There’s no shortage of technology providers offering machine-learning solutions to age-old business problems. Now, as organizations in various industries continue hiring for tech-focused roles, 2018 may be the year machine learning truly takes off.
Among the roles increasingly sought out by businesses is that of the data scientist. As reported by Forbes in spring 2017, an IBM study found that by 2020, there will be nearly 62,000 jobs for data scientists and similar positions in the U.S. And according to Andy Abbott, chief technology officer and co-founder of contract review technology company Heretik, these scientists will undertake more research in 2018 so that companies remain competitive.
“This past year we have seen a significant influx in attention on machine learning and data science overall,” Abbott told Legaltech News, leading to increased focus among companies, many of which, he says, are now hiring their first data scientists.
“They typically do not know the goals of building out a data science team, but fear they will be at a competitive disadvantage if they do not begin to research them,” Abbott said. “I think the data science industry is still very much at its infancy and will continue to be throughout 2018. However, we will begin to see its real impact as its deployment continually increases.”
IBM’s report found that the demand for data and analytics roles depends on the industry, with the greatest demand being in finance and insurance and professional services. In the past several years, the legal industry has seen a steady increase in data science roles, with law firms such as Drinker Biddle & Reath and Littler Mendelson staffing data professionals.
For modern legal service delivery, you now not only need lawyers, but also data scientists, UnitedLex vice president of legal solutions Peter Krakaur told LTN. He also noted that his company will be looking at how artificial intelligence “augments delivery of legal services” and how that will change as the industry “shifts towards more automation and smarter systems.” (Read More...)