From law firms using AI to eight trends propelling government operations, we bring you a collation of key updates for April 2024.
Future of professionals report – Asia & emerging markets
Thomson Reuters surveyed 1,000 professionals across legal, tax, accounting, global trade, risk, and compliance sectors in various regions. The survey found that 35% of professionals expect AI to have a “transformational” effect on their professions within the next five years, with an additional 29% anticipating a “high impact.”
Administrative tasks are identified as a significant obstacle to productivity, with 51% of professionals desiring AI to alleviate these tasks. Moreover, there is a strong demand for AI to provide more advanced capabilities, such as generating work products like documents and analyses, expressed by 70% of the surveyed professionals.
However, despite the recognition of AI’s potential benefits, there are concerns about the lack of well-defined governance models for AI. Only 4% of participants believe that current AI regulation is adequate. Establishing ethical frameworks and principles is crucial for guiding the responsible use of AI in organisations. It serves to uphold public reputation and prepare for future regulations.
Government trends 2024: The eight trends propelling the 10x government of the future
Globally, there are indications of a significant advancement in government operations and service delivery, which is referred to as “10x government.” This concept, explored in this year’s Government Trends report, suggests the potential for a tenfold enhancement in public service performance.
The report presents real-life instances of this transformative process, highlighting the substantial shifts already taking place. Explore further to understand the impact of innovation and convergence. Also, delve into the trends driving the future of 10x government:
- Accelerated government operations
- Boosting productivity within government structures
- Enhanced government adaptability
- Cultivating ecosystems to foster innovation
- Breaking barriers to enhance mission effectiveness
- Urgency for government resilience
- Government’s role in promoting equity at scale
- Significant improvements in customer experience
2024 corporate guide to cyber security and data breaches
Wolters Kluwer has unveiled a comprehensive guide addressing cyber security and data breaches, stressing the critical need for vigilance in safeguarding privacy and client data.
Amidst significant developments in cyber security over the past two years, the guide underscores the multifaceted impact on company finances, highlighting the paramount importance of protecting corporate brand and reputation.
Additionally, the government has announced a substantial investment of $100 million in a digital skills package under the Digital Economy Strategy 2030. This initiative includes the expansion of the Cyber Security Skills Partnership Innovation Fund, complemented by a historic investment of $9.9 billion over a decade in Australia’s national intelligence and cyber capabilities.
Big law firms using AI
After the rise of ChatGPT, many big law players began implementing similar AI tech into their practices.
As the legal landscape progresses into the latter half of 2024, a primary objective for many major firms will be the integration and utilisation of GenAI within their established workflows. This strategic move is seen as essential for firms aiming to optimise legal procedures, boost productivity, and provide enhanced value to their clients. Know which firms are adopting AI tech in their process.
About Law Image: Law Image is a leading document management company. Founded in 1999 and headquartered in Melbourne, we have offices in Sydney, Brisbane, and Perth. Law Image supports law firms and government departments across Australia with end-to-end legal document management solutions.
For Marketing & Branding enquiries, contact:
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Marketing Specialist
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