The prices for most high-tech hardware goes down, not up, over the years, but some niche gear can buck that trend and still stay competitive. Take Canon’s imageFormula R40 Office Document Scanner Receipt Edition: At $399, it’s $130 more than the base-model imageFormula R40 we reviewed in March 2020. The main justification for upping this new document scanner‘s cost is special software for gleaning, sorting, and saving financial data from receipts, statements, invoices, and the like. A direct competitor to the outstanding Epson RapidReceipt RR-600W, the R40 Receipt Edition scans everyday office documents, as well as financial data, reliably and accurately. It’s also a solid value, with a list price $100 below the Epson’s. Unfortunately for Canon, at this writing the RR-600W had been discounted to match its rival’s cost, and retains a slight edge as our Editors’ Choice among receipt and document scanners.
In most cases, upgrading a sheetfed document scanner to a document and receipt scanner is simply a matter of bundling a processing module or plug-in that digitizes, sorts, and archives financial data. We’ll look at that in more detail momentarily, but first let’s talk about the hardware.
The new imageFormula R40, like its predecessor, measures 9.6 by 11.4 by 9.9 inches with its paper trays closed, and it weighs 6.2 pounds. Like the Epson and most other scanners in this class, the Canon’s desktop footprint doubles or triples when its input and output trays are open for business.
A few other competitors include the Brother ADS-3300W with BR-Receipts, the Fujitsu ScanSnap iX1600, and the Epson WorkForce ES-300WR Accounting Edition. Given an inch or two and a pound or so in any direction, these and several other low-to-medium-volume document scanners are similar in size and weight.
Some, however, are better suited to being worked from their control panels, which typically become available after you open their output trays. The R40’s panel consists of a selection button for scrolling through profile numbers, Start and Stop buttons, and a manual-feed toggle that helps you adjust for thicker documents such as ID cards, plus a monochrome LCD for selecting numbered workflow profiles. You create and edit profiles using the bundled software, discussed shortly.
Compared to the two Canons’ modest control panels, the color touch screens of the ScanSnap iX1600 and RapidReceipt RR-600W let you do much more in the way of configuring and executing scans, as well as creating and editing workflow profiles or shortcuts. Some entries such as the iX1600 and the Raven Original Document Scanner boast control panels not only capable of setting up and running scans but editing, saving, and archiving documents.
The imageFormula R40 Receipt Edition can scan documents as small as 2 by 2.1 inches and as large as 8.5 by 118 inches (9.8 feet). Its automatic document feeder (ADF) holds up to 60 pages and its daily duty cycle is rated at 4,000 scans, matching the ratings of the Brother ADS-3300W, the Epson RR-600W, and the ScanSnap iX1600. The Fujitsu’s ADF capacity is a bit smaller (50 pages), while the RR-600W’s is bigger (100 pages). With a 20-sheet ADF and daily volume rating of 500 scans, the Epson ES-300WR is a good portable-scanning solution.
The R40 comes with only one interface, a USB 2.0 port for cable connection to a single computer. As long as that computer is connected to the internet, however, the scanner can easily access cloud and social media sites, as well as local drives on your PC and drives on other systems on your office network.
Restricting connectivity to USB precludes scanning to handheld devices like smartphones and tablets. Unless you scan from the control panel or deploy the scanner into an existing document management system with its own software, you’ll most likely use one or more of the utilities in Canon’s downloadable bundle.
These include Windows and macOS TWAIN drivers for use with the many third-party apps (including Microsoft Office 365 and most Adobe programs) that support direct scanner input, as well as Canon’s CaptureOnTouch scanning utility and document management software. Windows-only apps include Readiris PDF and Cardiris business-card scanning and contact-archiving software.
CaptureOnTouch is a fairly comprehensive scanner interface with essential document archiving features. You get a wide range of options that allow you to swiftly and effectively digitize hardcopy documents and save them in searchable formats according to parameters laid down in the selected workflow profile. It’s also the utility you’ll use when creating and editing workflow shortcuts for selection from the R40’s control panel.
Canon rates the imageFormula R40 Receipt Edition at 40 one-sided pages per minute (ppm) and 80 two-sided images per minute (ipm), where each page side counts as an image. These speeds are about average for the class, with the Epson RR-600W and Fujitsu iX1600 slightly slower at 35ppm/70ipm and the portable Epson ES-300WR slower still at 25ppm/50ipm.
I ran my tests over a USB connection to our Intel Core i5 testbed running Windows 10 Pro and Canon CaptureOnTouch. First, I clocked the R40 as it scanned our 25-page one-sided and two-sided (50 sides) text documents, using the CaptureOnTouch software to save the scans to image PDF format. The Receipt Edition averaged 42.4ppm and 82.1ipm, a couple of pages per minute faster than its 2020 predecessor. Other document scanners rated at 40ppm/80ipm came in fractionally faster, but the R40 handily beat the two slower-rated Epsons.
Next, I timed the R40 Receipt Edition as it scanned, converted, and saved our 25-page two-sided (50 sides) text document to the more useful searchable PDF format. The Canon finished the job—from paper pages to editable text—in 39 seconds, which is one of the quickest times we’ve seen in this class. Only the Brother was a tick faster (37 seconds), with the others a second or two slower (except for the portable Epson ES-300WR at 55 seconds).
