With an estimated 1,200 attendees from the world of law, legal technology and IT security, smartcrowds® was delighted to be presented with an opportunity to participate in the recent British Legal Technology Forum in London during March. Positioning our Ideation and Innovation platform to an industry sector who, not unlike many other industry sectors, are struggling to visualise just what innovation means in the 21st century for an industry that is possibly 2,000 years old was an opportunity too good to miss.
With its inception going back as far as 1st century Rome, if not before, and many legal firms being hundreds of years old, what could we say about innovation within these well-established practices?
With new entrants forcing the traditional law firms to think differently, there is no doubt that the sector needs to embrace innovation in a new way. The smartcrowds® Innovation Management platform, delivered as software as a service is part of that new way, but what did the law profession have to say?
Shruti Ajitsaria, Allen & Overy, gave an outstanding elaboration of how artificial intelligence, machine learning and large data analytics can be fused together to change the way work in the legal sector can be handled. Imagine the virtual lawyer, where you submit your complaint or defence and a machine analyses years of historic cases and comes to a determination on a likely outcome in minutes. In the same session Kate Tomlinson of Norton Rose spoke of the challenge of “the continuous pilot” in evaluating technology to try and find the next big thing. The technology world has constantly tried to convince buyers of all flavours that their software or service is the next transformation to reduce cost, increase revenue and improve operational efficiency and the Norton Rose experience of constantly evaluating new technology has proven to be challenging to say the least.
All of the above was music to our ears. The smartcrowds® platform, built on the latest Microsoft Azure platform of technologies embraces the core of machine learning and artificial intelligence with Sentiment Analysis to showcase the sentiments of the ideas and surveys stored in the centralised platform. By allowing lawyers, innovators, intrapreneurs as well as us normal folk to collaborate and share ideas in a central place, smartcrowds® helps you turn more ideas into more outcomes more of the time.
Whilst Kate and the team at Norton Rose constantly pilot, our Innovation Management Framework®, a business and ideation methodology follows the premise of fail fast and fail cheap, preventing the never ending cycle of trying to find the best technology or idea that will transform your business. With inbuilt tools that allow ideas to be profiled against business metrics, assessed and trailed quickly, we are helping organisations innovate faster and more efficiently than ever before. A recent study suggested that companies that do this right grow three times faster, generate £25 of revenue for every £1 spent and can add at least £4 per every £1 spent to the retained earnings. With metrics like those embracing innovation should be a no brainer.