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A thoughtful discussion of the challenges of making business decisions given the increasing wealth of data, analytics, knowledge sharing, and rapid communications. The article suggests breaking down decisions into four types: (1) Big-bet decisions, (2) cross-cutting decisions, (3) delegated decisions, and (4) ad hoc decisions. The article also suggests how to vary decision making processes according to the circumstances.
Read this insightful post from Legal Evolution (Bill Henderson) to understand specific factors that influence the rate of adoption of an innovation. The post also notes the rise and [...]
A successful data and analytic (D&A) function is more than a stack of technologies, or a few people isolated on one floor of the building. D&A should be the [...]
Some takeaways: 1) 2/3rds of firms report losing business to corporate law dept insourcing; 2) 19% firms report alternative providers taking business (40% see as threat) ; 3) 94% say an improved focus on practice efficiency is a permanent trend but only 49% chasing their approach; 4) LPM not yet generating convincing results BUT; 4) only 30% of firms say they link AFAs with the way work is staffed and delivered; 5) 49% using technology to replace human resources with 85% think it will be permanent trend; 6) 7.5% firms reporting using AI and 29% exploring their options.; 7) 50% report active innovation projects/efforts (e.g.,technology and data analytics; new business ventures, efficiency, pricing and staffing improvements; client engagement and retention.)
The process of modernizing a business to use new tools and technology is one thing, but completely adapting to the digital world means more careful customer and employee relationship. This article discussed why digital transformation is important and suggests some approaches.
Data is central to any business and the importance of managing it strategically is growing. Companies that have not yet built a data strategy and a strong data-management function need to catch up very fast or start planning for their exit. More than ever, the ability to manage torrents of data is critical to a company’s success. But even with the emergence of data-management functions and chief data officers (CDOs), most companies remain badly behind the curve. Cross-industry studies show that on average, less than half of an organization’s structured data is actively used in making decisions—and less than 1% of its unstructured data is analyzed or used at all. More than 70% of employees have access to data they should not, and 80% of analysts’ time is spent simply discovering and preparing data. Data breaches are common, rogue data sets propagate in silos, and companies’ data technology often isn’t up to the demands put on it.