Last week, BIA sat down with Mike McDonald, GM of Veritone Legal to talk about Veritone’s artificial intelligence (AI) technology and how the recently announced BIA and Veritone partnership can benefit BIA’s customers. Here’s what Mike had to say about how corporate counsel and law firms can benefit from AI, the BIA integration and where AI is headed.
Q. Tell us about Veritone.
Veritone is an AI technology company with the world’s first and only open platform that combines powerful applications with orchestrated cognitive computing to transform structured and unstructured data into actionable intelligence. We have dozens of best-of-breed cognitive engines that are continuously evaluated to provide the best possible outcome depending on client use and preference for accuracy, speed, and cost.
Q. How do you work with BIA? What’s the integration?
BIA is a reseller of Veritone and an integral partner. Our teams work together to make BIA’s client’s media more easily and quickly searchable, and thus, vastly increase the efficiency of review and usefulness of those file types. BIA wraps its services around our AI software platform, integrating it into their existing workflows and other legal technology offerings and solutions. BIA’s project management and operations teams also work with Veritone’s teams to provide seamless, full support to their customers throughout all aspects of a matter.
BIA is uniquely positioned because they are working with their clients not only to integrate Veritone throughout the entire legal matter workflow, but for use in compliance areas as well. From the routine compliance monitoring and associated potential issue identification to the often complex discovery workflows and tasks that accompany legal matters, BIA can help legal and compliance customers manage the audio and video communications that are being monitored in the Veritone platform. Clients can review the “hits” in our monitoring system and route important ones to the appropriate people.
Q. Give us an example of how it works.
For corporations in regulated industries, we can monitor, in real time where useful and appropriate, all of their audio and video communications for compliance and risk analysis. For legal, we have integrated our technology into Relativity where you can now play audio and video files and automatically transcribe them. For example, a bank client can ask the platform to show where “someone said ‘guaranteed rate of return’ or where “John Smith said ‘delete the emails’ in a stressful voice.”
Q. Where is the AI industry at today in terms of the adoption curve? What is the future overall and in the legal space?
We are just at the beginning of AI and it is very exciting. Our open approach is enabling our customers to use openly-available AI engines. Today there are over 5,000 cognitive engines. In five years the number is expected to be over a million. And, in the not too distant future, there will be algorithms that identify market opportunities and build their own new algorithms to fulfill them. Our platform will continue to expand and very quickly start enabling AI in text-based documents through tools like Relativity, as we further expand our integration.
Q Anything else you want to add?
We are very excited to be working with BIA in the legal and compliance space. Making media searchable has historically been a very difficult exercise and Veritone’s platform of AI engines and integration with tools like Relativity will make it much easier for BIA’s customers. Add in BIA’s dedication to client service and support and it is a very exciting combination.