Prolific reporting on artificial intelligence (AI) applications in business can be intimidating. Especially for those of us who lack hands-on expertise in the use of machines to perform cognitive functions.
For business leaders trying to control corporate legal costs I find that a concrete example can help to by-pass the technical stuff to make the P&L impact clear.
Take the real estate sector.
Specifically, consider the management of condominiums*.
We begin with a business problem that confronts all condo managers and their boards. In considering any action — or inaction — they must ascertain: What constraints are imposed by this particular condo’s governing documents?
From GlobeSt.com — a publication for real estate lawyers:
“CHICAGO–A typical client for Nicholas Bartzen, an associate with Levenfeld Pearlstein’s [a law firm] Community Association Group [a group of lawyers within the law firm that focuses on serving a specific kind of business client — condo managements and their boards], would be a condominium representative whose building has anywhere from four to 500 units and whose board has a question that needs to be responded to quickly.
“The answer can most likely be found within the condo’s governing documents but as Bartzen tells GlobeSt.com:
“‘ The way these documents have been written is anything but uniform.'”