The viability of AI as a Service (AIaaS) helps businesses of all sizes in not only creating better products or services but also in improving on the basics of their performance. AIaaS has now become an essential component when it comes to creating business strategies, already making its way into industries like marketing and e-commerce. However, with more AI providers penetrating the space, it is an accessible tool for all kinds of industries. Lower barriers to entry can completely transform the way businesses operate.
Automation across all sectors has become an important goal for businesses to meet in order to stay ahead. This helps optimise processes and restructuring priorities. Service-based industries have always struggled with labour intensive work such as invoices and transactions, which can lead to inaccurate records through human error. In this regard, Verizon Connect suggests using invoicing software that organises pertinent documents for you.
In the legal sector, this work has been achieved with the help of several apps, and even smart contracts kept on a blockchain ledger to improve transparency, accountability, and safekeeping. This is just one of many other tech trends with one of the most popular innovations being virtual legal assistants (VLAs).
Enhancing efficiency
VLAs are often used by firms or legal departments to reduce response times and thus improve their overall efficiency. VLAs are AI-powered chatbots that deal with the hefty volume of questions and requests inundating legal professionals.
By offering virtual support, these VLAs appease client queries, connect them with their needed resources, or direct them to an attorney who will have already been briefed on the matter – care of the VLA. The Law Society reports that chatbots improve lawyers’ efficiency by 40-50%, without the need for training time. This also includes the time spent on reviewing the data and information collected by these chatbots. As a result, costs for customer service are also lowered significantly.
Leveraging the potential
An article by Financial Times also stresses how this benefits those who need legal advice and otherwise may not be able to afford skyrocketing legal fees. VLAs are a practical and affordable solution in a field where time is gold. Leveraging technology in this sense means that menial and administrative tasks will have been dealt with, so lawyers can instead focus on the complexities of their profession.
You can think of a VLA as another employee – but one who offers a 24/7 service. After some time, these become even more intelligent and start tracking patterns and behaviours – thus improving responses and noting other client concerns that may not have been previously programmed.
Exploring future outlooks
As a less-expected result, VLAs can even generate new leads by recommending your firm’s services or content to users seeking answers on search engines. This could drive traffic to your website and convert potential clients. With its widespread adoption, it comes as no surprise that according to Business Insider, the chatbot market is expected to become a $9.4 billion (AUD$14.5 billion) global industry by 2024.
As in most industries that have integrated chatbots, concerns regarding these bots replacing human jobs are rife. However, this scepticism may prove futile, as VLAs were not created for this purpose. Rather than replace the hard-earned years put into becoming a legal professional, they are meant to assist as an extra set of eyes, ears, and hands – and that is something to be embraced.
Talk to The Missing Link today about how you can engage digital workers to transform decision making, reduce costs and optimise your business outcomes. 
