OpenText, in partnership with the Corporate
Counsel Business Journal, reveals that 91% of general counsel cite
technology as a key driver for success with AI poised to
transform the legal industry
WATERLOO, ON, Jan. 16,
2024 /CNW/ -- OpenText™ (NASDAQ: OTEX),
(TSX: OTEX), the information company, today shared the results of a
new survey that revealed the need for better adoption of legal
technology innovations to support in-house general counsels'
transition from their traditional role as a detached cost center to
influential C-Suite strategic partner.
Developed in partnership with the Corporate Counsel Business
Journal (CCBJ), The OpenText and CCBJ Modern General Counsel Survey
analyzes the impact technology has on the general counsel's current
role and measured the appetite for greater adoption of pioneering
technologies - such as artificial intelligence (AI) - to
improve workflow efficiencies and optimize legal
operations for better data-informed decisions.
The survey highlights that 91% of all respondents
indicate that technology is critical or important to meet legal
strategy, objectives, and challenges to optimize operations, reduce
costs, and improve risk management. This includes innovative
technologies such as advanced analytics, AI, and machine learning
with a desire to automate workflows and solve complex legal
programs.
The top reasons in favor for greater AI implementation
include:
- Over half (60%) of all respondents agree that AI
would free up time to perform higher value work.
- 55% of all respondents agree AI would boost the
productivity of in-house legal teams.
- 41% of all respondents see automation of manual tasks as
the biggest opportunity for productivity improvements for their
legal departments.
- Almost half (49%) of all respondents believe AI
could assist with the automation and simplification of
time-consuming and error prone manual processes.
As a result, 72% of all respondents went on to state that
the Chief Information Officer (CIO) now plays a critical or
important role in the delivery of legal innovation strategies.
However, 40% indicate that a lack of IT advocacy and
collaboration is preventing the implementation of new technologies,
such as AI-based legal tech solutions to modernize legal
departments.
"The role of the general counsel is evolving rapidly to meet new
demands and to thrive in the digital age. Traditionally slower to
embrace innovative technologies, now, the legal industry must
digitally transform by adopting tools, such as AI, to successfully
embody its new role as an influential C-Suite strategic partner,"
said Michael F. Acedo, Chief Legal
Officer, Corporate Secretary and EVP at OpenText. "By adopting such
technologies, in-house legal teams can transform themselves from
perceived corporate bottleneck and cost center to a proactive,
agile leader spearheading the enterprise digital
transformation journey."
The survey also reveals that the modern general counsel must be
strategically relevant and innovative to thrive in the digital age
as the 'traditional' role of the general counsel shifts due to
a number of internal and external factors, including increasing
regulations and compliance mandates:
- 87% of all respondents agree or strongly agree that the
role of the general counsel is shifting from legal advisor to
strategic and influential partner to other senior executives.
- 69% of all respondents identified expanded
responsibilities in other risk areas including cybersecurity, data
privacy, and risk management as having the biggest impact on their
role.
- Top responsibilities identified as new or critical focus areas
included compliance monitoring (63%), data privacy
management (47%) and cybersecurity planning
(36%).
Crucially, the survey reaffirmed that in today's legal
department, technology is no longer just a nice-to-have but an
essential tool to be leveraged effectively, with C-Suite support,
to adequately protect and serve the business. With increased
responsibilities, the need to innovate is critical to drive
business outcomes and address increased data complexity,
cyberthreats and new data privacy obligations.
OpenText's Vision for Artificial Intelligence
AI will
change everything, every industry, every organization, every role.
For 30 years, enterprises have trusted OpenText to manage
operational and experience data leveraging AI. Now, with
generative AI, there is a new layer of learning data that must
be managed and advanced. Guided by its vision and strategy for AI,
OpenText.ai, the information company has integrated AI capabilities
across its portfolio with the Aviator solution suite. For more
information, visit opentext.ai.
Survey methodology
OpenText and Corporate Counsel
Business Journal conducted a research study by surveying 289 legal
professionals—74 percent of whom are located in North
America—between July and August 2023.
The respondents represent a broad range of industries from Banking
and Financial Services, Manufacturing, Healthcare and Government,
and many others.
Additional Resources
- Visit us at Legalweek New
York, January 29 –
February 1, 2024 at booth #1119.
- Download the full whitepaper here.
- Learn more about OpenText's strategy and vision for AI and the
Aviator solutions, here.
- Find more information about the OpenText Legal
Tech AI-intelligent platform.
About OpenText
OpenText, The Information Company™, enables organizations to
gain insight through market leading information management
solutions, powered by OpenText Cloud Editions. For more information
about OpenText (NASDAQ: OTEX, TSX: OTEX)
visit opentext.com
Connect with us:
OpenText CEO Mark Barrenechea's
blog
Twitter | LinkedIn
Certain statements in this press release may contain words
considered forward-looking statements or information under
applicable securities laws. These statements are based on
OpenText's current expectations, estimates, forecasts and
projections about the operating environment, economies and markets
in which the company operates. These statements are subject to
important assumptions, risks and uncertainties that are difficult
to predict, and the actual outcome may be materially different.
OpenText's assumptions, although considered reasonable by the
company at the date of this press release, may prove to be
inaccurate and consequently its actual results could differ
materially from the expectations set out herein. For additional
information with respect to risks and other factors which could
occur, see OpenText's Annual Report on Form 10-K, Quarterly Reports
on Form 10-Q and other securities filings with the SEC and other
securities regulators. Readers are cautioned not to place undue
reliance upon any such forward-looking statements, which speak only
as of the date made. Unless otherwise required by applicable
securities laws, OpenText disclaims any intention or obligations to
update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise. Further,
readers should note that we may announce information using our
website, press releases, securities law filings, public conference
calls, webcasts and the social media channels identified on the
Investors section of our website (https://investors.opentext.com).
Such social media channels may include the Company's or our CEO's
blog, Twitter account or LinkedIn account. The information posted
through such channels may be material. Accordingly, readers should
monitor such channels in addition to our other forms of
communication.
Copyright © 2024 OpenText. All Rights Reserved. Trademarks owned
by OpenText. One or more patents may cover this product(s). For
more information, please
visit https://www.opentext.com/patents.
OTEX-G
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SOURCE Open Text Corporation