Enterprise and cognitive search technology has been taking the legal industry by storm of late, largely due to its ability to dramatically increase the speed, accuracy and scope of traditionally labour-intensive processes like due diligence. The competitive edge provided by these capabilities is such that few major law firms have been able to justify delaying their adoption of the technology – a trend that may well be expanding into other sectors like financial services very soon.
"Enterprise and cognitive search and the legal industry is an obvious fit," says Chris Hathaway, Founder and Director of Soarsoft International, "since it translates directly into how competitive and profitable a firm can be, and has a huge influence on traditionally time-intensive tasks."
Hathaway cites a particular case where the predicted 8.5-year-long due diligence process was reduced to a mere two weeks using cognitive search technology.[Full Story.]