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Constantly Changing Reality Global Trends, Emerging Technologies and the Future of Corporate Legal IT. Legal Tech New York 2014. February 4 th 2014 Rohit Talwar - CEO Fast Future Research www.fastfuture.com rohit@fastfuture.com Twitter @fastfuture .
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Constantly Changing Reality Global Trends, Emerging Technologies and the Future of Corporate Legal IT Legal Tech New York 2014 February 4th 2014 Rohit Talwar - CEO Fast Future Research www.fastfuture.com rohit@fastfuture.com Twitter @fastfuture
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
‘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
Economic and Political Uncertainty and Turbulence are the ‘New Normal’
Continued Global Shifts Of Influence, Wealth and Power to Emerging Markets
Socio-Demographic Forces are Reshaping Society Free education is a game changer
Sustainability Issues Will Play a Bigger Role in Decision Making
Financial Innovation is the New Normale.g. Assets: ‘Usership’ vs. Ownership
Rapid Execution e.g. Superfast ConstructionArk Hotel - Dongting Lake - China
‘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
…and totally Connected via ‘The Internet of Everything’ “What happens when the smartest thing in the room is the room itself?” Madeleine Albright
Artificial Intelligence is Going Mainstream 88% AI advisers / helper apps will structure legal documents and check content generated by lawyers 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
Turning Insight into Opportunity Models Markets Mastery Muscle Magic Management Mindset Message Message
Markets – Do we Understand How the Business is Changing? Leverage Existing Strengths / Relationships Develop New Capabilities Emerging Market Activity / Needs Needs of Fast Growth Activities New Science and Technology
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
Muscle – What New Survival and Growth Capabilities do we Need? Bradford Barthel – AI Case Analysis
Magic – How to Create ‘Wow Factors’ for Different Customer Types?
Message – How do we Align our Actions with our ‘Brand Story’? Bryan Cave - Innovation Department
Mindset – Uncertainty Tolerant, Experimental, Curious, Sticky and Magnetic Allen & Overy – Technology Fair
Management – What Critical Actions can we Take to Drive the Future? Reynolds Porter Chamberlain - Edge
Which are we Pursuing? Models Markets Mastery Muscle Magic Management Mindset Message Message
Strategic Imperatives - Embedding IT in the DNA
Globalized Delivery Model 81% Mobility 63% Increasing Globalization
Raise Business Awareness of IT as Disruptor and Differentiator
Regular Review of Law Firm IT Vision, Strategy and Capabilities
Conclusions – 21st Century Survival Skills • Foresight / Curiosity • Sense making • Accelerated learning • Uncertainty tolerant • Scenario thinking • Embrace complexity • Networking • IT Innovation
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-Working-on-Autonomous-Car.aspx • http://www.popsci.com/cars/article/2013-09/google-self-driving-car