AI Unplugged

Catch up on what happened,?

prepare for what’s to come.

In this newest edition of AI Unplugged, we’re bringing you bite-sized updates on tech, in-house legal, and Flank .

TL;DR:?

• KPMG reports that 44% of companies are scaling AI, but only 15% measure ROI effectively. Despite significant planned investments, many remain unprepared to assess AI success.
• Anthropic unveils 3 new AI models which aim to automate tasks, enhance AI coding, and give more personalised experiences, while Canva has released Dream Lab, making it easier than ever for its users to be inspired by AI.
• Companies are raising AI budgets to drive innovation, with success guided by a clear vision, measurable goals, and tracking ROI.
• Flank launches three new autonomous agents, NDA, InfoSec (CQA) and Triage.
• A round up of Hungry Counsel Community events you've missed and those you can still grab a spot for.

What’s happening in AI

KPMG research finds that only 15% of companies have ROI metrics for GenAI

• KPMG have recently released a new study which revealed that 44% of companies are actively scaling their internal use of AI and that only 15% of business leaders have established metrics to measure the return on investment (ROI) for their AI tools.

The top metrics for measuring AI ROI include:

Revenue Generation: 51%

Profitability: 38%

Productivity: 36%

• According to an IBM study from June, over 75% of executives feel the urgency to adopt generative AI quickly to stay competitive.

• KPMG's study also predicts that business leaders will spend an average of $37 million on merger-and-acquisition dealmaking to enhance their generative AI capabilities, $23 million to build responsible AI governance programs and $19 million to purchase new AI tools over the next year.

New Technologies from the AI Giants

• Anthropic has recently launched three exciting new products: Claude 3.5 Sonnet, Claude 3.5 Haiku, and Computer Use.
• Claude 3.5 Sonnet offers a major advancement in AI coding capabilities, with up to 10% improvement in DevSecOps tasks and significant enhancements in coding, planning, and problem-solving compared to earlier versions.?
• Claude 3.5 Haiku, expected to launch later this month, is designed for user-facing applications, specialised tasks, and creating personalised experiences based on large datasets, such as purchase history and inventory information.
• Computer Use is designed to execute user commands by navigating the cursor across the screen, selecting specific locations, and inputting information through a virtual keyboard, redefining how individuals interact with their computers.

• Last week, Canva announced its latest addition to its AI suite, Dream Lab. The new AI feature enables users to create visuals in numerous styles, including 3D renders and illustrations, simply by using text prompts, along with enhanced video editing functionality, and the use of smarter AI-powered whiteboards.

Key Insights on AI Adoption and Innovation Budgets

• Companies now, more than ever, are increasing their budgets for AI, paving the way for new ideas while maintaining financial stability.

• Expert Insights: AJ Tennant, VP of Sales & Success at Glean, recently shared on the 20VC Podcast that while only a handful of companies are currently reaping the benefits of implementing AI, this success is inspiring many other CEOs to explore similar opportunities within the space.

• As companies embrace AI adoption, it's important to focus on:

Defining a Clear Vision: know what you want to achieve with AI and establish a clear vision on how to put it into practice.

Setting Measurable Goals: create specific and achievable targets that not only guide the implementation of AI tools but also empower your users to track their own progress and contribute to the overall success.

Measuring ROI: develop metrics to track the success of the AI tools you're implementing, such as error reduction, time saving and productivity gains.

Flank launches three new autonomous agents, NDA, InfoSec (CQA)?and Triage

• The NDA Agent drafts bespoke NDAs based on your template and email correspondence with the counterparty. It can respond to redlines, provide negotiation support, review third-party NDAs, and interface directly with your CLM. The legal team can monitor and jump in when needed. Easily embeddable wherever you're already working: email, MS Teams, Slack, Chrome, and more ??

• The InfoSec (CQA) Agent autonomously fills out security and compliance forms from sales or deal desk. Simply upload a security form in excel format and get a fully populated form based on your own company’s data within two minutes ??

• Our new Triage Agent forwards and tags emails that land in a shared inbox to the relevant employees, some of which can even be forwarded to other Flank agents to resolve ??

• We’re rolling out our DPA and Supplier Terms Scanners too. More to come on this in the next newsletter, so stay tuned ?

Recent Hungry Counsel Events

• We hosted various Hungry Counsels Dinners and Brunches across London & Berlin which fostered discussions around the changes AI is bringing to in-house teams.

• We hosted our first Hungry Counsel AI Summit, which included talks from our guest speakers, and networking with peers who are driving innovation.

Coming Up Next

• We’re hosting exclusive Hungry Counsel Dinners in NYC and Tel Aviv, bringing together industry leaders for a dinner discussion around leadership and the challenges and opportunities with AI.?

• Flank is a featured sponsor at Crafty Counsel ’s Legal Tech Buyers Club: Live on October 31st. Verity Sparling (Head of Legal Operations at GWI ) and Phil Young (General Counsel at QA Ltd ) will be sharing their journey with Flank on stage between 10:35 – 11:05 and 15.15 – 15.45, we also have a booth, so please come along and say hello!

• We’re teaming up with the Legal Team at GWI and running our final Hungry Counsel Brunch before the holiday season, a chance to connect and reflect on this year’s key takeaways. Spots are limited (and they always go very quickly), so if you’d like to join us, please RSVP here by November 3rd to secure your place.

As always, flank you for reading till the end??.?

Curious for more? Carry on reading on our blog.