In recent years, artificial intelligence (AI) and automation have made significant strides in driving growth and productivity across various industries. Its impact on the government, legal and insurance sectors has sparked numerous debates and concerns about the future of professionals in these fields. However, contrary to popular belief, AI is not here to replace human experts. Instead, it is revolutionizing the way they work, allowing for more efficient outcomes. A study by researchers at OpenAI, the creator of ChatGPT, and the University of Pennsylvania found that about 80 percent of American workers would have at least 10% of their tasks affected by the latest A.I. software, and with access to an large language model (LLM), about 15% of all worker tasks in the US could be completed significantly faster at the same level of quality.1
The integration of AI technology and attended automation has brought about significant improvements in performance, cost-effectiveness, and accuracy, especially for legal services. A study by researchers at Princeton University, the University of Pennsylvania and New York University, concluded that legal services is the industry most exposed to new AI.2 While another report by economists at Goldman Sachs, estimates that 44 percent of legal work can be automated. Only the work of office and administrative support jobs, at 46 percent, was higher.3
One area where AI has proven particularly beneficial is in the transcription of audio and video recordings, an essential task in the legal and insurance industries. Traditionally, transcription required human professionals to manually type hours of speech, a time-consuming and labor-intensive process. However, with the advent of AI-powered transcription solutions and editing, this arduous task has become much more streamlined.
One of the primary advantages of AI-powered transcription is its ability to process vast amounts of data at unprecedented speeds. AI algorithms can quickly analyze audio and video content, transcribing it into highly accurate, formatted text. This automation reduces the time required for transcription and allows professionals to allocate their valuable time to higher-value tasks that require human judgment and expertise.
However, it is important to note that no AI technology is perfect. Despite its advancements, AI can still encounter challenges in accurately transcribing certain audio or video recordings. Factors such as background noise, accents, and technical jargon can pose difficulties for AI algorithms. This is where the partnership between AI and human professionals becomes crucial.
At VIQ Solutions, professional editors work alongside AI algorithms to ensure the highest levels of accuracy in their transcription services in a shorter amount of time. These human experts review and correct the transcripts generated by AI, refining them to ensure precision and clarity. This human touch is essential for interpreting context, identifying nuances, and correcting any errors that AI algorithms may have missed. The combination of AI technology and human expertise results in highly accurate transcripts that meet the rigorous standards of the government and other industries.
Furthermore, the partnership between AI and human professionals also addresses concerns related to data security and privacy. In industries where confidentiality is paramount, it is crucial to have systems in place to safeguard sensitive information. VIQ Solutions understands the importance of data protection and employs rigorous security measures to ensure the privacy and integrity of their clients’ data. Humans play a vital role in this process, as they have the necessary knowledge and judgment to handle confidential information appropriately.
It is essential to view AI as a tool that positively augments the abilities of professionals, rather than a replacement for them. By automating repetitive and time-consuming tasks, AI technology allows professionals to focus on higher-value activities that require critical thinking and complex decision-making.
Overall, the fear that AI will take over the jobs of professionals is unfounded. Instead, AI technology should be embraced as a transformative force that enhances human experience to deliver better results. By leveraging AI’s capabilities while retaining human judgment and interpretation, professionals can optimize their workflow and provide better outcomes for their clients. It is the collaboration between AI and humans that will drive continued growth and success in these industries, creating a future where both can thrive.