Digital portfolio project cornerstone ids 101 by christina saur
Knowledge Management: Cornerstone of the Digital World
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Knowledge
Management:
Cornerstone in the
Digital World
May 28, 2013
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Knowledge Management: Why It Matters
Wolters Kluwer: Our Strategy and Solutions
New Technologies: Impact on Knowledge Management
Conclusion
2
Agenda:
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Knowledge Management: Why It Matters
Wolters Kluwer: Our Strategy and Solutions
New Technologies: Impact on Knowledge Management
Conclusion
3
Agenda:
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Knowledge Management:
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“Knowledge Management comprises a range of strategies and
practices used in an organization to identify, create,
represent, distribute, and enable adoption of insights and
experiences. Such insights and experiences comprise
knowledge, either embodied in individuals or embedded in
organizations as processes and practices.” Wikipedia
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Market Trends: Undergoing Unprecedented Change
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Market Trends: Structural Changes
Advances in
Technology
•Enabling productivity improvements
•Increased opportunities to add value through
collaboration
•Big Data applications
Commoditization
of Legal Services
•Basic services commoditized
•Law firms must prove unique value added
•Shift underway from legal services to strategic advice
New Business
Models & Greater
Transparency
• Alternative fee structures growing
•Data mining creating transparency & insights for clients
•Growth of outsourcing/offshoring
Macro Legal
Trends Implications
Pressure for
Efficiency
•Reaction to shifting business models and client demands
for greater value
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Market Trends: Structural Changes
Q. Which of the following legal market trends do you think are temporary
and which will be permanent?
YES – PERMANENT TREND
More price competition
More non-hourly billing
More contract attorneys
Fewer equity partners
Smaller first-year classes
Lower PPP/Slowdown in PPP
Outsourcing legal work
2009
Response
42.4%
27.9%
28.3%
22.8%
11.4%
13.2%
11.5%
2013
Response
95.6%
79.5%
74.6%
72.1%
62.2%
55.6%
46.4%
Sources: Law Firms in Transition 2013, Altman Weil; Law
Firms in Transition 2011, Altman Weil Survey
2011
Response
89.6%
74.9%
59.6%
68.4%
39.6%
15.6%
41.1%
PPP = Profits per Partner
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Role of Knowledge Management
Transforms value added insights into
products/platforms to drive
productivity and business
development
Provides tools to manage the business
of law
Pricing of services
Performance metrics
Outsourcing/Offshoring
Offers “Big Data” platform Client profitability
Matter management
Share expertise and best practices
Increased cost/value proposition for
clients
Drives productivity metrics
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Knowledge Management: Why It Matters
Wolters Kluwer: Our Strategy and Solutions
New Technologies: Impact on Knowledge Management
Conclusion
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Legal Market is a core customer base for Wolters Kluwer
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41%
27%
Health 21%
Financial & Compliance
Service 11%
Tax &
Accounting
27%
Legal & Regulatory
FY2012 Revenues
€1,491 million
(41%)
Wolters Kluwer FY2012 Revenues €3,603 million
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Workflow Solutions:
Rbsource, Smartdox, Kluwer Essentials
Legal Billing/Matter Management:
Kleos
TyMetrix
Legal Spend Management and Analytics:
TyMetrix 360º
Wolters Kluwer Strategy: Product Focus
Mobile Drives decisions
and outcomes
Tailored to the
customer
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Workflow Solutions
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Content is combined with
decision-support software
Integrate multiple functions or
applications
Delivers work product
creation/filing of documents
Often linked to clients,
regulatory bodies
• Productivity
• Compliance
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Legal Billing/Matter Management
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Practice-management software tools that give lawyers access to all their
clients’ files, anywhere, at any time, creating a flexible and secure virtual
office in the cloud
Integrate trusted expert content from different legal databases in different
countries
Link corporations and law firms around matter management and billing
Kleos
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We have the most comprehensive data on legal spending globally and
uniquely understand the wave of market efficiency engulfing the legal
services market
