A European legal practise approached Fountech Solutions with the intention of cutting down on repetitive standard document creation and editing, whilst ensuring that legal propriety was not compromised.
The organisation was typical of similar law firms everywhere, producing standard documents such as Non-Disclosure Agreements (NDA’s). They wanted to speed up the process of production, to cut costs via automation. They had the idea that AI was probably the best way forward to achieve this.
Following their investigations, the firm’s CEO felt that it might be time to integrate this new technology. However, nobody within the firm really had a clear idea of how to go about the process or even who to approach.
Even though the client had approached us to help with time-saving over document production and editing, after only a few minutes’ discussion, it was obvious that they needed to be absolutely certain that any investment in AI adoption would produce an appropriate return. Their concerns about the commercial aspects of this project were just as important as the functioning of any future software solution.
It didn’t take long for us to step back to outline our AI ‘Proof of Value’ (POV) service. The CEO and her team needed a clear picture of what AI could do, how it would work, how long a solution would take and how it would impact their business. Our client effectively needed a feasibility study outlining all the implications before committing to proceed.
We explained exactly what the POV entails, together with the costs and timescales involved:
We identify any knowledge gaps and preconceptions about AI; by doing this we understand a client's needs, highlighting any opportunities to exploit;
We analyse the bigger picture by evaluating processes and data to see if we can offer new opportunities and further monetization;
We assess the costs involved and compare these with the likely benefits;
We carry out a technology comparison and review from within the client’s industry, together with a competitor analysis to assess technology activity within the sector;
We undertake a commercial gap analysis, from which we create a definitive AI Strategy and propose specific solutions.
Knowing, before committing to any development, that intended goals are clear;
Having specific targets to achieve from adopting AI, not least to show potential investors and collaborators;
Finding real tangible assets from CRM and other systems, which might otherwise remain undiscovered. Data as yet untouched by AI is the new crude oil; a lucrative well ready to be tapped.
Clients will know what they need to discover, how much it will cost and how this will put them ahead of competitors;
Using this AI POV process, clients can be certain that their AI business planning will be based on what they know, not just what they think. A clear road map ahead allows them to raise investment or forge partnerships by offering detailed reasoning.
After only a few weeks, the AI-POV had been completed. The client reported that they had soon recognized not only the value of the proposed solution itself, but the need to reinvent their business, transforming themselves into an AI-driven enterprise. Without embracing this technology, the firm could see that it was at risk of being left behind their competitors. A new culture of AI adoption was born within days.
Not only was our client reassured, before spending any development funds, that they would be a solid investment, but they took a wider approach. Rather than having rigid legal documentation products as a set menu, they envisaged using AI to create a ‘model driven’ business from historic data. This would allow the firm to predict what customers might need, how they were likely to react when offered such products, and how AI processing could allow them to be competitively priced.
Since the organisation have taken their AI-POV report to seek investment and collaboration, they have reported their interest in much bigger projects than just automated documentation. They are now keen to enhance other aspects of their business, so between us, we are planning grander schemes ahead; a very positive outcome for everyone involved.
The vCAIO will conduct a situational assessment to identify the needs of, and opportunities for, the organisation. They will provide a report outlining a gap analysis and the baseline from where to start defining the AI strategy going forward
Create a vision of where the organisation should be going
Set standards for strategy implementation through establishing the correct management structures and considering ethical issues
Make things happen by operating at the right level, knowing what to outsource and what to achieve in-house for optimum delivery
Build capacity in the organisation by recruiting the right talent and identifying appropriate vendors or consultants to solve key problems
Become the public face of the new technology, both internally and externally
Understanding your needs and identifying opportunity to exploit
Evaluate your data
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