The ROI of Predictive Coding
The rapid increase in the volume of electronically stored information (ESI) has changed how corporate legal departments plan for and react to litigation and eDiscovery. In the past, traditional electronic discovery processes relied on “linear review”, a manual, expensive, time consuming and error-prone process in which teams of attorneys reviewed hundreds of thousands or millions of documents one page at a time to determine responsiveness. This traditional linear review process has driven the cost of eDiscovery up dramatically.
To address this ever increasing cost, corporate legal departments and their external counsel have begun to embrace Predictive Coding , a disruptive, next generation technology which utilizes conceptual understanding along with machine learning to automate the costliest steps of the document review process. Predictive Coding is quickly changing the way legal review is conducted.
For Predictive Coding to be considered a more useful and cost effective process than traditional linear review, it has to 1) return a measurably higher level of accuracy - consistently, and 2) provide results faster than current processes – hours or days compared to weeks, or months. These two points drive the potential cost savings and return on investment (ROI) associated with Predictive Coding.
In October, Barry Murphy of the eDJ Group, Inc ., Denise Backhouse of Morgan, Lewis & Bockius LLP and I recorded a webinar titled: “The ROI of Predictive Coding” for the Virtual Corporate Counsel Forum. The on-demand playback of this webinar can be accessed at:
In this recorded webinar Denise, Barry and I reviewed what Predictive Coding is and what differentiates it from traditional linear review. We also discussed how the Predictive Coding process greatly improves time to respond as well as accuracy and consistency of results to provide an extremely high return on investment (ROI). Lastly we looked at several specific customer examples of traditional linear review and predictive coding ROI comparisons.
I think you’ll find this webinar helpful in understanding if predictive coding is the right solution for your organization and how to calculate a financial justification for predictive coding going forward.