As for optical character recognition accuracy, it’s rapidly becoming one of our more boring benchmarks, in a good way: Most modern document scanners do it almost equally well. The imageFormula read both our Arial and Times New Roman pages error-free down to 6 points. While the 2020 model and the Fujitsu got down to 4 points with Arial and the Epson RR-600W to 5 points, few businesses ever encounter type smaller than 10 points in real-world documents. In other words, most users don’t need anything better than this.
I also scanned a few stacks of receipts and other financial documents. After some initial setup, the software did a respectable job of gleaning numbers, field names, and other pertinent data from the slips, and sorting and saving the data as required, without a lot of hand-holding and with very few errors. I had no issues with the Receipt Edition plug-in to the CaptureOnTouch interface.
When it comes to combination document and receipt scanners like this one, it’s tough to beat the 4.5-star-rated Epson RapidReceipt RR-600W. Nevertheless, the Canon imageFormula R40 Receipt Edition is fast, accurate, and competitively priced, joining the Brother ADS-3300W as an excellent alternative for any entry-level-to-midrange document and financial scanning environment. We’d still opt for the Epson if the pricing remains close, but the good news is that your choices are many—and mostly solid.
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The latest study released on the Global Freight Audit and Payment Market by AMA Research evaluates market size, trend, and forecast to 2028. The Freight Audit and Payment market study covers significant research data and proofs to be a handy resource document for managers, analysts, industry experts and other key people to have ready-to-access and self-analyzed study to help understand market trends, growth drivers, opportunities and upcoming challenges and about the competitors.
Download Sample Report PDF (Including Full TOC, Table & Figures) @ https://www.advancemarketanalytics.com/sample-report/106222-global-freight-audit-and-payment-market#utm_source=DigitalJournalShraddha
Key Players in This Report Include:
nVision Global (United States), Green Mountain Technology (United States), PayAnyBiz (United States), CT Logistics (United States), Software Solutions Unlimited (SSI) (United States), ControlPay (Netherlands), U.S. Bank Freight Payment (United States), Cass Information Systems (United States), CTSI-Global (United States), National Traffic Services (Canada)
Freight audit and payment are an essential process for the management of supply chain costs. Freight audit and payment modernize freight payment systems and reduce the administrative and operational burden of manual freight intervention. Freight audit and payment companies provide contract optimization services to offer solutions at the lowest price. A freight audit and payment is a business process, in which a company’s freight bills are inspected, adjusted, and verified in order to achieve accuracy. Freight audit and payment help in avoiding time-consuming tasks such as sorting invoices, auditing and approving invoices, receiving and opening mail, and paying and assigning a general ledger code.
Increasing Use of Analytical Tools
Technological Advancement and Development in the Freight Audit and Payment
Intense Competition Among the Competitors
Growing Freight Costs are anticipated to Rise in the Near Future, due to a Rise in Oil Prices
Increase in the need for Efficient Management Systems in the Transportation and Logistics Industry
Have a query? Make an enquiry before purchase @ https://www.advancemarketanalytics.com/enquiry-before-buy/106222-global-freight-audit-and-payment-market#utm_source=DigitalJournalShraddha
The Global Freight Audit and Payment Market segments and Market Data Break Down are illuminated below:
by Organization Size (SME (Small and Medium Enterprises), Large Enterprise), Platform (Linux, Windows, UNIX, Mac), Deployment (Cloud-Based, On-Premise), End User (Costs Air Freight/Delivery Services, Freight/Courier Services, Marine Transportation, Railroads, Transportation Services, Warehouse, Trucking), Solution (Control-Billing, Self-Billing, Account Management, Detention, Freight Payment, Others (Utility Bill Management, Waste Expense Management))
Global Freight Audit and Payment market report highlights information regarding the current and future industry trends, growth patterns, as well as it offers business strategies to helps the stakeholders in making sound decisions that may help to ensure the profit trajectory over the forecast years.
Geographically, the detailed analysis of consumption, revenue, market share, and growth rate of the following regions:
The Middle East and Africa (South Africa, Saudi Arabia, UAE, Israel, Egypt, etc.)
North America (United States, Mexico & Canada)
South America (Brazil, Venezuela, Argentina, Ecuador, Peru, Colombia, etc.)
Europe (Turkey, Spain, Turkey, Netherlands Denmark, Belgium, Switzerland, Germany, Russia UK, Italy, France, etc.)
Asia-Pacific (Taiwan, Hong Kong, Singapore, Vietnam, China, Malaysia, Japan, Philippines, Korea, Thailand, India, Indonesia, and Australia).
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Objectives of the Report:
-To carefully analyze and forecast the size of the Freight Audit and Payment market by value and volume.
-To estimate the market shares of major segments of the Freight Audit and Payment
-To showcase the development of the Freight Audit and Payment market in different parts of the world.
-To analyze and study micro-markets in terms of their contributions to the Freight Audit and Payment market, their prospects, and individual growth trends.
-To offer precise and useful details about factors affecting the growth of the Freight Audit and Payment
-To provide a meticulous assessment of crucial business strategies used by leading companies operating in the Freight Audit and Payment market, which include research and development, collaborations, agreements, partnerships, acquisitions, mergers, new developments, and product launches.
Major highlights from Table of Contents:
Freight Audit and Payment Market Study Coverage:
It includes major manufacturers, emerging player’s growth story, and major business segments of Freight Audit and Payment market, years considered, and research objectives. Additionally, segmentation on the basis of the type of product, application, and technology.
Freight Audit and Payment Market Executive Summary: It gives a summary of overall studies, growth rate, available market, competitive landscape, market drivers, trends, and issues, and macroscopic indicators.
