Once COVID-19 has been declared a worldwide pandemic by World Health Organization (WHO), then the business of law came to a halt as the rest of the world. Many organizations, governments, and industries have to experience the impact of this global pandemic.
Arbitration is one of the most acceptable means of dispute resolution internationally. Enterprises, arbitrators, outside counsels, and in-house counsels sought the alternative means to get the arbitration proceeding back to normal, but the ‘new normal’ is ‘technology-empowered digital Arbitration.’
Drivers for technology innovation in International Arbitration (IA)
Technology innovation in international arbitration is driven by not just the COVID-19 pandemic rather Industry 4.0 revolution and the need for faster proceeding under various compliances and intellectual property rights. The disruptive technologies made significant changes in the way the arbitration world works. Big data search is now easy with technologies; especially Machine Learning (ML), Artificial Intelligence (AI), Virtual Reality (VR), Data Collaboration, and block-chain help a lot.
The must-have technologies for International Arbitration (IA)
International Arbitration (IA) is not the same as it used to be for ages; what we see today is an improved version with multiple changes in the past for the better proceeding. The 360 ° digitalization stepping in with specific technology means arbitration to drive the ADR ecosystem’s future. Here, we are discussing the technologies available and the must-have for futuristic pleadings.
| Technologies for International Arbitration |
| Artificial Intelligence (AI) |
| Video Conferencing |
| “Real-Time” electronic transcripts |
| Virtual Data Room |
| Online File Repository |
| Online Signatures |
| e-filing |
| Virtual Hearing Rooms |
| Data Analytics |
| Case Management |
| AI ‘Speech-to-Text’ technology |
| Virtual Reality |
| Technology Assisted Review (TAR) |
| Real-Time court reporting |
| Virtual Chat |
From the above, we can see that the online file and document repositories for secured document sharing, secured document collaboration platform for managing evidence, Machine Learning (ML) & Technology Assisted Review (TAR) for document review, and Artificial Intelligence (AI) based voluminous case document review are available. Along with this, the case management system, virtual hearing tools, Natural Language Processing (NLP), and online volume submissions are already in the initial phase of creating a futuristic ecosystem. Video conferencing and secured data collaboration has been instrumental during this pandemic to streamline the business of law.
Smart Data Collaboration Solution
Ideally, a data collaboration solution enables different teams to store all related information and documents in a central repository in a secure environment. It helps edit, manage, and share documents with other parties in a single solution. Knovos’s Arbicomm is one of the smartest data collaboration and arbitration management solutions. It simplifies arbitration case management by these features.
- Users are monitored by granular-permission-driven access control ecosystem
- Data archival capability for the arbitral tribunal to keep case documents for in-future case review
- Enables users to share, upload, view, download, print documents, and evidence files
- Built-in folder structure and scheduler for case-tracking capability (dates and deadlines)
- Built-in volume manager for bundle preparation tribunal pleadings
Arbicomm gives complete control over arbitration management for arbitration practitioners and law firms. It simplifies arbitration case management with its innovative technologies and ease of use. Arbicomm narrows the scope of futuristic technology in the arbitration world. Well, this is one of the technology innovations in arbitration pleadings. We will be discussing other technologies in our next blog of this series. For more, stay tuned.
The post What are the must-have technologies for arbitration? appeared first on Knovos.