So, the key to surviving disruption is mastering the balance between structure and innovation. Between achieving results and finding new opportunities.
It’s investing in innovation and opening your business to people with new ideas.
Source: How To Avoid Disruption | LinkedIn, James Caan, January 2, 2018Read More
We found six important and statistically robust factors that predict the probability that an incumbent company will choose the path of being a reinventor. They are, in order of importance:
1. Obsess about turbulence on the horizon
2. Understand all risks, not only those from startups
3. Deliver a dual offensive: core and diversification
4. Fix leadership skills first
5. Prioritize demand-centered business play
6. Experiment with frontier technologies
Source: What Successful Digital Transformations Have in Common | HBR, Jacques Bughin & Tanguy Catlin, December 19, 2017Read More
“Our world is in transition from a model of business we are familiar with to one that is in many instances still undefined,” added Uschi Schreiber, EY’s global vice chair for markets and chair of the firm’s global accounts committee.
“The pace of change is unprecedented. Too many CEOs and boards are still focused on only one thing: short term efficiency and productivity improvements. But what’s needed is also a focus on the medium term and on building the future,” he said. “This requires not just the use of up-to-date technology; it also means investing in innovation and being prepared to take some risks. Thinking and operating in duality can help corporations to seize the upside of disruption by focusing on their current success and growth as well as building the foundations for growth in the future.”
Two-thirds of respondents to Deloitte’s poll for that report associate technology advances with new opportunities and positive outcomes, with “emerging technologies” integral to the playbooks of private companies.
Source: The growing power of disruption and technology, Sean Kilcarr, December 20, 2017Read More
For companies to build value and provide compelling customer experiences at lower cost, they need to commit to a next-generation operating model. This operating model is a new way of running the organization that combines digital technologies and operations capabilities in an integrated, well-sequenced way to achieve step-change improvements in revenue, customer experience, and cost.
Source: Digital Transformation. Many can talk about the “why”. Few can talk about the “how”. Here’s “How” | LinkedIn, Hans Casteels, December 20, 2017Read More
… when you combine the numbers for firms that have either implemented changes or that have plans in place, the numbers of firms that are addressing their challenges range from roughly half to two-thirds:
- Challenges acquiring new client business, 63%.
- Getting paid by clients, 65%.
- Demonstrating the firm’s value to potential clients, 65%.
- Keeping up with competition from other firms in your practice areas, 54%.
- Lack of internal efficiency, 55%.
- Spending too much time on administrative tasks, 47%.
- Cost control and expense growth, 54%.
- Managing staff, 68%.
- Clients demanding more for less, 42%.
- Increasing complexity of technology, 52%.
- Retaining client business, 67%.
- Increasing pace of legal and regulatory change, 46%.
Source: Solo and Small Firms Face Many Challenges, Survey Shows, But Few Have Made Changes to Address Them – Robert Ambrogi’s LawSites, November 30, 2017, Robert AmbrogiRead More
Strangely, it’s not the legal IT people in law firms who seem to have most grasped just how important AI and automation is, it’s the managing partners. This is because it’s their job to look at the bigger picture, the economic and strategic picture, not just how the machine functions day to day.
Great list of legal Artificial Intelligence providers. Looking forward to “AI and blockchain fusion initiatives.”
Source: The Legal AI ‘Barbarians’ Have Already Taken the Gates – Artificial Lawyer, December 01, 2017, Richard TromansRead More
The project will take NDAs and place key identifier information onto the Integra permissioned blockchain; for example, the names of the parties, companies involved and other information that may need to be shared according to the non-disclosure document. This will provide a secure, single version of truth for the NDA. IBM Watson’s AI technology will then be applied to deliver insight into that data, covering legal and business intelligence issues.
Source: IBM + Integra Ledger Launch World NDA Project in Global First, 27th November 2017Read More
“It’s a tool, and you have to apply it to the right set of problems,” he said. “What it tends to be very good for is knowing who owns what and when,” Cascarilla added. “It’s not a magic bullet.”
“There’s a lot of fraud in food origins, especially now that it’s hot,” Myran said. “People say ‘this is local,’ or ‘this is organic,’ or ‘this is grown using certain practices.’ With this system, you can prove it.”
Source: Someone Figured Out How to Put Tomatoes on a Blockchain – Bloomberg, Annie Massa
November 9, 2017
“The stark reality of open-source projects is that most are abandoned or do not achieve meaningful scale. Unfortunately, blockchain is not immune to this reality. Our analysis found that only 8 percent of projects are active, which we define as being updated at least once in the last six months.”
The authors add that organizations are a “positive differentiator” in the data, saying “while 7 percent of projects developed by users are active, 15 percent of projects developed by organizations are active.”
Source: Deloitte Report: Over 26,000 Blockchain Projects Began in 2016 – CoinDesk, Stan Higgins, November 8, 2017 at 13:30 UTCRead More
“Blockchain is rapidly becoming a world leading technology enabling the assured exchange of value in both digital and tangible assets, while protecting privacy and eliminating fraud,” the proposal reads. “Its relevance to regulating cannabis is similar to its many chain of custody applications in areas such as pharmaceutical distribution and food chains.”
Source: IBM wants Canada to blockchainify its weed industry, Mix, November 6, 2017Read More