Artificial intelligence (AI) is rapidly advancing and significantly changing many industries such as energy, oil and gas and manufacturing. Industry professionals have estimated that AI will impact approximately 300 million jobs worldwide. The digital transformation of the workforce offers many benefits, but it leaves open a disruptive question: Will AI replace knowledge work?

Generative artificial intelligence (AI) applications like ChatGPT are dominating the news, and knowledge workers—professionals who use information, creativity, and critical thinking skills—are paying close attention. Knowledge work categories include creatives (writers and artists), intellectuals (professors and economists), and experts (architects and computer engineers). Anyone interested in generative AI can try to predict the impact of this new technology.

Artificial intelligence (AI) is transforming knowledge work every day as every new innovation evolves faster and faster. We sat down with Ville Somppi, Vice President of Industry Solutions at M-Files, to chat about these changes, what they mean for the future of knowledge workers, and whether (or how) AI will help organizations bridge the gap between structured and unstructured data.

The workplace landscape has changed. Working smarter is essential to work-life balance. Efficient processes and procedures must meet the needs of knowledge workers since they prefer to use their time on revenue-generating strategies. With this goal in mind, implementing automated workflows and document management systems is integral.

Although topics such as inflation, market volatility, and interest rate mayhem are top of mind for most wealth managers, the evolving AI revolution is making the industry stand up and take notice. But forward-thinking wealth management firms aren't necessarily asking the typical headline-making questions: Will AI take my job? Can we trust AI? Will AI take over the world? Rather, firms are asking: How can we leverage AI to create a superior client and employee experience?

When Innisfree M&A found out their previous document management platform would be discontinued thanks to a corporate merger, the New York-based stakes shareholder engagement firm knew they needed to act quickly and deliberately to ensure a smooth migration of their valuable data. The lesson Innisfree learned in the process?

Legendary NFL coach Vince Lombardi is credited with coining the iconic blurb “Winning isn’t everything; it’s the only thing.” While Lombardi may not have been the first one to say it, the message nevertheless resonates with professional services firms from accountancies to financial services to consultants—winning new clients (and retaining current ones) is everything.

Those who are tasked with drafting contracts recognize the frustration of wasting time to get all the needed information before drafting a contract. Both law firms and in-house counsel have clients who need contracts—customers of the law firm or those in businesses relying on the company’s legal department for their contracting needs.

In September 2022, current M-Files Vice President of Ment Kaisa Kromhof discussed how document automation impacts legal design with Hannele Korhonen, founder of Lawyers Design School. The discussion was recorded before Ment joined M-Files and offers some keen insights into the history of Ment prior to the acquisition as well as some deeper insights into the legal tech world. For a transcript of the talk feel free to access it here.

Note: The following blog post originally appeared on the M-Files Ment website in late 2022—before the deadline of changes to Standard Contractual Clauses (SCCs) went into effect. However, we’re featuring this post to help those who may still have questions or concerns about SCCs changes. Changes to data protection regulations is an ever-evolving continuum across all continents.