We think the workflows for just about every company in just about every industry will be reengineered in the coming years. AI is a tsunami of change and it’s only the smart ones who recognise they have to start now because that train has moved out. The thing is, it seems most executives don’t know where to start. So to make it easier to understand better where to start, think of AI in two types, Performance AI and Game Changer AI.
Performance AI
Performance AI is about productivity gains - meaning it makes what you are already doing faster and more efficient and every person using it is already is seeing productivity gains, so that’s a good place to start for most.
Game Changer AI is focussed on new thinking, that’s entirely new products, new services, new business models and perhaps new industries. High risk and high reward. Breaking it down that way should help with your decision making and helps you understand that both types of AI need very different approaches.
Game Changer AI
Game Changer AI it has to be led by the CEO, because it’s about disrupting your industry and even disrupting your own business model. Then it becomes an enterprise wide initiative simply because it’s one for the whole team to work out. That said, the question people are asking about Game Changer AI is; are we really going to try and disrupt our industry or not, it’s a gamble because some are.
We don't think a lot of people will, because it's risky, time consuming and takes bigger budgets. There is evidence to suggest this is the case because the AI spend so far is placed on customer service digital workers which we class as Performance AI.
But every law firm needs to have a view on both those types of AI, which is why we think it's not just about a technology change. It's something for the whole enterprise to buy into.
We think law firms are missing out on their approach, generative AI is conversational, previously we had to learn the machines language through training. Now the machine has learned our language and that is a fundamentally shift how we interact with it. So don’t just wander into a relationship with a machine, you should be intentional about what you want that relationship to look like.
So how do you approach AI with a sound mindset? What we really want people to understand is, fundamentally this is a shift in how humans and machines interact. So it’s good to understand AI is more than a technology, it’s a teammate.
Where to Start
A reliable starting point to take is what’s our AI ambition? AI hype feels at it’s peak and when you're at the peak of the hype cycle people tend not to take the same rigor in their decision making.
Think about this, are you going to put it in front of your customers, most have, or are you going to put in front of your teams? I think that's really important to define so is having everyone coming together to make that decision.
The biggest piece of advice we can give is, firstly ignore AI at your peril, then be clear as an executive team on what is your AI ambition, what do you want to do with it? Performance AI or Game Changer AI, in front of your clients or your teams? If you don’t know the answer to those questions just ask us, we’re here to listen and help.