With the annual welcome and conference opening this morning from Raja Sengupta, EVP and General Manager of ELM Solutions, ELM Amplify 2023 is officially underway! Raja spoke about the theme of this year’s conference – Navigate Boldly – and what that means for legal operations professionals. He talked about the fact that being bold can mean different things based on the goals and norms of an organization. In some cases, it means being an early technology adopter, in others, it’s about making strategic investments or basing decisions on data. Whatever the status quo is for your legal or claims department, if you have a vision for transformation and improvement that goes against that status quo, then yours is a bold vision.
Challenges to boldness
During his presentation, Raja showed the results of a survey that concludes that most legal operations professionals predict greater use of technology to improve productivity. It was also found that they see a need for greater collaboration and transparency between law firms and corporate legal departments.
Despite the prevalence of these opinions, however, most organizations are not acting on them in a significant way. There may be good, practical reasons why they are not yet ready to actually make these changes. But one reason may be the pull of the status quo, which makes it difficult to build the necessary momentum to change how we do things in order to meet future needs
We at ELM Solutions understand how to take a bold approach and we can help our clients recognize when it might make sense to do so.
Artificial intelligence
Artificial intelligence is one example of a bold technology innovation that can have a tangible impact on an organization’s results. More than ever before, in 2023, we have seen a lot of excitement about AI, particularly generative AI. With a significant potential to transform the way we do business and accelerate growth, the hype for AI is understandable —and there is a long road ahead.
The questions for each organization to ask are “When do we embrace AI?” and “How can we implement it responsibly?” ELM Solutions is currently working on the best ways to implement generative AI (GenAI) to benefit our clients. We will not develop solutions to capitalize on the hype around this technology without doing it responsibly - we sell the steak, not the sizzle. And this has always been our approach to AI.
ELM Solutions has been navigating boldly with AI for years now. We embraced Deep Learning AI before it was common in our industry with the LegalVIEW® BillAnalyzer solution. Predictive Insights integrates AI into our Passport® and TyMetrix® 360° platforms to provide insights into what matters should cost, how long they should take, and what firms are best for which types of matters. This is a sophisticated and mature use of AI with guardrails in place to limit bias. It allows our clients to be bold without being reckless.
Sharing the stage
Raja used part of his time to share the stage with some of the clients and other industry experts whose extensive experience with navigating boldly could be beneficial for our attendees to learn more about. First, Raja introduced a discussion in which a panel of specialists talked about how a bold approach can support and improve the relationship between corporate legal departments and outside counsel firms. Next, he announced the 2023 winners of our prestigious Legal Innovator Awards. The awards recognize legal and claims departments that have transformed their legal operations by improving processes, addressing pain points, and increasing efficiency. Watch this space for more on the panel discussion and award-winners featured today.
Last year, we had our most successful ELM Amplify ever, and we know that this year’s conference will prove to be just as informative and enjoyable for our attendees. For those who could not attend, we look forward to sharing more over the next few weeks about the enlightening thought leadership on display at this year’s conference. Stay tuned!
