Technology is trending across all the business industries, and the world of law is no different. The legal industry used to lag behind in the adoption of new technologies, but lawyers now have access to clever tech tools which help them to streamline their law firm business processes, making their jobs easier and more efficient.
Growing Importance of Legal Technology With its numerous benefits, technologies like artificial intelligence and analytics have got hold of the legal industry and have become imperative for law office management. What is the latest? Smart technologies like artificial intelligence and cloud computing are adopted by lawyers these days and are proving to be the future of the legal industry. Advanced technology, hence, is the latest in the market. What kinds of technology do lawyers use? Cloud computing, artificial intelligence, database management systems, research tools, accounting software, etc., are the technological trends that are ruling the legal industry. These technologies have helped them to simplify their work and gain efficiency. What changes will it bring in the next 10 years? The Deloitte Insight report predicts that there will be profound reforms across the legal sector in the next 10 years. Reports say that 39% of the jobs in the legal industry will be automated as technology gets its hold. How will this affect the profession? Widespread automation will result in the loss of some low-skilled jobs such as legal secretaries. However, to manage and develop new technologies, high-skilled roles have been created. Will technology put most lawyers out of business? The reports show that growing technology has resulted in the loss of more than 31,000 jobs in the legal sector. However, there has been an overall increase of approximately 80,000, most of which are high-skilled and better paid. Benefits of using legal technology
Technological advancement has numerous benefits for the legal industry and has also implied a need for not just technically competent lawyers but, the ones having a broader skillset.
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The power of artificial intelligence is reflecting on several industries. But, when it comes to our healthcare, artificial intelligence is truly changing the lives and help to improve outcomes.
The promise of AI to improve the healthcare industry with easy access, affordability, and effectiveness is provocative. According to the Accenture’s reports, $150 billion annual savings can create with the help of AI applications in US healthcare by 2026. 10 great real-time examples of AI in the healthcare industry: 1. Robot doctors are a real thing now: Robot doctors are now attending patients. Robot passed the medical licensing exam in China. These AI devices capture and analyze patient information and can also provide an initial diagnosis that would help in a treatment done in the future. These robots are not fully ready to work solo, but it is capable to take care of the first doctor-patient encounter. 2. Medical imaging analysis: Using AI in radiology help with diagnostic processes like medical images x-rays, MRIs, CT scans, etc. Because of AI, the chances of errors reduced i.e, analyzed by IBM Watson. 3. Personal health virtual assistant: Healthcare apps act as a personal health assistant and AI algorithms power assistants like Cortana, Google Assistant, Siri combined with these apps provide massive value to the users. A personal health virtual assistant is assisting the patients when the clinical personnel not available. 4. Robot dentist can operate alone: A robot dentist can do much better than the human dentist. If we are talking about dental implant operations, then the robot can avoid the problematic errors that can occur due to humans. And robots can help to overcome the shortage of dentists in many countries. 5. More accurate cancer diagnosis with AI: To assist pathologists, PathAI developed a technology that helps to make a more accurate diagnosis. This helps to minimize the errors occurred during a cancer diagnosis. PathAI also works to expand this technology in the healthcare industry with the help of Bristol-Myers Squibb and organizations, drug developers. 6. An intelligent symptom checker: Buoy health is a symptom checker that diagnosis and treats illness and guides patients about their care. Harvard Medical School is one of the examples that use Buoy’s AI. 7. Workflow and administrative tasks: AI also impacts healthcare to automate administrative tasks and efficiently provide data management solutions in an efficient way. $18 billion saved due to AI technology. And one of the examples of AI is Cleveland Clinic and IBM Watson. AI provides its physicians with personalized and more efficient treatment experience. 8. Diagnosing deadly blood diseases faster: At an early stage, Beth Israel Deaconess Medical Center diagnosis the deadly blood diseases with the use of AI. Harmful bacterias are quickly found in blood samples with the use of AI-enhanced microscopes than manual scanning. So, doctors are using now AI-enhanced microscopes. 9. Healthcare bots: Healthcare bots used to schedule patient appointments and help patients with their medication. They offer 24*7 support to improve customer service. 10. Precision medicine: In this approach, you can obtain disease information from the DNA. And when it was combined with AI, it spots some diseases like cancer and vascular problems at an early stage that was realized by Genomic center. These are some of the great things in the healthcare industry that artificial intelligence is doing. But it is not limited to these services only. Several things that can be done with the help of AI as innovation pushes the boundaries of the healthcare industry. So, the better solutions for saving cost, time and efficiency will be possible. Modern technology has indeed made life easier for legal professionals. But data security is still the primary concern for law firms and lawyers, and they don’t realize the simple mistakes they do every day while handling new technologies. Here are the typical 10 technology mistakes lawyers make on a daily basis:
Here is an infographic, describing these common mistakes made by lawyers and also the impact of technology on the law firms. Hiring an expert for accounting services can be a challenging task. It's hard to completely ascertain whether they'll be a good fit for the job, especially for an important role like that of an accountant. A lot of business owners aren't exactly aware of what questions they should ask an accounting expert before hiring them. Well, we'll tell you what the key questions are. First, let's get on to the very basics if you're looking to acquire the services of an accounting outsourcing company that you'll be satisfied with. • Establish your demands clearly • Let a prospective accountant know and discuss with them your expectations of them • Do your research promptly and keep searching till you find the perfect fit Now that's out of the way, let's get on to the main stuff.
