In 1912, the Titanic relied on the ability of just six watch officers to keep a lookout for possible obstacles. At the time, the Titanic was considered the largest and most modern and luxurious commercial ocean liner in the world. However, by today’s standards, the navigation system was in the Stone Age compared to the sensor-driven systems of today’s modern commercial and naval vessels.
We all know what happened, largely due to the Titanic’s failed navigation system. In comparison, modern navigational sensors don’t take breaks, get tired or distracted, or rely on imperfect or impaired sensory perception. They work 24/7 and are equipped with automatic alert systems to immediately notify the ship’s crew when danger is near.
Is the running of the Titanic much different from managing today’s enterprise? Consider the present situation many companies face on a day-to-day basis, even before the COVID-19 pandemic. Many organizations, even those high on the tech maturity curve, lack adequate systems to predict potential commercial, operational or legal risks. Understanding those risks early would allow businesses to take action to avert financial loss, downsizing or bankruptcy, or worse, danger to human safety.
Enter the era of AI-powered predictive analytics. Major financial service companies like JP Morgan Chase and others have been busy for quite some time with developing and implementing powerful AI-driven sensors to help their leaders to navigate their businesses. They are using machine learning techniques on big data to train algorithms to sense internal issues and changes in market direction that enables them to benefit their clients, shareholders, employees and the economy.
AI-powered predictive analytics can make a major difference in mitigating risk and future-proofing your business. Predictive analytics technology equips legal teams to discover and make use of siloed or hidden data. The data within contracts and legal documents can provide valuable insights into the business, improve the value of data, and drive and defend initiatives that deliver real value. With predictive analytics, old assets like legacy contracts transform into a goldmine for patterns and hidden insights.
Predictive analytics systems use data history, patterns and statistics to deliver the following capabilities:
- Predicting client and employee churn
- Decreasing operational costs and increasing efficiencies
- Identifying current and future problems within your organization
These insights lead to data-driven decision-making — allowing you to mitigate risk, manage compliance, and deliver successful outcomes for your clients, partners, and stakeholders.
In our present global Titanic moment, businesses and governments worldwide could have benefited immensely had they invested the time and resources to develop AI-powered predictive analytics to serve as sensors to better navigate their organizations. The early warning signs were there. At least by investing now, they will be better prepared for the inevitable next global (or local) business, political, public health or socio-economic challenge to emerge.
Combined with your data and our talent, experience, and technology, Exigent stands ready to strategically partner with you to modernize your organization’s navigation systems.
It’s time to implement data-driven decision-making by integrating predictive analytics into your operations. Learn more about predictive analytics in legal by reading our blog post, Why Data Analytics and Human Creativity are the Perfect MashUp.
For data science support in your predictive analytics initiative, lean on Exigent’s team of experts. Through an innovative combination of technology and analytics, Exigent’s multidisciplinary team leverages predictive analytics and expertise to generate insights and drive real change in your organization.
Get a consultation with one of our data science specialists to discover the value of your data!