Freight Audit and Payment Market Production by Region Freight Audit and Payment Market Profile of Manufacturers-players are studied on the basis of SWOT, their products, production, value, financials, and other vital factors.
Key Points Covered in Freight Audit and Payment Market Report:
Freight Audit and Payment Overview, Definition and Classification Market drivers and barriers
Freight Audit and Payment Market Competition by Manufacturers
Freight Audit and Payment Capacity, Production, Revenue (Value) by Region (2023-2028)
Freight Audit and Payment Supply (Production), Consumption, Export, Import by Region (2023-2028)
Freight Audit and Payment Manufacturers Profiles/Analysis Freight Audit and Payment Manufacturing Cost Analysis, Industrial/Supply Chain Analysis, Sourcing Strategy and Downstream Buyers, Marketing
Strategy by Key Manufacturers/Players, Connected Distributors/Traders Standardization, Regulatory and collaborative initiatives, Industry road map and value chain Market Effect Factors Analysis.
Browse Complete Summary and Table of Content @ https://www.advancemarketanalytics.com/reports/106222-global-freight-audit-and-payment-market#utm_source=DigitalJournalShraddha
Key questions answered:
How feasible is Freight Audit and Payment market for long-term investment?
What are influencing factors driving the demand for Freight Audit and Payment near future?
What is the impact analysis of various factors in the Global Freight Audit and Payment market growth?
What are the recent trends in the regional market and how successful they are?
Thanks for reading this article; you can also get individual chapter wise section or region wise report version like North America, Middle East, Africa, Europe or LATAM, Southeast Asia.
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2022 was a great year in terms of product development for Billetterie Software. The Legal Practice Manager solution enjoyed significant customer-driven improvements. Our continuous customer engagements gave us a unified understanding of their needs and informed the upgrades and additional functionality, as listed below.
Some previously announced additional features include the Certificate Generation Solution, a process aimed at digitising and automating the issuing of all trademark-related certificates.
The Digital Certificate solution has greatly benefited the National Office for Companies and Intellectual Property Commission (CIPC) and all interested legal entities using the service.
The benefits include:
One of the finest revelations for 2022 was the introduction of the Legal Practice Management (LPM) Pro. The primary function is to generate IP Bulk EDI documents for E-filing to the National Registry. The LPM Pro generates standard IP forms for viewing before filing. The national registry business rules are applied to all the data for validation before submission.
Our customers and their needs remain our biggest priority. Using Billetterie LPM, they can focus more on client satisfaction and growing their client base.
As we begin the new year, our drive to ensure that Billetterie LPM remains a world-class, cloud-based solution for law firms and legal departments will be much more pronounced.
Essential for us as Billetterie Software is that the LPM product remains the preferred software for managing a legal practice. According to Gartner, 69% of companies will increase their spending on digital technology in 2023. As a result, legal firms should adapt and learn how to use technology to drive efficiencies for their clients or face the risk of being left behind.
Legal practitioners using the Billetterie LPM product will enjoy the following:
What our clients say about us:
‘Thank you for the opportunity to be part of the Billetterie trademark software, I must say that it was a pleasure registering my trademark on the platform. The platform’s user interaction was exceptional and the registration process was simple, quick and effective. 5/5 stars! I would definitely recommend the platform to my network.’ By Ryan Matulich.
Visit our website here for more information and start your automation journey.
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If you want to save cash, but need a reliable space to store and manage documents, join us as we share some of the best free options available in the world of document management systems.
If you need a digital home for all your documents but don’t want to splash the cash, we’re going to share with you the best free document management software around. Just because they’re free doesn’t mean they’re not up to par. We would happily use all the services we recommend ourselves.
Of course, any service that’s free comes with limitations. If you’re a medium-to-large-sized business looking for an all-singing, all-dancing document management software, the options below may not be enough.
However, if you’re a personal user or a small company looking to effectively manage your digital “paperwork,” the selection below will help you keep your documents in order.
For ease of use, features and versatility, OpenDocMan is the best free DMS.
Yes. OpenDocMan offers a free version. However, paid plans are also available.
We believe Egnyte is the best overall document control software. Read our full Egnyte review.
Open source software is free-to-use source code that gives users the ability to modify and redistribute the code, often to improve the software.
The best free document management software offers as many quality features as possible, without asking for your money. Despite being free, we still expect to see an industry standard level of security, a well-designed platform and basic document management features like search and organization functionality.
These products offer many key features one would want to manage documents. The open source options outdo private companies offering free plans, but even they have features that are ideal for certain users. Read our document management best practices to learn how to make the most of each feature.
All the options below offer a full, long-lasting free plan. While many services offer free trials, they typically only last up to one month. With the selections below, you can trust you’ll have a free account for as long as the service is active.
More details about OpenDocMan:
OpenDocMan is one of the few open-source document management solutions available, and is a popular choice within the open-source community.
You can add custom metadata-like tags to categorize documents, making it easier to search for a particular document. It’s also possible to create temporary documents that will be deleted on the expiration date of your choice.
The user interface looks better placed on Web 1.0 due to its outdated design. However, if you prioritize functionality over form, you won’t be too concerned with how the platform looks as it works well.
File versioning is available, and users can access any and all revisions made on a specific document. You can also add decision makers who are authorized to review and accept new or edited documents.
Users can set up automated emails each time a document is created, viewed or edited. Moreover, users can set automatic file expirations. Such automations put OpenDocMan on par with paid services.