Key Questions for a QuickBooks Accounting Service Provider: 1. What is Your Accounting Specialization? The following questions are designed to ascertain what exactly their forte is: · Are they authorized? · Do they specialize in any software? (Something like QuickBooks) · Do they prefer to train, support and work along with in-house accounting staff? · Are they a bookkeeping specialist? · Do they prefer to review and rectify the work your company does before submitting it to a tax preparer? One accountant may not be able to do all of this; you're free to hire an accounts outsourcing company to handle these different tasks. 2. Qualifications and Certifications What are your qualifications and certifications and how will they match my company's requirements? Now, this may not ensure that the company is an expert, but it does mean that the team is knowledgeable in their particular field of study. Their certifications can also be an indicator of their dedication and willingness towards achieving a goal. 3. Experience and Industry Background Ask them how long they've been providing QuickBooks accounting services and whether they have a specialization is your industry and if they do, ask them how long they have worked in your industry and how many of their clients are in your industry. 4. Software Skills Your company utilizes particular software for its accounting functions. Ask the accounting service provider whether they have a specialization in that software and their experience level working with it. Also, ask whether you'll be required to upgrade your software to prevalent levels. 5. "Who Will Actually Do the Work? And Where?” You want to know whether your company will directly be working with the accountant or the work will be delegated to other members of staff in the company. If it's the latter, can you meet them to be able to gauge them? Ask far as the “where” question goes, ask them whether they'll be working from their office or you'll be going to theirs. Ask if electronic mediums like internet and phone are an option. 6. Charges
7. For Tax Preparers Ask whether they'll be offering tax preparation services before the year-end with you. Furthermore, ask how long they take to get your returns prepared after you submit your information to them. Will they review the results with you? Will they help align your QuickBooks results with their final numbers? 8. Issue Resolution
These are the main aspects to take care of before hiring. After hiring, it is important that feedback gets across clearly so any adjustments, if required, can be made by the accountant. Communication is the key to creating the perfect harmony between two parties. Let them know what you like in them and what you think they can improve and be open to suggestions from their side as well. Being a professional is about being open to different possibilities and appreciating the different minds in your field. Carrying out an efficient and helpful legal document review demands `a blend of rocket science, mind chemistry along with a cup of tea. With discovery technological innovation and ideal practices continuously evolving, in case your document review strategies haven’t transformed in the past 5 years, you might be in all probability squandering money and time for your business and/or your client. To ascertain that your strategies are apt for today’s requirements, bust the following 4 legal document review myths for a successful e-discovery undertaking. Myth No. 1: Document Review Simply Happens; You don’t Actually Require a Strategy: There is an old-fashioned rationale that document review is a side-kick to the primary e-discovery attraction; nevertheless, that view cannot be more distant from the reality. Without a doubt, Legal document review services are regarded as the most costly facet of discovery; consequently, preparing for the review must begin concurrently when the case team is considering preservation and collection. Faltering to establish a larger picture plan and a comprehensive review handbook can lead to:
Lesson No. 1: Don’t allow any associate of your case team mess around with regards to preparation for review. Myth No. 2: All Document Review Technologies are Equivalent: Whilst the majority of review software programs work in a similar way, you will find considerable variations in the way the features are utilized by users – which influences the anticipated outcomes of a particular function. Cogneesol ‘s document review experts have an understanding of and can articulate the capabilities and advantages of several review software programs and realize how and when to maximize features like workflow, predictive programming, near de-duplication, grouping of topics, advanced search, automated translation (simply to cite some of the essential technologies critical for any modern day review). Conducting searches, batching as well as allocating documents, categorizing, and accomplishing quality check ought to be second nature for skilled document review service providers, and they must understand the working of these particular features in any particular technology program. When they are not able to answer a question, they must learn how to obtain the technology provider’s tech support team to help out. Lesson No. 2: Be careful not to go for anything lesser than experts at document review. Myth No. 3: Any old Legal Professional May Carry Out (or handle) a Document Review: With impressive technology at their convenience and countless documents to wrangle, today’s document reviewers are everything but bland attorneys. Today’s document reviewers are not just certified and definitely competent attorneys, however they usually have particular certification and training in numerous document review programs. They know the way to utilize the stringent quality control standards