As we settle into the new year, let’s take a look at what to expect over the next year in the world of business technology and contracting. From no-code adoption and the problem with “legal tech” to machine learning, we have gathered some predictions from Agiloft leadership on what they expect over the next year.
Contract transformation with pre-built machine learning models
“In 2021, enterprises will use pre-built machine learning models to achieve contract transformation. They will use artificial intelligence to find the contract type within a document, extract important metadata and identify clauses. Pre-configured artificial intelligence allow for the enable bulk processing of legacy documents and third-party contract agreements.”
–Christian Thun, Agiloft VP of Engineering. Read his full comments in this Digital Journal article.
The term ‘legal tech’ will be replaced with enterprise software
“Legal tech buyers, vendors, and associations will collectively wake up to realize that they are talking about enterprise software, not legal tech. Contract Lifecycle Management is the showcase for this realization, with users across the enterprise and connections to the rest of the enterprise tech infrastructure. This acknowledgement should put more power into the hands of legal buyers and connect them more strongly to their internal clients. It will have a major impact on the way legal departments select, purchase, and implement technology, and how they describe the value achievements they derive from that software.”
–Eric Laughlin, Agiloft CEO. Read more comments in this Artificial Lawyer article.
No-code will continue to provide path forward during COVID-19 pandemic
“The adoption of no-code platforms made substantial progress in 2020 as companies scrambled to deploy new technologies quickly in reaction to the COVID-19 pandemic. With highly configurable automation, no-code platforms increase efficiency and reduce the risk of deploying digital systems. This gives organizations a new level of dexterity that’s essential today, as they can customize their systems to fit the most complex processes, quickly adapt when circumstances change and automate processes to free up time better spent on customers.”
–Colin Earl, Agiloft founder and CTO. Read his full comments in this Digital Journal article.
Competition between Law firms and ALSPs will get even hotter
“The competition between law firms and ALSPs will only get hotter. Next year the regulatory landscape around unauthorized practice of law and the ownership of law practice will continue to evolve and gain momentum. Meaning law firms will hasten their decisions around how they can compete. Choosing whether to expand their service offering to include more ALSP-like services or focus in on sophisticated legal work. Exploring the value of teaming up with best of breed legal tech companies or building their own proprietary solutions. The competitive landscape will not be settled in 2021, but we will see more firms ‘choose sides’ and invest in their respective choices.”
–Danielle Haugland, Agiloft Global Alliance Director. Read her full comments in this Law.com article.
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