In the free market space, OpenDocMan is certainly the leading option for those working with digital documents. It comes with many of the key features we look for in a leading DMS, and despite the dated design, it functions extremely well and will give you most of what you need.
More details about OpenKM:
The OpenKM document management software is fantastic for managing documents. It comes with automations that make life easier. Automations include but aren’t limited to automated file transformations (to change Word documents to PDFs), automatic file security and automated file movement based on the file description and metadata.
Other features include digital signatures, file versioning, reporting and a built-in task manager. These features make OpenKM more of a workstation with a DMS built into it, something that helps users manage all areas of their business.
Optical character recognition (OCR) allows you to edit and search data from paper documents, PDF documents and images. Users need to take a photo of the document and upload it to OpenKM. OCR technology scans the document and makes it possible to edit and search for it inside the DMS.
OpenKM is one of the best free document management systems available. It may take a little time to grasp, and the training tools could be better, but once you get used to it, it will function as a highly reliable document management system.
More details about OnlyOffice:
Developed by Ascensio System SIA, OnlyOffice is a free-to-use service that can serve as a DMS and workstation. The platform is an open solution, which often leads to a better product, more flexibility and improved security. You also don’t have to worry about a private company having the ability to snoop around your documents (we see you, OneDrive and Google.)
In terms of functionality, OnlyOffice has a built-in document creator that lets you create Word documents, forms and spreadsheets, as well as audio and video files. It’s extremely basic, and personal users on the free plan don’t have access to document templates like those on a paid subscription.
OnlyOffice is only free for personal use. If you work in a team, you’ll need to look elsewhere or try one of the paid plans. The free version is a bare-bones document management system, so it may not be enough for users with a specific set of needs.
OnlyOffice lets you integrate an external cloud storage solution like Dropbox (read our full Dropbox review) with the platform, letting you access documents and other file types without taking up any of your free 2GB storage space.
We feel OnlyOffice could offer a little more than the bare bones of a space to store and create documents. It’s a good option for anyone who doesn’t want to use mainstream services; however, with only 2GB of space, you may need to use them anyway.
More details about Hightail:
Like OnlyOffice, Hightail is limited as to what it can do when compared to a paid service. The free Lite plan offers only 2GB of storage and 100MB file-upload sizes. However, we like its usability and some of its unique features.
With regard to DMS features, Hightail enables you to create documents, file them in unique projects and share files with others. While the platform does have more intelligent features to organize documents, most of them are only available on the paid plans, which lets the free service down.
Although this article is predominantly targeting users looking for a space for documents, we would be remiss not to mention some of Hightail’s better features that pertain to video and images.
In addition to documents, you can upload videos and photos to your space, and the impressive part is that you can highlight specific sections of a video or image and leave real-time comments for another team member.
Those looking for a standard document management system that offers templates galore and helps you track your critical business documents should go with a different option. However, for those who want a little bit of everything, Hightail is worth your consideration.
More details about Confluence:
Confluence is a document management software that provides a space for small teams to create and store documents that pertain to specific projects.
There’s a basic word processor where you can create original documents, or if you’re looking for something specific — like a performance chart — you can select from the many templates available inside the platform. There’s also a search bar that allows you to easily locate specific documents.
The free Confluence plan allows for up to 10 members, all of whom can contribute documents to the space you create. As a group you share the 2GB of cloud storage, so this service is only suitable for light use.
Confluence has made it possible to integrate third-party apps into the service. Users can integrate Google Drive (read our full Google Drive review). This allows users to embed Google Docs and Drive files directly into content created within Confluence.
Confluence lacks many of the smart and organizational features you’d get with a premium document management system, but remember, it’s free.
With that in mind, we believe the platform has created something that has enough character to entice those on a low (or no) existing budget. With the addition of the app integrations, what we have is a more than capable document management system.
Finding the best free electronic document management system isn’t easy, but it’s not impossible. Just because you’re not handing over your cash doesn’t mean you have to settle for less in terms of the features available — and we believe the selection above proves that.
For us, OpenDocMan and OpenKM are the perfect free options. They both offer intelligent automations, and they have fantastic search and categorization functionality. If they were to update their UI designs, they’d be close to offering the perfect DMS.
The other options, although a little thin on features, will also help you keep your documents in order, while offering some cool features to give you a better user experience. Either way, whichever service you choose, we’re confident none of them will let you down.
While still at it, read our document management vs content management guide to learn how they differ.
Which free DMS do you use? What do you think is the best option out of the selection above? Is there a DMS you would like us to review? Let us know in the comments. Thanks for reading.
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Virtual law offices are an excellent option in today’s digital world. Remote work was beginning to gain momentum before the COVID-19 pandemic in 2020, the worldwide epidemic, and the shutdown of branded virtual law offices became necessary.
Law offices and their clients have become more comfortable with remote work and virtual offices. Recent data has shown that consumer opinion about working remotely changed significantly in 2021, and it is important for law firms to adjust to this change in consumer expectations. Are you ready to create a virtual law office for your clients?
Virtual Law Practice Expectations
A virtual law office conducts business online, not in a physical office. Lawyers may work out of satellite or home offices. Lawyers serve clients via digital communication technologies, like video conferencing, email, and chats. Virtual law firms follow the same regulations as law firms with physical offices, but lawyers are often consultants, not partners or employees.
There are many benefits to virtual legal services. Law firms operating only physical offices should consider offering virtual services to accommodate more prospective clients and meet consumers’ digital expectations.
