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Constantly Changing Reality Global Trends, Emerging Technologies and the Future of Corporate Legal...
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Constantly Changing Reality Global Trends, Emerging Technologies
and the Future of Corporate Legal IT
February 4th 2014Rohit Talwar - CEO
Fast Future Research www.fastfuture.com
[email protected] Twitter @fastfuture
Legal Tech New York 2014
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Objectives of ILTA Legal Technology Future Horizons Project
• Identify key business, legal and IT trends and developments
• Build timeline of emerging technologies and IT developments with high potential legal impact
• Explore IT’s transformative role in future legal business models and service differentiation
• Highlight strategic imperatives for effective use and management of legal IT
• Conducted January – December 2013
• Publication – March 2014
• 6 Sponsors
• Combined desk research, interviews with managing partners, CIO’s, vendors, futurists and technologists, global surveys on the business applications of IT (499 responses) and emerging technologies (223 responses)
• Key findings are presented on the following pages including the highest ranked responses in the surveys
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‘Future Proofed’ Organisations Work on 3 Horizons in Parallel
1-12 Months
Operational Excellence
1-3 Years
Drive for Innovation
Efficiency, Growth
4-10+ Years
Creating the Future
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The Future is Being Created Now...
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Economic and Political Uncertainty and Turbulence are the ‘New Normal’
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Continued Global Shifts Of Influence, Wealth and Power to Emerging Markets
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Socio-Demographic Forces are Reshaping Society
Free education is a game changer
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Sustainability Issues Will Play a Bigger Role in Decision Making
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Financial Innovation is the New Normale.g. Assets: ‘Usership’ vs. Ownership
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Rapid Execution e.g. Superfast ConstructionArk Hotel - Dongting Lake - China
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‘Magic’ and Science are Blurring
Mapping and Uploading the Human Brain
Cognitive, Genetic, Physical and Electronic Enhancement of the Human Body
The biological era is emerging
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‘Big Science’ is the Battleground
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Our Technologies are Evolving From Desktop to Mobile ...
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...to Wearable...
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...to Embedded...
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... to Grown and Grafted...
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…and totally Connected via ‘The Internet of Everything’
“What happens when the smartest thing in the room is the room itself?”Madeleine Albright
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Speech / gesture / image recognition, integrated analytics, knowledge management, image / video / voice mining, client self-service, intelligent documents, expertise systems, collaboration, secure email, virtual assistants, intelligent agents and
collective intelligence
Artificial Intelligence is Going Mainstream
88%AI advisers / helper apps
will structure legal
documents and check
content generated by
lawyers
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Technology Timeline (0-12 Months)
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Technology Timeline (2-5 Years)
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Technology Timeline (6-10 Years)
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Technology Timeline (10+ Years)
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Turning Insight into Opportunity
MasteryMarkets
Models
Magic
ManagementMindset
Muscle
MessageMessage
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Needs of Fast Growth Activities
Leverage Existing Strengths / Relationships
Develop New Capabilities
Emerging Market Activity / Needs
New Science and Technology
Markets – Do we Understand How the Business is Changing?
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Mastery – Where do we Need to Excel?
E.g. Collaboration, Service, Managing Change, Operational Processes, Technology Planning, Foresight and Insight
Baker Donelson - Client Access to Workflow
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Bradford Barthel – AI Case Analysis
Muscle – What New Survival and Growth Capabilities do we Need?
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Magic – How to Create ‘Wow Factors’ for Different Customer Types?
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Bryan Cave - Innovation Department
Message – How do we Align our Actions with our ‘Brand Story’?
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Models – Asset Finance, Innovation and Revenue
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Mindset – Uncertainty Tolerant, Experimental, Curious, Sticky and Magnetic
Allen & Overy – Technology Fair
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Management – What Critical Actions can we Take to Drive the Future?
Reynolds Porter Chamberlain - Edge
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Which are we Pursuing?
MasteryMarkets
Models
Magic
ManagementMindset
Muscle
MessageMessage
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Strategic Imperatives - Embedding IT in the DNA
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Embed Horizon Scanning and Anticipatory Planning
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Develop IT Vision and Roadmap
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Globalized Delivery Model
63%Increasing
Globalization
81%Mobility
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Raise Business Awareness of IT as Disruptor and Differentiator
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Regular Review of Law Firm IT Vision, Strategy and Capabilities
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Conclusions – 21st Century Survival Skills
• Foresight / Curiosity• Sense making• Accelerated learning• Uncertainty tolerant • Scenario thinking• Embrace complexity• Networking• IT Innovation
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Useful Reference Sources• Genetic profiling - https://www.23andme.com/• X Prize - Breakthrough innovation projects - http://www.xprize.org/• Google brain uploading - http://digitaljournal.com/article/352787• Brain mapping projects -
http://www.technologyreview.com/news/513011/why-obamas-brain-mapping-project-matters/• Global Future 2045 (immortality) http://2045.com/ • Human enhancement - http://en.wikipedia.org/wiki/Human_enhancement• Wearable technology – Google Project Glass - http://www.google.com/glass/start/ • Emotiv Epoc Brain-Computer Interface - http://www.emotiv.com/• AI Essay Grading Software -
http://www.nytimes.com/2013/04/05/science/new-test-for-computers-grading-essays-at-college-level.html?pagewanted=all&_r=0
• Crypto currencies –– http://www.abc.net.au/technology/articles/2013/09/25/3855973.htm– http://en.wikipedia.org/wiki/Cryptocurrency– http://en.wikipedia.org/wiki/List_of_cryptocurrencies
• Autonomous cars - – http://www.engineering.com/DesignerEdge/DesignerEdgeArticles/ArticleID/6357/Tesla-Wor
king-on-Autonomous-Car.aspx
– http://www.popsci.com/cars/article/2013-09/google-self-driving-car