If you follow our blog, you know that we often report on tech trends that are on the horizon. We want you to be aware of what the next big thing in your industry will be so that you’ll be ready to capitalize once viable options hit the marketplace. But today, we’d like to focus on the present and look at some real-world examples of how bold new concepts and products are already in use and increasing profitability for the early adopters.
When we talk about upcoming technology changes and products, it can be difficult to attach value to them because they seem too futuristic or different to be relevant here and now. That’s why on a regular basis we are going to take a closer look at changes that are actually happening today and how businesses are capitalizing on these trends. Specifically, we’re going to briefly explore two examples of AI to see how machine learning is currently impacting the law and logistics industries.
AI in the legal space has stepped into the spotlight with the new partnership between ROSS Intelligence and law firm Baker Hostetler. ROSS is an artificial lawyer designed to largely take over legal research, a non-billable yet time-consuming task that law firms don’t directly gain any profit from. When given a query or area of law to scan, ROSS returns relevant excerpts from laws and cases. Humans are able to determine the relevance of the results using an up- and down-vote system, and this teaches ROSS more about that area of law, enabling it to return even more relevant information in the future. The advantages that ROSS brings to any law firm are obvious. Reducing the time that human attorneys spend on non-billable activities like research means that they have more time for billable tasks that generate a profit, like interacting with clients and preparing arguments. The additional attention that clients receive improves their experience with the firm as well. Time saved also allows firms to raise their caseloads and take on even more clients.
This ability to do so much more with less provides huge opportunities in the legal space, and will be a significant competitive advantage for Baker Hostetler. There are other applications of AI in the legal space, and we’d encourage you to look into them if you want to stay ahead of the competition.
For most people, you probably only take your car to the shop for basic scheduled maintenance, or when it makes weird noises or breaks down unexpectedly. A startup called Ansik wants to change that with Pitstop. Pitstop is a preventative maintenance tool that uses machine learning and predictive analysis to make increasingly accurate predictions about when your vehicle will need service. After connecting to the vehicle to gather performance and parts information, Pitstop analyzes this data against historical data in the cloud. Using what it knows about the vehicle model or a particular component, it is able to predict if a part is likely to break down soon, and assist the owner in scheduling an appointment with their dealership to preemptively fix it.
Ansik has five major contracts with Pitstop, and is working with dealerships in their area to equip Pitstop in all new cars, and it’s easy to see why — Pitstop is really a win/win application! Customers are without their cars for shorter times and save money by fixing a problem before it becomes a major issue, and dealerships gain more service revenue because of how easy it is for customers to make an appointment.
Pitstop also has great potential to increase profit margins in the larger logistics and fleet management industry. Companies in this industry depend on safe and efficient vehicles for their revenue. An app like Pitstop allows them to get vehicles off the road before they break down, meaning no stranded cargo and a less expensive service bill for a less severe problem. And as Pitstop continues to learn from all the data it acquires, its accuracy and feedback will only get better.
The New Reality
These are just two examples of how new tech and startups are transforming industries right now. Businesses are already capitalizing on these trends and using them to streamline operations and increase revenue, and the organizations that aren’t aware of these opportunities are falling behind the times.
Hopefully this article serves as a reminder to always be on the lookout for what new technology and trends are in your industry; if not, you run the risk of missing tremendous cost savings or losing a competitive advantage. The future is now, but only for those companies that have seen opportunities, swiftly integrated them with their operations, and are now reaping the rewards.
Keep on the lookout for additional articles that examine more real-world examples of how new technologies are financially impacting different industries.