Benefits of offering virtual services include:
A Larger Client Base
A virtual law firm is open to unlimited clients, whereas traditional offices are limited to clients in a specific, local area. Operating digitally means lawyers can serve clients from all over the world.
This benefit works the other way as well. Clients have a larger selection of law firms to choose from that can best meet their needs.
It’s a win-win all around for law firms and their customers.
Many businesses have remained remote after the pandemic because they realized how much they could save in overhead costs by shifting to remote work. Even transitioning to half remote and half office work could save companies significantly.
Office space is a huge expense for law firms, so removing the office space provides great savings. Businesses will also reduce expenses on utilities and supplies when moving online. In addition, workers will save a considerable amount of money working remotely, even half-time, as commuting costs will go down.
Virtual law firms allow lawyers to be flexible with their time. They work as needed and are not restricted to specific business hours. Working online saves time, as commuting is not an issue.
Digital lawyers can conveniently work from anywhere, which helps those who have families find a work-life balance that is vital in today’s busy world. Remote work changes the framework of a law office, increases the pool of candidates to be hired, and allows employers to offer unique flexible benefits to employees.
Client Interaction is Easier
Meetings can be more convenient when a law office is remote. Clients do not need to commute or travel to attend meetings. Virtual consultations can involve all the same elements of an in-person meeting but much more reasonably. Digital interaction also makes it easier to meet with clients more often.
Transitioning to a Virtual Law Firm
Attorneys need to take the time to understand the implications of running a law firm virtually. A virtual law firm needs a strong business and marketing plan, just like a brick-and-mortar business. Working with a digital marketing company for such a transition may be helpful. Some things to consider when switching to a remote office include the following:
State Rules on Virtual Law Firms
Each state has its laws regarding remote work. Some states require law firms to maintain a physical location but will allow employees to work remotely. Researching your state’s rules will guide you in operating a virtual law firm.
Communication is a key component of legal business. Attorneys and clients need to be able to communicate regularly. In a digital atmosphere, reliable communication must be established using modern communication tools, including phones, email, video conferencing tools, and live online chats.
All businesses rely on phones and email in the current marketplace. It may be wise to evaluate your phone and email systems and ensure they provide easy, fast interaction with internal and external clients.
Strong video conferencing is needed for external and internal client meetings. Some conferencing tools available include Google Meet, Zoom, and Microsoft Teams. It is best to research the options out there and see which conference tool best meets the needs of your particular law firm.
Consider adding live chat to your website to increase immediate assistance for future clients. Live chat is helpful when potential customers have questions or need legal guidance online. It is a great way to pull clients in and highlight your law firm’s availability and commitment to its clients.
Once your law firm switches to a remote or virtual office, it is recommended that documentation be virtual or digital as well. The transition to a digital firm means all paper documents must be saved electronically.
It is wise to research digital document software as documents will need electronic signatures. Software should be user-friendly and protect the privacy of your clients and their documents.
Remote Law Firm Management Software
Managing a virtual law office is different from managing a physical office. Legal practice management software assists with scheduling, document sharing and storing, databases, billing, accounting, time tracking, and workflow management.
Updating Company Policies
Official company policies must be updated due to the unique facets of working remotely. All former company policies must be revised to accommodate the new online work.
A virtual law office’s new policies should include the:
Website and Digital Marketing Strategies
A strong online marketing strategy, including a well-designed website, is a key component to the success of a virtual law office or any business. When transitioning to a virtual practice, evaluating and possibly overhauling your online marketing plans makes sense. It may be beneficial to create a new website geared towards remote businesses. A professional digital marketing agency will be able to help in this endeavor.
Digital Marketing Next Steps
Transitioning to a virtual office is complicated but provides numerous opportunities to grow and expand your current law firm. Consider making a list of all your next steps and start formulating your plan!
Annette Choti, Esq. graduated from law school 20 years ago, and is the Founder of Law Quill, a legal digital marketing agency focused on small and solo law firms. Annette wrote the bestselling book Click Magnet: The Ultimate Digital Marketing Guide For Law Firms, and hosts the podcast Legal Marketing Lounge. She is a sought-after keynote and CLE speaker throughout the United States and Canada. Annette used to do theatre and professional comedy, which is not so different from the legal field if we are all being honest. Annette can be found on LinkedIn or at at firstname.lastname@example.org.
Annette Choti, Digital Marketing, Small Law Firms, Virtual Law Firms, Virtual Law Office
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Many tout AI in ediscovery as the next big thing for the legal tech world – but what can this technology really do for lawyers today?
Can you tell the difference between a picture of a cute brown chihuahua and a tasty blueberry muffin? Most humans can do this easily. (But it’s harder than you might think – take a look here.) Can a computer tell the difference? Only if you correctly train it to do so – and once it’s trained, the answers can be objectively accurate. This is the simple premise behind “artificial intelligence,” or AI, which is the science of teaching computers how to “learn, reason, perceive, infer, communicate, and make decisions like humans do.”
Every Day AI
Spell-check is a decades-old function you probably take advantage of in your favorite word processing software. How does the computer know you spelled a word wrong? Because it’s been “trained” using a dictionary. But in traditional spell-checkers, this dictionary is all the computer has to go by – you can manually add new words to it, but it won’t learn anything new on its own.
Now, word processors use AI to give spell-check tools wider capabilities. Some platforms will self-train new spellings based on the number of times that you use a unique word and how often you manually correct it. Word processors also make suggestions for grammar and syntax, using AI to understand the intricacies of written language that can’t be conveyed in a simple dictionary of words and spelling.
