Investor, Founder & CEO. MIT graduate. Co-Founder of Mesmerise VR, Marsfields, ARQ and Repeat.
With AI becoming more prevalent in day-to-day operations, the word “consultant” may soon take on a new meaning. That’s because these intelligent systems will be making decisions and providing insights that would have previously required human consultants.
The implications for the legal field are even more significant. The potential for AI to replace many current lawyers’ tasks and perform them automatically is real – and it’s only a matter of time before it becomes the law of the land. These technologies can intuitively capture information in ways humans never could, as well as predict who might need their services down the road – all without charging any higher rates than their human counterparts.
(Image Source: Raconteur)
In some instances, the roles of consultants and lawyers will likely overlap more than we may expect. For instance, the average consumer who doesn’t know his or her credit score and is unfamiliar with how it affects his or her financial goals may seek out a financial consultant to assist with their debt management. In this case, the consultant would be able to use machine learning to plug in various factors – like credit score and income level. This is far more insightful than any existing credit scoring system can do for consumers today.
It’s also worth noting that these AI-powered systems may be able to do this without charging a fee. This is because the credit scoring system is also owned by the same company that owns the financial consultant service, and therefore profits off of both sides of the equation. So in this example, it’s unlikely consumers will need to pay a fee for such credit guidance.
The important question to ask is: What do firms stand to gain from implementing such technological advancements? On the one hand, they can save money on human consultants while providing customized services for their customers. But there’s a more significant opportunity when it comes to managing client relationships in ways that leave no room for error or discrepancy. And that’s where the real value comes in.
Managing client relationships requires that firms have the ability to interact with clients on a personal level, answer their calls and emails, and provide appropriate advice on any questions they may have. But when it comes to clients who initiate contact with a firm, AI can have a major effect on how firms communicate with them – bringing human-like empathy and compassion to the conversation. This opens up whole new channels of communication with customers: those who just want to pay their bill and move along without any questions or concerns about more profound issues; those who want input on how other companies are performing; and even those who want help in figuring out how they should manage their taxes.
Imagine a world where every interaction with customers is in real-time and personalized, where the two parties can speak in a way that’s not filtered through a computer. This means a greater level of engagement, better communication, and more effective decision-making, all while saving money on human resources.
How AI is used for consulting
AI can also be used for consulting, training, providing supervisors and managers with live information about employee performance. They can use this information to assess each employee’s strengths and determine how they should act when faced with a particular issue or problem. This allows firms to give employees practical instructions or advice that leads to improved performance – something crucial in any service business.
Several companies have adopted this kind of system already, including Airbnb and Uber. But it’s worth noting that much more could be done if firms could effectively integrate such AI into their overall business model. This is where precision marketing comes into play – using AI in marketing campaigns to help generate more sales leads and improve marketing conversion rates for existing customers.
(Image Source: Adverity)
In fact, many marketing firms already use some type of AI in their campaigns. Benchmarking is an excellent example of how this is done, as it’s used to optimize an existing marketing campaign and ensure that it’s more effective than before. This helps companies improve their conversion rates while maintaining the same level of satisfaction with clients. The ultimate goal? To help companies increase the value they deliver to their customers over time.
How AI is used for legal relationships
For legal relationships, AI can be used to predict outcomes in various scenarios. Traditionally, this type of AI is reserved for financial cases where it’s used to check whether a contract is legally valid or not quickly. This has been an issue because humans are sometimes found to have made mistakes. In fact, the legal profession has already experienced a shortage of workers in recent years due to the growing number of qualification exams and the increasing complexity of the job.
AI can also perform other tasks related to law-related issues, such as identifying missing files and improving predictive analytics regarding anticipated court dates or similar scenarios when it comes to court cases.
By using artificial intelligence, firms can offer various legal services without increasing the size of their workforce. This will allow the legal industry to remain competitive and profitable in the long run, despite having peaked in recent years. It’s also an essential step toward keeping up with the growing demand for these services as technology begins to change how consumers live and work, especially regarding how they manage their money and interact with one another.
Create your free account to unlock your custom reading experience.