Posted by: johnocunningham | July 31, 2017

Using Artificial Intelligence for Client/Customer Development and Performance Enhancement

Less than one percent of the overwhelming data gathered for business purposes actually gets analyzed, according to a recent piece in Harvard Business Review, entitled “The Business of Artificial Intelligence.”

Thus, it is no surprise that companies are turning to artificial intelligence (“AI”) to analyze that data, improving a wide variety of performance applications. Cognition and problem solving are particularly well-suited to AI. As noted in the article, AI has been used to optimize traffic flow through better timing on traffic signals, to do facial recognition for security purposes, and to improve customer retention and enhance customer purchases.

Given the proven performance capability of AI in a variety of applications, it is only a matter of time before law firms begin to utilize these capacities to improve processes, speed up performance, and connect better with clients and prospects.

Some leading-edge firms are experimenting with AI now, and I expect more will end up partnering with Google, Facebook, IBM or other AI developers to connect more frequently with prospects, sell more services to clients, and do more targeted marketing with higher return on investment. That is happening in other industries and there is no reason it can’t happen in the legal industry.

In the meantime, it is more important than ever to gather data – through one means or another – about what clients like or dislike, what prospects think, what makes clients buy legal services, and what makes them choose one provider over another. As the article points out, data-driven decisions are improving performance in every industry.

The legal industry is more slowly adapting to the age of data-driven business strategies, but that creates opportunity for the early adapters, who are going to enjoy a competitive edge as the data starts guiding them in the right directions.

 

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