How does Netflix know what movies or shows to suggest you watch next? It’s based on the shows you’ve already binged, and compared with hundreds of millions of other viewers that watched similar shows and movies that the Netflix mothership computers “learned” from. Dozens of other technologies that you interact with everyday use the same methodology, like Amazon, Siri, spam recognition servers, and even the Photos app on your phone. (Can it recognize a chihuahua vs. a blueberry muffin?)
When it comes to the legal profession, AI can be similarly used for document filing. If a document management system watches how you regularly file documents or emails from a particular client, it can train itself to suggest that same filing protocol on other communications with that client. Or computers can be trained to compose contracts with similar clauses and sections based on past approved contracts. This could be even more acceptable and accurate than the “manual” process of a lawyer pulling up an old contract and attempting to change all the old names and dates, which often means something gets overlooked.
AI is NOT a Replacement for Human Expertise – It’s an Enhancement
In order to successfully embrace the practical applications of AI in ediscovery, we have to shift away from a mindset of “robots replacing humans,” which is a storyline that only exists in science fiction movies. AI is a tool that helps you get your job done, like a pencil, a stapler, a printer or fax machine (if you still have one).
As legal journalist Bob Ambrogi stated simply, “AI is a tool. A tool that we control.
It’s a tool that can make us more effective and efficient at what we do.
It’s a tool that can help us deliver our services more quickly and at lower cost.
It’s a tool that can help us serve more clients and serve them better.
It’s a tool that can enhance the delivery of legal services and that can help to close the yawning justice gap.
It’s a tool for good, not for evil.”
At the Nextpoint On Point User Conference in September 2022, we invited legal technology thought leaders to participate in a panel titled “The Future of Legal Technology and Artificial Intelligence,” and the discussion echoed Ambrogi’s thoughts.
Joey Gartner, Director of the ABA’s Center for Innovation, stated, “Technology is a tool. It will not solve all of your problems, but it will solve some of your problems.”
Dan Linna, Director of Law and Technology Initiatives at Northwestern Pritzker School of Law and McCormick School of Engineering, added, “These tools can help us not just be more efficient, but improve the quality of our work product and give us better outcomes.”
Every legal professional is familiar with the hours spent in a law library researching case law, tracking down the best opinions and articles to support or refute a legal stance. What if a computer could be trained to understand a legal query and produce a set of research results that could achieve your goal? Of course, you wouldn’t trust those initial results until you verified them and then possibly further trained the computer to provide more accurate results. The focus is not specifically on “automating” the task of legal research, but “augmenting” the decisions that are ultimately made by humans.
Objective vs. Subjective Decisions
Perhaps the friction with AI in the legal profession comes from how the decisions are made. Answering whether or not a picture shows a chihuahua or a blueberry muffin is an objective question – it’s either a dog or a baked good, and every sensible human will answer the question the same way.
When it comes to making certain decisions in the legal field, like whether a document is relevant or not to a litigation matter, many lawyers argue that kind of decision can only be made subjectively based on their [human] years of experience and professional knowledge. Those lawyers can’t fathom that such a decision could be made by a computer… and they would be 100% correct, unless that lawyer “trained” a computer by highlighting relevant or “hot” documents, which would allow the computer to recognize similar relevant documents. And the computer can make those decisions without taking a lunch break or involving emotional attachments or sentiment.
But no litigator worth their salt would allow documents identified as “relevant” by a computer to be produced without looking them over first. In other words, the computer hasn’t replaced the litigator’s stance and experience, it has simply assisted by providing a starting point, or at least a jumping off point to identify a corpus of data and documents and files. At the very least, the computer could prioritize a list of documents that need to be reviewed that could save a lot of wasted time and effort. Again, it’s not “artificial” intelligence, it’s “augmented” intelligence.
Sonali Ray, the Director of Legal Strategy at Nextpoint, participated in the On Point AI panel and encouraged litigators to “work in conjunction with the technology – look at it as an assist, not an ‘easy button.’ The human eye is not perfect. Even though there are elements of the machine that aren’t perfect, neither is your technique.”
Dan Linna echoed Sonali’s comments by stating, “We still hold onto this mythology that humans (especially lawyers) are perfect in the work they’re doing. But studies show that humans are not perfect. There are huge opportunities to use computation to augment the work that humans are doing.”
Bruce Fein, the Legal Director and co-founder of Dagger Analytics, provided a helpful definition of how AI can help in the realm of ediscovery and litigation: “In the legal context, AI is about getting a computer to make a decision, like relevant or not relevant. These tools are intelligently moving toward the best algorithm for making that decision. Rather than you creating that algorithm, the computer is figuring it out for you.”
From Artificial Chihuahuas to AI in Ediscovery
In concluding the On Point AI panel, Dan Linna shared a vision for where AI could enhance the legal profession: “All too often we think about using AI to do things that we’ve always done, just a little bit better, a little bit faster, a little bit cheaper. But we need to change our mindset to think about how we can use AI to transform the things that we do. We need to start thinking more about some of the other AI principles that are being discussed in other areas that AI is being used – fairness, transparency, accountability.”
In order for the legal profession to successfully integrate AI tools into ediscovery projects, it’s important to understand that the technology is simply a tool that can help us better accomplish certain tasks, as well as transform and reshape legacy, manual approaches to litigation. And in the process, AI can help us avoid any confusion between chihuahuas v. blueberry muffins.