to make the most of time and reduce the expense of a review., occasionally a review needs competence in a language apart from English or considerable understanding in the following aspects : accounting and finance, healthcare, insurance, telecom, IT, farming, logistics, oil and gas, security, even more. Lesson No. 3 Ensure you are backed up with the appropriate people assets for your review. Myth No. 4: It is Going to be Apparent when you can Stop Reviewing, when you use up all your Documents: With the introduction of predictive coding as well as other technology aided review technologies, no more do attorney’s sight require to be planted on each and every document. For this reason, figuring out when to address the review as “complete” is complicated. Today’s document review service providers are experienced at reading metrics and reports produced by the document review systems and understand when the figures are demonstrating a first-class review as opposed to an unfinished review . Lesson No. 4: Brush off your arithmetic skills (or opt for outsourcing document review) – it’s the only method a knowledgeable review expert becomes aware whenever a review is completed. Contact Cogneesol for Legal Document Review: With Cogneesol, your document review could hardly be in better hands. For about 9 years, Cogneesol has been providing innovative document review services to the businesses across the globe. Call us at +1 646-688-2821 to know more. Ensuring a proper cash flow is a major challenge for a lot of small businesses. It usually is tough to stabilize everything in order to have sufficient cash available to pay your invoices and your employees’ salaries—and in case your credit is restricted, coming up with the finances is all the more daunting. A healthy cash flow will not just enable you to pay everything by the due date, however, may additionally help you to benefit from higher-ticket, economic prospects, finance expansions, etc. Listed below are a few effective tips to increase the cash flow for your small business:
Earn Additional Cash with Your Cash In the event, you maintain your cash balances in your own or business checking bank account, upgrade to an interest-earning bank account. The majority of banks provide you with them, and if you retain the minimum balance, you won’t need to spend on a per month service fee. The rates of interest for checking accounts aren’t incredibly high , however you can make a lot more by putting the majority of your money into higher-paying possibilities such as certificates of deposit ( CDs), savings bank accounts or perhaps money market accounts and then send money to the checking bank account a couple of days prior to requiring it . Set Your Credit to Work You can cut costs on office supplies, gas, client costs and more—freeing up the money you would’ve expended for additional things—with a loyalty credit card. Try to get one which provides rewards you can utilize on a daily basis. A few also provide cash rewards that may certainly add up by the end of the year. Extend Your Accounts Payable A lot of small businesses are vigilant regarding paying their bills instantly to get them taken care of. They are extra vigilant about accounts payable processing on time. Nevertheless, a good number of vendors and manufacturers provide you with 30 or 60 days to pay off bills—and it’s beneficial to make the most of that grace time period. You’ll be able to keep your money for a longer time and put it to use as required (like in the case of an urgent situation) before having to pay for bills. Take a look at your invoices and determine precisely when bills are owed. You can plan electronic transfers to pay it back on the due date or perhaps a couple of days in advance in case you’re apprehensive about possible bank snags or overdue fees. Move to Paperless Systems The less paper you utilize, the more you’ll cut back on printing, postage as well as additional expenses. In case you’re not by now doing it, think about utilizing digital invoicing for customers as well as a direct deposit to pay off employees. For those who have any kind of paper systems available, possibilities are there’s an electronic substitute that is going to cost you significantly less. Persuade Quicker Payments from Customers and Distributors Accelerating your accounts receivable procedure will make a significant difference in your cash flow. In case, like a lot of small business owners, you send out invoices by the end of the month, it’s time to modify that accounts receivable practice. Rather, invoice instantly upon delivery or perhaps completion—so even though the accounts require the 30 or 60 days you accommodate payment, you’ll obtain your money so much faster. Learn More About Similar Topics: How to Manage Accounts Payable in QuickBooks Accounting Software? Pro and Cons of Outsourcing Accounts Payable Accounting An alternative to speed up accounts receivable services would be to provide incentives for early payments, such as special discounts or reward programs. Lots of people will take benefit of discounts between 2 to 5%, particularly on bigger orders, by providing instant payment. Taking a couple of simple steps to boost your small business cash flow at this moment enables you to run things a lot more effortlessly and you may see a change within the very first few weeks. In case you happen to be looking for a reliable partner to handle your accounts payable and receivable, get in touch with Cogneesol today at +1 646-688-2821. We help businesses improve their cash flow significantly. Source: Cogneesol via Willox Gaulard on Live Infographic Data mining is used extensively in the business world. It involves computational processes for discovering useful patterns in large data sets. These patterns have to be created in an understandable