Corporate Legal Services Group: Legal Spend Management Harnessing the Power of Legal Big Data
$43.5 B
Legal
Invoices
$43.5B
Legal
Invoices
285K+
Lawyers &
Paralegals
120M+ Tasks
& Activities
Invoices From:
•T360Customer
•Non-Customer
425+ M Billed
Hours
238 MM
Business
Records
25 TB
Legal
Documents
55 MM
Lien
Filings
60 MM
Global
Trademarks
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$43.5B+
Legal
Invoices
TyMetrix LegalVIEW
Open Database Products &
Services
“I don’t know where to begin. The data is incredible…” – Leonard (‘Lenny’) Gail, Massey & Gail
285K+ Lawyers
& Paralegals
120M+ Tasks
& Activities
425M+ Billed
Hours
T360º
Invoice Data
Through TyMetrix Legal Analytics Wolters Kluwer is
Leveraging Data to Create Value for Customers
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TyMetrix Legal Analytics Illustrative Example
Case Summary
Case Type: Litigation Category: Product Liability Claim Type: Bodily Injury
Industry: Manufacturing Jurisdiction: Tucson, AZ Allegation: $500K damages
Litigation Severity Index 72
Low Average High
Range of Total Case Cost of Similar Cases
(125 cases)
$135K $275K $525K
Range of Settlements
(250 cases)
$125K
$250K
$450K
Range of Legal Fees
(125 cases)
$10K
$25k
$75k
Average Cost Profile
Legal Fees
% of Fees
Hours Billed
% of Hours
Partner $9K 36% 15 19%
Associate $11K 44% 28 35%
Paralegal $5K 20% 36 46%
Total $25K 79
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Tailored Products: General Counsel Navigator
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Knowledge Management Tools: Considerations for Selection
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ROI
Practice Focus
Partners
Knowledge
Management
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Facilitates decision-making
capabilities
Builds learning organizations by
making learning routine
Stimulates cultural change and
innovation
ROI Balance of Returns vs. Resource Commitments
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Three key reasons why actively managing knowledge is important
Capital Allocation
Change Management
Technology
Advancements
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Standardization and automation of key processes
Optimization of user experiences
Creation of a user ecosystem
Practice Focus: Managing KM Successfully
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Execution: Leveraging Partners/Outsourcing:
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Developments around technology and business processes accelerating
Most firms/corporations using a range of KM solutions
Partnering reduces risk of “home grown” solutions
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Knowledge Management: Why It Matters
Wolters Kluwer: Our Strategy and Solutions
New Technologies: Impact on Knowledge Management
Conclusion
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Semantic Searching: Increase in KM Efficiency
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Drivers:
Goes beyond the limitations of traditional keyword search technologies
Takes into account meaning and context
Flexible syntax
New level of discovery and collaboration
Implications:
Productivity improvements
Global Platforms
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Open Government: Continues Expansion
24
Drivers:
Open Government driven by technology and shift in role of government
Quality improving
Implications:
Allows for greater integration between information and compliance
Analytics for better decision making
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Cloud Computing & Mobility
25
Drivers:
Products assembled quickly by integrating cloud services
Creating of new business models at mobile point of use
Implications:
Engage with clients in a personalized way
Cost to serve can be significantly lower (Cloud native, zero footprint)
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Social
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Drivers:
Valuable information contained within social network conversations
Powerful brand development and marketing
Lawyers as creators and consumers of knowledge via social media
Implications:
Social media impacts knowledge management systems
Collaboration/integration of internal systems and social
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Knowledge Management: Why It Matters
Wolters Kluwer: Our Strategy and Solutions
New Technologies: Impact on Knowledge Management
Conclusion
27
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Conclusion
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1. Knowledge Management tools can help
address the structural changes to the
legal market
2. Knowledge Management execution
requires a focused approach to reduce
risks of a low ROI
3. Technology advances are rapid in the
Knowledge Management space
4. Wolters Kluwer is committed to
developing Knowledge Management tools
that drive decision making and
productivity