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Microsoft-backed OpenAI's AI chatbot ChatGPT has been making headlines ever since it was released to the public on November 30. It can break down complex scientific concepts, compose poems, write stories, code, and create malware…the list is endless. OpenAI has also released a paid version of the chatbot. Known as 'ChatGPT Professional', it is available at $42 per month.
ChatGPT3 has even raised alarms within Google – according to a recent report by The New York Times, 'Google now intends to unveil more than 20 new products and demonstrate a version of its search engine with chatbot features this year'.
Students have also been using the chatbot to complete assignments. It turns out it can clear examinations, too, with flying colors. Christian Terwiesch, a professor at the Wharton School School of Business, University of Pennsylvania, tested the performance of ChatGPT in an MBA exam. He questioned the chatbot on Operations Management, a core MBA subject.
The paper, titled 'Would Chat GPT3 Get a Wharton MBA? A Prediction Based on Its Performance in the Operations Management Course', delved into the implications of ChatGPT's 'academic performance'.
Based on the test, Terwiesch found that the answers were correct, and the chatbot provided excellent explanations. However, ChatGPT also made mistakes in relatively simple calculations at the sixth-grade math level, which can be massive in magnitude.
Terwiesch also noted that the current version of ChatGPT cannot handle more advanced process analysis questions, even if they are based on fairly standard templates.
Terwiesch concluded by stating in his study that ChatGPT has "remarkable skills in handling problems as used extensively in the training and testing of our MBA students. Combining the results of the questions, I would grade this performance as a B to B-".
The professor also added a reference point to put the chatbot's performance into perspective: "Until Wharton allowed students more flexibility in which courses they take, this Operations Management course was a required course that every student had to take. However, we did allow students to waive this course if they could demonstrate content mastery on a waiver exam. The performance of Chat GPT3 reported above would have been sufficient to pass the waiver exam, though by a very small margin."
Terwiesch didn't stop there. The professor wanted to find out if Chat GPT3 could develop a question paper. "By now, I have written thousands of questions, and, at times, I feel I have exhausted my imagination for new problems. Can I turn to Chat GPT3 to come up with new exam questions?" he asks in the study.
It was found that the questions were plausible and humorous. Terwiesch mentioned that the questions were good enough to be taken advantage of in upcoming question papers.
Professor Terwiesch compared the effect electronic calculators had on the corporate world to the impact ChatGPT could have on academia. "Prior to the introduction of calculators and other computing devices, many firms employed hundreds of employees whose task it was to manually perform mathematical operations such as multiplications or matrix inversions. Obviously, such tasks are now automated, and the value of the associated skills has dramatically decreased. In the same way, any automation of the skills taught in our MBA programs could potentially reduce the value of an MBA education," he said in the study.
Andrew Karolyi, dean of Cornell University’s SC Johnson College of Business, resonated with the same. He told the Financial Times: "One thing we all know for sure is that ChatGPT is not going away. If anything, these AI techniques will continue to get better and better. Faculty and university administrators need to invest to educate themselves."
OpenAI’s Chat GPT3 has shown a remarkable ability to automate some of the skills of highly compensated knowledge workers in general and specifically the knowledge workers in the jobs held by MBA graduates including analysts, managers, and consultants. Chat GPT3 has demonstrated the capability of performing professional tasks such as writing software code and preparing legal documents. The purpose of this paper is to document how Chat GPT3 performed on the final exam of a typical MBA core course, Operations Management. Exam questions were uploaded as used in a final exam setting and then graded. The “academic performance” of Chat GPT3 can be summarized as follows. First, it does an amazing job at basic operations management and process analysis questions including those that are based on case studies. Not only are the answers correct, but the explanations are excellent. Second, Chat GPT3 at times makes surprising mistakes in relatively simple calculations at the level of 6th grade Math. These mistakes can be massive in magnitude. Third, the present version of Chat GPT is not capable of handling more advanced process analysis questions, even when they are based on fairly standard templates. This includes process flows with multiple products and problems with stochastic effects such as demand variability. Finally, ChatGPT3 is remarkably good at modifying its answers in response to human hints. In other words, in the instances where it initially failed to match the problem with the right solution method, Chat GPT3 was able to correct itself after receiving an appropriate hint from a human expert. Considering this performance, Chat GPT3 would have received a B to B- grade on the exam. This has important implications for business school education, including the need for exam policies, curriculum design focusing on collaboration between humans and AI, opportunities to simulate real-world decision-making processes, the need to teach creative problem-solving, improved teaching productivity, and more.
Known as ART, the amphibious robot could help with monitoring challenging terrestrial-aquatic ecosystems.
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With the stock market constantly fluctuating, it can be difficult to know which stocks to sell and which ones to hold onto. But you can avoid these three for now
With tech stocks continuing to rise, it is becoming increasingly difficult to decide which companies are worth buying, and which are simply stocks to sell. This article will give readers an overview of the best tech stocks to sell to maximize their returns.
The U.S., European, and Chinese stock markets have experienced positive gains since the start of the year. However, despite this recent bullishness, UBS Global Wealth Management cautioned against being over-confident in the sustainability of this run. Factors like high inflation and other market conditions could still be unfavorable for stocks in the early months of 2023.
Mark Haefele, Chief Investment Officer at UBS Global Wealth Management, voiced his concern over the possibility of a ‘head fake’ rally, and that economic data may not achieve the market’s expectations in a recent note to clients. He cautioned that it’s still too soon to infer that inflation is no longer a concern. Additionally, he highlighted the possibility of core inflation being higher than anticipated, along with other potential risks facing the markets.