form. Data mining is also referred to as knowledge discovery. The basic purpose of this process is future planning. The excel data mining has emerged as a popular option in the business world. Many business firms are also using the outsource data mining services to achieve their goals. Prompt results- It helps in delivering results faster by using multiple spreadsheets, tabs, other data sources etc. Reduces the manual processes- This process helps in removing the manual processes which take a lot of time and speeds up the entire process. More accurate results- This process also enables more accurate results and helps in delivering consistent results. Various techniques like data investigation, clustering, association etc. are used during this process. Excel data mining can also be used for data cleansing, processing, analyzing and uniting multiple data sources. The greatest advantage of excel data mining is that it makes time-consuming and the error prone tasks extremely simple and error free. Outsourcing firms have access to the latest excel data mining tools and are fully capable of finding the patterns and trends, which can prove to be useful for a business enterprise. Cogneesol is among the leading excel data mining offering companies in the world. These services are aimed at helping the business firm managements in boosting their productivity by concentrating on their strengths. They have access to high quality, well trained and experienced staff and latest software for performing these functions. They have earned favorable reviews from clients for their quality service and customer support. Cogneesol has created a special niche for themselves in the world of excel data mining. To get more information, contact us at [email protected] or call us at +16466882821. For more information, view this video. It offers a brief insight regarding the excel data mining services offered by Cogneesol and the various advantages of hiring them. Outsourcing has emerged as a popular trend in the business world in the recent times. But still there are various business firms who are still suspicious about the credibility of the outsourcing service providers. Generally such business firms are old fashioned in their approach and are not well versed with latest technology. They fail to realize that business process outsourcing can ensure better business process management by reducing the costs and offering the time to concentrate on core functions.
Below mentioned in a list of various business activities which can be outsourced by any type of business organization: Payroll processing- Payroll processing can prove to be a tedious affair for a business organization with huge number of employees. It could prove to be a time consuming process as it involves various issues like employee leaves, bonuses and applicable tax deductions etc. An outsourcing firm can easily can take care of all these factors. Creative tasks- Creative tasks meant for marketing like designing of website images, business cards, advertising banners, etc can be assigned to the third party outsourcing firms. These tasks can take a lot of time and take the focus away from core activities. Accounting & Bookkeeping services- These services are performed in almost every business enterprise. But hiring an in-house person or team for this purpose can prove to be a costly affair. So bookkeeping services like account setup, ledger maintenance, invoice processing, back reconciliation, month and year end closing etc. can be outsourced to the third party firms. Tax Preparation & Filing- Tax preparation can prove to be tedious activity and not every business entrepreneur feels comfortable while performing these functions. Moreover not filing the tax returns within the stipulated time period could lead to financial penalties from the concerned tax authorities. By selecting outsourcing tax preparation services, the tax preparation process can be made easy as they have access to proficient staff and latest software. Social media marketing- Social media marketing has emerged as a popular phenomenon in recent times. Websites like Facebook, Twitter and Linkedin have become a great source of marketing. Despite their great utility these processes can take a lot of time and can be easily assigned to outsourcing firms who have created a niche for themselves in this arena. Recruitment of new staff- Every private organization has to recruit staff from time to time. For a firm with limited staff members this activity can prove to be a barrier towards focusing complete time and energy towards the main activities of the organization. Now days, many business organizations are offering excellent outsourcing services in this regard which can be availed for optimization of profits. Event Management- Business organizations from time to time undertake events like parties, press conferences etc for purposes like team building and marketing. Managing and organization of these events can take a lot of valuable time of the staff. So outsourcing this event is definitely a good idea. Blogging- Many business organizations maintain their personal blogs. These blogs act as a source of business promotion and keeping in touch with clients. But many business entrepreneurs don't enjoy writing blogs. So the services of outsourcing firms offering writing services can be hired for this purpose. Cogneesol is among the leading outsourcing services providers in the world. These services are aimed at helping the business firms in boosting their productivity by concentrating on their strengths. They have access to high quality, well trained and experienced staff and latest software for performing these functions. To get more information, contact us at [email protected] or call us at +16466882821. |
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