The LawNotion app is revolutionizing the relationship between policymakers and businesses, and the way these entities interact with the UK regulatory system. No, that’s not another hyperbolic, industry catchphrase that presumptively overstates its relevance. In fact, there are so many reasons that can justify such a claim, we decided to narrow it down and tell you about three incredible features of the LawNotion app you probably weren’t aware of – and we’ll back up our declaration. (Don’t worry, there will be plenty more blogs highlighting our app’s capabilities, but the human attention span has limits.)
Artificial Intelligence Capability
While there is a limit to the human attention span, our proprietary AI abounds, allowing policymakers and industry folks unprecedented capability to identify improvements and the power to kick this archaic, confusing regulatory system into efficiency-overdrive. Currently (or, previously), a typical policy research task required speaking with 5 to 15 different people, for upwards of an hour at a time. With our AI, users will now receive a clear picture of their industry regulations in real-time. Gone are the days of waiting weeks or months to resolve regulatory issues and queries.
For example, a user may ask questions and get relevant answers instantly, with flags indicating whether they should consult with experts in that matter. This allows them to skip over costly, outsourced contractors and save hours of employee time, letting them focus on other, more meaningful job-related tasks.
Based on an industry survey, we’ve also added some user-friendly features that provide instant access to the core components of policy and regulation research. You can now analyze regulation impact by business sector to provide a clearer view of the burdens placed on specific industries, find out where regulation overlaps and if there are conflicting or duplicating requirements, run simulation assessments of potential regulations imposed, and find out the most important, relevant points of a particular regulation with our summary view, rather than reading the entire text.
With our software constantly updating and improving as the technology of AI advances, our app is fast, sophisticated, and above all else, reliable.
Minimising Unnecessary Costs, Maximizing Time
People start businesses to pursue their interests and make money, not spend money and their time mired in stacks of administrative paperwork and industry-related regulatory research. For small businesses, the amount of paperwork can be overwhelming and costly. Not every business has a legal team on retainer to monitor regulations or can afford to push back against compliance issues raised by policymakers. This puts small businesses in a position to avoid expanding and freeze hiring, thereby stunting growth across all sectors.
In an effort to stay on the straight-and-narrow, businesses will often get caught up in investing time and human resources to stay in compliance, but that can mean costly contractor fees and misinformed third parties doling out bad, expensive advice. While over-complying with regulation can be costly, under-complying can mean tax issues, non-compliance fees, and court costs. According to the report, an FCA survey conducted in 2015 found that 88% of large firms and 44% of small firms increased the amount of time and money they spent on compliance. And it’s not just the businesses that are paying to keep up with regulation, but also the government. In a 2016 report by the New City Agenda think tank, they found that financial services regulation cost the UK £1.2 billion a year, which was a six-fold increase from £200 million a year in 2000. Why such rapid ballooning of costs? The primary cause was staffing increases in regulatory bodies. There were also concerns raised about increases in the amount advisers have to pay in the form of regulatory levies.
On the policymaker end, a delay in implementing new or modified regulation could impact markets, the economy, and thus the public. No matter what way you look at it, there is a cost passed down the line, and someone will have to pay. One of LawNotion’s goals is to reduce this burden.
Removing Hurdles to Innovation
One positive impact of our streamlined, rapid-response LawNotion app is the potential to remove barriers to innovation and increase financial investment in the UK. There are a lot of standard, behind-the-scenes regulatory matters that businesses must comply with before they ever get off the ground, and often these issues are industry-specific. For example, tax codes, licensing, employment, and building permits all fall under some chapter of regulation. Now that this information is easily and more readily accessible, businesses will have a clearer picture of their financial costs upfront, there will be less delay in bringing their product to market, and they’ll understand the potential barriers in their market. This benefits UK-based businesses, as well as those looking to start up, expand, or invest from foreign countries.
Because policy is often introduced with the intent of targeting or exerting influence on large companies, it may have the adverse effect of disproportionately squeezing out smaller companies who get tied up in regulation and can longer afford to compete, thus reducing competition. LawNotion’s myriad uses aim to relieve confusion in regulatory analysis, free up personnel resources, and reduce budgetary constraints in both business and government.