Earlier this year, before cities, states, and even countries were placed on Covid-19 lock downs, when we could still go places (we miss places), our CEO and co-founder, Apoorv Agarwal joined leaders in compliance, law, and Fortune 100 companies at the International Institute for Conflict Prevention & Resolution’s annual meeting in St. Petersburg, FL. He was honored to participate in “The ADR Proceeding of the Future” panel discussion. Apoorv had the opportunity to share Text IQ’s innovations in artificial intelligence and its cutting edge applications.
In case you didn’t have the opportunity to join, we’d like to share our top 3 takeaways from the panel:
1. The digital transformation is upon us - The rate at which computers can process data is increasing exponentially, as is the rate of adoption of technology in all corners of the business world. The overarching sentiment felt among participants at the CPR conference was that the time to adopt new technology within their firms is now or fear becoming irrelevant. Colleen Kenney’s (Partner, Sidley) slide with a modified quote from the Luddites says it all, “Those that stand still lose the race (and the client, and the litigation, and the deal).”
Text IQ CEO and Co-Founder, Apoorv spoke on how AI is already being used at top companies to automate time-consuming and mundane tasks, saving millions of dollars and countless hours.
This sentiment was also echoed by Timothy Nagle (SVP, Chief Privacy Counsel, US Bancorp), “I look at AI like I look at the cloud...AI in the next X years is going to be commoditized...you are at a disadvantage if you have not at least considered it already.”
2. AI and machine learning works in tandem with experts - It doesn’t replace them. A natural question that comes up whenever you talk about computers doing the work traditionally completed by humans is, what happens to the humans? This question was raised by law professor John Landry during the ADR panel. Showing empathy for his law students and the commoditized work used to train them, he wondered, if this work no longer exists, how will the students be trained? What skills will prove to be important versus obsolete with the new technology?
Apoorv answered, explaining how the AI replaces the robotic, monotonous work and the output created allows the fledgling lawyers to spend more time making judgement calls and actually practicing law. Listen to his complete answer now.
3. Applying AI to business functions provides many benefits - including exceptional accuracy and time savings. Timothy Nagle shared his first-hand accounts of this at US Bancorp when the firm deployed Text IQ’s AI during its proof of concept. Hear Tim speak of the power of AI.
Even though this particular conference and panel were focused specifically on conflict prevention and dispute resolution, with some of the best and brightest leaders in their fields in attendance, once the topic of artificial intelligence and machine learning was introduced, the applications broadened greatly. We heard from senior leaders across industries and how they could see AI applied in their companies.