. The result is mismanaged risks, missed P&L opportunities and other costs.