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Law of Innovation Sample Assignment

   

Added on  2021-02-19

4 Pages817 Words121 Views
LAW OF INNOVATION
Law of Innovation Sample Assignment_1
Innovation is the general driving force behind the creation of small businesses andentrepreneurship. Innovation applies not only to product ideas and new businesses but also to theinternal operations of the organisation. The Successful business owners constantly innovatevarious internal processes and systems in relation to sustain and create a source of competitiveadvantage (Benkler., 2017). Even the global economy needs those companies which create anunending range of new products, technologies, systems and services. So innovation has to beimplemented to various things and not only to the products. According to Weyrich, Innovationinclude three phases:-Invention phase:- In this phase ideas are generatedImplementation phase:-In implementation phase the appropriate ideas are selected andimproved.Market penetration Phase:-this is the phase in which ideas are used for commercial gain. Innovation is also paying an important role in law firms (Li and Du., 2017). GenerallyArtificial Intelligence (AI) refers to the advancement of computer systems able to operate tasksgenerally requiring human intelligence like speech recognition, decision making, translationbetween languages and visual perception. These days law firms are using Artificial intelligence to more effectively conductresearch and bill hours and perform due diligence. Even some expect that the effect of AI to bemuch more transformative. It's estimated that AI will exclude most legal and para-legal researchor innovation within the next decade. As Artificial intelligence is rapidly improving, the value ofhuman forecasts without AI advancement will likely reduce (Reid., 2018). But this does notindicate doom for lawyers. However. AI will change the way through which humans takedecisions and will employ machine derived forecasts as an improvement to human judgement.So the quality of human judgement is improved by machine forecasts and analysis will increase.Traditional legal departments and law firms who applies efficient advanced legaltechnology and AI will be well settles to deliver improved decision making, real time insightsand enhanced efficiency. In these legal firms, lawyers will become capable to do what they gettrained for, and that innovation or technology can not replicate (Marchant., 2017). Lawyers willexercise a higher order cognitive ability or skill including critical creativity and thinking and then
Law of Innovation Sample Assignment_2

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