How Is AI Relevant For Due Diligence?

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How Is AI Relevant For Due Diligence?

There is a constant apprehension that artificial intelligence will automate professional fields and create mass redundancies sweeping through the legal sectors since last few years ago. While those fears are still unfounded, AI technology is beginning to change the due diligence process. Today, artificial intelligence (AI) in due diligence process has become an integral part of the industry. Now it is time to separate its hype from reality and observe how top tier lawyers are employ AIbased tools for day-to-day processes. It can also be used to examine the challenges and benefits of using such softwares and to have a look at the future of the due diligence process. The adoption of AI for the legal industry has not eliminated the need for human insight. It helps law practitioners unleash tremendous potential by automating repetitive tasks and allowing them to spend more time on other higher-value tasks. Due Diligence in the New Era Machine learning, a sub-division of artificial intelligence (AI), is advancing to change the very nature of regulatory due diligence and the due diligence team’s capabilities. Advancements enable the teams to sort through vast information faster, relieve skilled labor, save time, cut costs, and improve due diligence quality and data coverage. AI is full of potential to improve due diligence programs’ efficiency and effectiveness in the coming years. To better understand this potential, we also need to realize the limits of this technology. Structuring Due Diligence Using AI To understand the use of AI on due diligence, it’s helpful to review the general due diligence research process, which is split into two main phases: 1. Information discovery 2. Information synthesis


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