Investors could not be happier with the positive start to this year. However, they should also remain watchful. Although the market is looking up, economic data are still uncertain. Thus, it’s far from guaranteed that this impressive progress we’ve seen will remain for the rest of 2023.
Accordingly, for those looking to trim equity exposure, here are three stocks to sell.
DocuSign (NASDAQ:DOCU) is a company providing digital signature solutions to a broad base of large and small corporate clients. This business model has made the company one of the most sought-after tech stocks during the pandemic. Indeed, as businesses of all sizes adjusted their operations as a result of the pandemic, many leaned on digital solutions like electronic signatures and the document management tools that DocuSign offers.
DocuSign’s yearly revenue has seen tremendous growth in the last three years. In 2022, the company reported $2.1 billion in revenue, a 45% increase on a year-over-year basis. Impressively, 2021’s $1.453 billion in revenue was also roughly 50% higher over 2020, meaning this is a compounder with some serious clout. That said, revenue growth has slowed of late, with the company reporting top-line growth of 24.5% for the 12 months ended Oct. 31, 2022.
Growth has slowed further, to just 18%, as pr the company’s recently-released Q3 and fiscal 2023 financial results. Subscription income came in at $624.1 million, an increase of 18% compared to the year prior. Professional services and other revenue registered a boost of 27%, amounting to $21.4 million compared to the same period last year. However, the numbers signify a decrease sequentially, and reflect a general decline in growth for this previous high-flyer.
In addition, the dip in the residential real estate market is a cause for worry. When he published his piece on tech stocks to sell in December, InvestorPlace contributor Larry Ramer made an astute evaluation. That is, that the housing market was among the driving forces behind this organization’s success. The data proves Ramer is right.
Unfortunately, the US housing market saw another decline in December, extending the slump to four consecutive months in 2022. This marked a difficult year for the industry, which experienced its first annual decrease in housing starts since 2009.
Many people, including Larry, used the software when purchasing a house. However, the market downturn has intensified downward pressure on DocuSign, which is why it is on this list of tech stocks to sell.
Opendoor Technologies (NASDAQ:OPEN) is bringing about a revolution in the home-buying process with its disruptive technology. It aims to provide an automated solution for a smoother, quicker, and more convenient buying experience. Accordingly, it’s no surprise to see the influx of investors to this stock, when it made its debut in 2020.
In 2020, when Opendoor made its stock market debut, investors swarmed to the investment opportunity. This was at the pandemic’s peak, when investors were flush with cash and looking for a place to grow it. As a result, the stock did very well during its initial few weeks, surging in value as speculators entered the market.
However, Opendoor’s stock price has hit a rough patch over the past year. This is primarily due to increasingly bearish market sentiment. OPEN stock has lows two-thirds of its value over the past year, with expectations building that more in the way of declines could be on the horizon.
That’s largely due to the widespread aforementioned decline in the real estate market. Higher interest rates have killed this market, with home starts seeing one of the worst declines on record. Redfin anticipates that there will be a 16% decline in the number of existing home sales from 2022 to 2023, resulting in 4.3 million total sales. According to the company’s report, buyers are hesitant to make purchases due to affordability issues such as inflation, higher mortgage rates, and pricey homes, along with the possibility of an economic recession. Morgan Stanley (NYSE:MS) experts are also anticipating a fall in the housing sector by 2023, which could be damaging to those who bought their homes the previous year in 2022.
Undoubtedly, Opendoor’s business model is disruptive. But market trends are going against the stock, making this a top stock to sell in my books right now.
Ah, how time flies! It seems like yesterday we were all discussing Silvergate Capital (NYSE:SI), a Californian bank that mainly specializes in cryptocurrency transactions. However, after the epic downturn in the crypto markets and the spectacular collapse of FTX, Silvergate Capital is on the ropes.
On Jan. 17, Silvergate Capital revealed its fiscal Q4 earnings, recording a net loss of $1.0 billion or ($33.16 per share). Average digital asset deposits declined to $7.3 billion from the prior quarter’s $12.0 billion. Following these results, investors have clearly priced in worries about a run on the bank, which could lead to a collapse in Silvergate Capital in short order. Fortunately, this hasn’t occurred yet, due in part to the company’s reported total deposits of $3.8 billion at the end of the quarter.
That said, during the quarter, management reported $5.2 billion in sales of debt and securities at a disadvantageous expense of $718 million, to ensure sufficient liquidity. The firm reported a massive loss, and the company’s stock price reflected this reality as well.
Those who think that this lower stock price provides a great entry point should be warned. The selling pressure with SI stock may be far from over. Many investors didn’t think the company will be able to make it out of this crypto winter. And while Silvergate Capital may continue to sustain itself temporarily on trading fees from its exchange-traded products, it’s unclear how much investor demand will remain for its shares, should another contagion event take place.
On the publication date, Faizan Farooque did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
Faizan Farooque is a contributing author for InvestorPlace.com and numerous other financial sites. Faizan has several years of experience in analyzing the stock market and was a former data journalist at S&P Global Market Intelligence. His passion is to help the average investor make more informed decisions regarding their portfolio.
Financial, Fintech, Real Estate, Technology, Software
Article printed from InvestorPlace Media, https://investorplace.com/2023/01/3-tech-stocks-to-sell-in-january-before-they-get-torpedod-docu-open-si/.
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