Would you trust an “artificially intelligent colleague” to solve your legal disputes? It may be closer than you think as AI and cognitive technology advances prove no industry is safe from disruption.
At the end of last week, it was announced that a major US law firm, Baker & Hostetler, had hired Ross to run its bankruptcy practice. Not major news you might think, until you realise that ROSS is the world’s first “artificially intelligent attorney”.
Built upon the same concept as IBM’s Watson, and using the same cognitive technology, ROSS is another example of a major technological disruptor, and proof that no profession is safe from the advance of AI.
Setting a Precedent
In many ways, ROSS is very similar to the original Watson technology. The AI can read and understand language, generate hypotheses for questions it is asked, and can back up these hypotheses with research and citations from legal literature and cases.
The success of ROSS is centred on how it learns. As the AI interacts more with its human colleagues, it learns from its experience, getting more intelligent and faster at problem solving with each task it does.
It can also perform these tasks faster than human counterparts, examining thousands of documents in a fraction of the time it would take a person to do. It is also able to filter these results, and only presents the most relevant cases and citations from the data available.
Although Baker & Hostetler are the first to publicly announce signing up ROSS, Andrew Arruda, CEO and co-founder of ROSS Intelligence, has confirmed that a number of other law firms have already signed licences to use ROSS too.
Big Data for Recruitment
Big Data, AI and cognitive technologies all go hand in hand, with many seeing Big Data as a key driver behind the development and advancement of the technologies. At the Big Ideas Summit, Barry Ward, Procurement Brand Manager at IBM, stated that 80 per cent of the data available to us is unstructured.
Unstructured data is difficult for humans to sift through, and find relevant information with any speed. Cognitive technologies, such as IBM Watson and ROSS, have been designed specifically to work with this unstructured data. While the potential applications for procurement from Big Data have been spoken about extensively, it’s to the recruitment industry that we look now.
A recent edition of the BBC Radio 4 “In Business“ programme highlighted the work of Bill Nowacki, MD of Decision Science at KPMG. Nowacki works with Big Data, trying to improve the way organisations work, by analysing the data available to them.
One facet of this is uncovering the so-called “data trail” left by individuals when they use electronic devices, search on the Internet, and post on social media. All this data can be pulled together to generate a picture of the individual in question.
In a corporate setting, it can show how people are performing. There are further applications in the recruitment process too. Potential candidates can be identified by on comparing them with high performers already in the organisation, as well as assessing the candidates for cultural fit.
The benefit of using Big Data and cognitive technologies in recruitment is the lack of bias in the process. Whereas human interactions can fall victim to inbuilt bias, the technology has no such issues.
And as the technologies learn from experience, it’s possible that the recruitment process may benefit from greater understanding of personality traits, individuals’ values and norms, and create a fairer process all round.
Events in Brief
A couple of final pieces of news from Procurious this week include what you’ll be seeing on the site soon. We’re attending Coupa Inspire and ISM2016 and we’ll be bringing all the major headlines and information from these great events in the coming weeks.
Last week was Coupa Inspire, where the business announced that it had connected its 2 millionth business on its Open Business Network, plus Sir Richard Branson, and his son Sam, gave a keynote address on a variety of topics including the importance of philanthropy, leadership and inspiring others. Plus Sir Richard also talked about his plans to build Virgin Hotels in space!
Stay tuned for more on these topics soon!
What do you think of the latest AI developments? Do we have anything to worry about from AI in the future, or is it just the stuff of science fiction? Let us know your thoughts.
Each week we sniff out the top procurement and supply chain headlines for you to enjoy…
Concerns over US Retail Sector Health
- Macy’s, the largest department store chain in the US, has increased fears over the health of the US retail sector with its poor Quarter 1 results.
- The company announced its worst quarterly sales since 2009, with sales falling 5.6 per cent, for a fifth consecutive quarterly decline.
- A move away from traditional stores to online shopping and fast fashion has been blamed for the struggles of many companies in the retail sector.
- With consumer demand not expected to increase for department stores, Macy’s is now intensifying its cost cutting efforts.
Read more at the Wall Street Journal
Switzerland Tops Global Supply Chain Index
- Switzerland has taken top spot in the 2016 FM Global Resilience Index, unseating 2015 leader Norway.
- The index ranks the supply chain resilience of 130 countries according to nine drivers that affect business vulnerability.
- Falling oil prices have been blamed for the falling ranking of Norway and a number of other countries, including Kuwait and Venezuela.
- Terrorism has also been a factor in the 2016 rankings, with Belgium, Pakistan and Nigeria all dropping down the list.
Read more at Supply Management
Release 15 Announced at Coupa Inspire
- Release 15 is Coupa’s second major release of the year, delivering a number of enhancements across the platform.
- Hyperlocalised Languages addresses local language requirements across 100 countries, along with terminology unique to individual businesses, by allowing customers to modify Coupa’s 20+ languages for their own purposes.
- Updated Sourcing Recommendations Engine enables savings initiatives to now be recommended based on predicted trends in expenses spend.
- The New Supplier Risk Recommendations Engine monitors supplier data and reports on risk triggers including expiring certificates and outdated information.