Regulatory Density and Enterprise Challenges
As the density of regulations continues to increase, companies must devote significant resources to monitoring numerous legal provisions in order to remain legally compliant. In the packaging industry, for example, packaging companies in Europe have been required to produce single-use plastic bottles with lids since July in order to reduce environmental pollution from plastic waste. This change in legal requirements has forced the packaging industry to react quickly and adjust its production processes. And in the automotive industry, since July 7, binding regulations have been in effect across the European Union requiring new vehicles to integrate specific assistance systems, such as emergency braking and lane departure warning systems. Automakers must stay on top of these regulatory changes in order to adjust production in time to ensure that their products comply with the regulations.
The Birth of Intelligent Legal Monitoring
A new software-as-a-service solution has been created to help organizations better meet the challenges of changing regulations. This solution is able to automate time-consuming legal monitoring tasks by scanning legal text from national law gazettes. It utilizes artificial intelligence technology to identify and build online legal texts from text, images and forms, providing great convenience to corporate legal departments. Employees in corporate legal departments can see changes in the law at a glance on a dashboard, allowing more time to focus on checking content and assessing the context of changes.
Cross-Industry & Internationalization Advantages
This solution offers unique advantages over existing competing products. Its ability to show changes in laws in different countries with a single tool provides great convenience for multinational companies. Currently, the solution is already monitoring legislative changes in Germany, with a further 19 countries to be added in the coming months, including selected states in the US. This means that no matter what industry an organization is in, whether it is manufacturing, services or the public sector, the solution can be used to better meet the challenges of global regulatory changes.
The Importance of Internal Process Automation
Artificial intelligence has become the dominant technology of our time and is playing an increasingly important role in the development of businesses. This solution is a good example of a practical AI application for organizations. Taking the automotive industry as an example, automotive companies need to check for changes in laws on a daily basis to ensure the legality of production. This solution can help automotive manufacturers understand regulatory changes in real-time and transparently so that they can adjust production at an early stage, improving the productivity and competitiveness of their businesses. Customers from the automotive and packaging industries are already using the software and more are expressing interest. This demonstrates the great potential of this solution to help companies respond to regulatory changes.
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