Legal Professionals Gain a Strategic Advantage with AI-Powered OpenText Axcelerate with Aviator
Rhea-AI Summary
OpenText has unveiled Axcelerate with Aviator, an AI-powered enhancement to its eDiscovery platform, as part of Cloud Editions 24.3. This innovation leverages Large Language Models (LLMs) to help legal professionals gain data-driven insights, mitigate risks, and reduce eDiscovery costs. The solution addresses the growing demand for efficient e-discovery solutions, with 54% of corporate legal teams planning to use AI for high-value work.
Axcelerate with Aviator offers features such as faster fact-finding, enhanced efficiency through automated data categorization and summarization, and cost certainty with upfront LLM cost estimates. OpenText will showcase this technology at ILTACON 2024, demonstrating how generative AI can revolutionize eDiscovery processes.
Positive
- Introduction of AI-powered Axcelerate with Aviator to enhance eDiscovery processes
- Potential for increased efficiency and cost reduction in legal operations
- Showcase of innovative legal technology at ILTACON 2024
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- None.
Insights
OpenText's launch of Axcelerate with Aviator marks a significant leap in AI-powered eDiscovery. This innovation addresses critical pain points in the legal industry, particularly the need for efficiency and cost-effectiveness. The integration of Large Language Models (LLMs) for tasks like document summarization and legal research is a game-changer.
The platform's ability to provide upfront cost estimates and refine review criteria before full dataset commitment is particularly noteworthy. This feature could revolutionize budget management in legal departments, addressing a long-standing issue in eDiscovery processes. However, the true test will be in its real-world application and how it handles complex, nuanced legal documents.
While promising, legal professionals should remain cautious about over-reliance on AI in sensitive legal matters. The balance between AI efficiency and human oversight will be important for maintaining the integrity of legal processes.
The integration of Large Language Models in OpenText's Axcelerate with Aviator represents a significant technological advancement in the legal tech sector. LLMs' ability to process and understand vast amounts of text data makes them ideal for tasks like document review and fact-finding in legal contexts.
However, it's important to note that LLMs, while powerful, can sometimes produce hallucinations or biased outputs. In a legal setting, where accuracy is paramount, robust validation processes and human oversight will be essential. The system's effectiveness will largely depend on the quality and diversity of its training data, especially in handling legal jargon and case-specific nuances.
The cost estimation feature is an innovative application of AI in project management, potentially setting a new standard in the industry. Overall, this development signals a growing trend of AI integration in specialized professional fields, beyond general-purpose applications.
Advanced analytics, technology-assisted review, and generative AI empowers legal teams to be more proactive, productive, and powerful
In today's fast-evolving legal industry, the demand for efficient and cost-effective e-discovery solutions is at an all-time high. According to a recent survey conducted jointly by OpenText and Corporate Counsel Business Journal (CCBJ),
"Axcelerate with Aviator will revolutionize how in-house legal teams operate," said Michael Acedo, Chief Legal Officer at OpenText. "By leveraging the power of Large Language Models, Axcelerate with Aviator will automate document review giving legal professionals faster access to key facts and evidence to improve early data-driven decisions and gain a powerful strategic advantage in litigation and investigations. With these Cloud Editions 24.3 updates, Axcelerate with Aviator will provide insights that not only reduce e-discovery costs but also empower legal teams to make informed, risk-adjusted decisions."
Empowering Attorneys with Advanced AI
As legal professionals face mounting pressure to meet client demands and navigate intricate regulatory environments, Axcelerate with Aviator integrates generative AI capabilities, enabling attorneys to:
- Find Facts Faster: Harness Gen-AI to swiftly uncover crucial information, allowing for timely and impactful strategic advice.
- Enhance Efficiency: Save valuable time and resources by automating the categorization and summarization of data, reducing reliance on manual processes.
- Gain Cost Certainty and Maximize Value: Access upfront Aviator LLM cost estimates and refine review criteria before committing to the full dataset, ensuring predictable and optimized expenditures.
OpenText at ILTACON 2024: Showcasing Innovation in Legal Technology
OpenText is proud to participate in the International Legal Technology Association (ILTA) and its flagship conference, ILTACON 2024. This premier educational and networking event, held from August 11-15 at the Gaylord Opryland Resort and Convention Center, brings together leaders, managers, and legal technologists from various organizations to explore innovative legal operation strategies.
At ILTACON 2024, OpenText will showcase the OpenText intelligent and composable Smart Legal Platform delivering AI-based solutions and trusted services that support and simplify a full spectrum of critical legal tasks and use cases to meet legal and compliance obligations. Key use cases include, but are not limited to eDiscovery, investigations, legal content management, knowledge management, data privacy and protection, data breach response, and contract intelligence. Attendees will have the opportunity to see demonstrations, including Axcelerate with Aviator, and engage with OpenText experts to understand how generative AI can revolutionize their eDiscovery processes.
OpenText invites attendees to visit Booth #831 to delve deeper into our eDiscovery and Legal Content and Knowledge Management solutions and services.
Additional Resources
- Learn more about the latest innovations with Cloud Editions 24.3
- Find more information about the benefits of OpenText Axcelerate with Aviator GenAI
About OpenText
OpenText™ is the leading Information Management software and services company in the world. We help organizations solve complex global problems with a comprehensive suite of Business Clouds, Business AI, and Business Technology. For more information about OpenText (NASDAQ/TSX: OTEX), please visit us at www.opentext.com.
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OpenText CEO Mark Barrenechea's blog
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.
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FAQ
What is OpenText Axcelerate with Aviator and how does it benefit legal professionals?
When was OpenText Axcelerate with Aviator released and what version of Cloud Editions does it belong to?
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