Gartner predicts assurance leaders will double their technology spending by 2027, driven by the potential of AI automation. While AI shows promise, Gartner cautions against overhyped expectations and recommends a cautious approach to implementation.
Assurance leaders are excited about the potential of automating their high-volume, low-value tasks and plan to double their department’s technology spend by 2027, according to a prediction by Gartner. The legal tech nology landscape is evolving rapidly, largely due to the impact of AI-enabled applications. Some assurance leaders are prematurely expecting AI technology to greatly enhance productivity, says Weston Wicks, senior director analyst in the Gartner legal & compliance practice.
While these technologies show promise, in the near-term Gartner recommends assurance leaders identify where they can pilot and experiment with them while maintaining healthy skepticism as they are implemented. Accordingly, Gartner experts have placed AI in the Assurance Practice at the Peak of Inflated Expectations in the 2024 Hype Cycle for Legal, Risk, Compliance and Audit technologies. Certain notable movements on the 2024 Hype Cycle are driven by assurance leaders convinced that incorporating new technology and generative AI (GenAI) tools is necessary to manage the growing burden of new rules and regulations imposed on executives and enterprises globally, says Wicks. Select emerging innovations, such as compliance monitoring solutions, have been directly impacted by GenAI and have seen substantial movement along the Hype Cycle as a result. Gartner experts believe that GenAI will have a foreseeable impact on adjacent innovations in the analytics space, and therefore certain innovations (e.g., data and analytics governance, audit analytics, legal analytics, and advanced contract analytics) have moved further toward the trough as the time to plateau for these innovations becomes nearer-term — two to five years
AI Automation Assurance Technology Spending Legal Tech
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