Posts Tagged ‘disruption’
Big law is having its Uber moment – Macleans.ca
AI-powered tools are potentially more accurate. Whether they realize it or not, even the sharpest lawyers inevitably bring their own biases to legal research. That, in turn, skews their ability to realistically gauge their chances before judges, who harbour their own preconceived notions of how law should be applied. Tax Foresight, by contrast, isn’t concerned with how a judge should rule, but rather what’s the most likely outcome based on past experience. It’s essentially Moneyball for tax lawyers.
Source: Big law is having its Uber moment – Macleans.ca
Read MoreArtificial Intelligence & Traditional Law Firms
“People don’t have to worry,” says Khalid Al-Kofahi, vice-president, R&D at the Thomson Reuters Centre for Cognitive Computing, a new technology centre that will focus on research in machine perception, reasoning, knowledge management and human-computer interfaces. “Most of the innovations in artificial intelligence and machine learning will introduce automation at the task level, which will allow people to focus on more complex tasks.”
All of this does not bode well for traditional law firms. A recent global research study by Deloitte concluded that conventional law firms are no longer meeting today’s business needs. The majority (55 per cent) of participants in the study — legal counsel, CEOs and CFOs — have taken or are considering a significant review of their legal suppliers. The study also points out that purchasers of legal services want better and more relevant technologies, to be used and shared on integrated platforms.
The drive toward AI, however incrementally, will likely also mean that law firms are going to have to review their traditional billing model, says Furlong. The time when law firms were the only game in town, where lawyers were the “only vehicle” by which legal services could be delivered, is coming to a close, and AI is going to help to put that to an end, he says. “All of these innovations like artificial intelligence are going to reduce the amount of time and amount of effort required to obtain a legal outcome, so the very lax business model of selling time and expertise, rather than outcomes and results, is coming to an end.”
Source: Artificial intelligence | Canadian Lawyer
Read MoreWhy Innovators Should Study the Rise and Fall of the Venetian Empire
Entrepreneurs and innovators resist “success as usual” syndrome, exploring emerging technologies and new business models. They try to keep the big picture in mind and are wary of being too efficient and too optimized. This perspective helps them promote unconventional ways of thinking, solving problems, and challenging the status quo. They know the goal is not to chase a fixed horizon but to understand when and how the horizon moves as they approach it.
Source: Why Innovators Should Study the Rise and Fall of the Venetian Empire
Read MoreA Look Back At Why Blockbuster Really Failed And Why It Didn’t Have To
The irony is that Blockbuster failed because its leadership had built a well-oiled operational machine. It was a very tight network that could execute with extreme efficiency, but poorly suited to let in new information. Antioco’s fatal flaw wasn’t one of intelligence or capability, but a failure to understand the networks that would determine his fate.
Source: A Look Back At Why Blockbuster Really Failed And Why It Didn’t Have To
Read MoreEpic Fail: How Blockbuster Could Have Owned Netflix | Variety
Barry McCarthy, Netflix’s former chief financial officer, said in an interview with the Unofficial Stanford blog in 2008, “I remembered getting on a plane, I think sometime in 2000, with Reed [Hastings] and [Netflix co-founder] Marc Randolph and flying down to Dallas, Texas and meeting with John Antioco. Reed had the chutzpah to propose to them that we run their brand online and that they run [our] brand in the stores and they just about laughed us out of their office. At least initially, they thought we were a very small niche business. Gradually over time, as we grew our market, his thinking evolved but initially they ignored us and that was much to our advantage.”
Source: Epic Fail: How Blockbuster Could Have Owned Netflix | Variety
Read MoreHow I Did It: Blockbuster’s Former CEO on Sparring with an Activist Shareholder
In a way, it’s ironic that Blockbuster is being featured in a special issue on failure, because I spent most of my career capitalizing on failure by fixing troubled businesses.
Source: How I Did It: Blockbuster’s Former CEO on Sparring with an Activist Shareholder
Read MoreBlockbuster laughed at Netflix partnership offer – CNET
But ask Antioco. Netflix’s management is not a group to take too lightly. There were signs of this in 2000 but apparently Blockbuster managers overlooked them…
McCarthy told the Unofficial Stanford blog that for Blockbuster it was a classic case of the the innovator’s dilemma: “You end up competing with a business that you initially ignored.”
Source: Blockbuster laughed at Netflix partnership offer – CNET
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