Combining Innovation & Technology for Real Change

Combining Innovation & Technology for Real Change

1. Imagine new business models that use technology and innovation to enhance existing services, or, better yet, to create new offerings. BY KATHERINE M. LOWRY

   • Noraizza Zapata Coronel Group: 78

2. Setting the Foundation

   • Technology is often referred to as an innovation, but most agree that just buying technology, such as new AI-enabled software, may only serve as a Band-Aid to a problem or make matters worse.
     • According to Economist Joseph Schumpeter
       • The term "creative destruction" to describe a theory of economics innovation in which technology and innovation replaces older means of production / services, one where innovation can replace or displace completely existing companies or entire markets.
         • taken from Leontina Postelnicu
       • He put great emphasis about entrepreneurs and their ability to create a new good or service, a new production technique, or open completely new market.

3. How Does an Existing Organization Avoid Becoming Obsolete?

   • Imagine a group of intrapreneurs serving as a main catalyst for change by offering new business models that use technology and innovation to enhance existing services, or better yet, to create new offerings.
     • example of this notion is provided by BakerHostetler’s
       • Legal Innovation team’s use of its Legal Nexus of Forces framework, which they created to analyze the competitive pressures to innovate that are present across the legal industry.
         • The Legal Nexus of Forces breaks the analysis down into four categories:
           • 1. Client Sophistication
             • Drives legal technological changes. With the breakthrough and consumerization of technology, law departments are capable do more with less, and that trend to be continue.
           • 2. Change in Competition
             • Two other notable shifts in the market place include PricewaterhouseCoopers announcement of its “New Law” initiative, and DXC Technology Co.
           • 3. Law Firm Innovation
             • It is a formative time for attorneys, information professionals, and technologists to explore solutions together. Innovation teams provide great settings to rethink both the business and the practice of law.
           • 4. Emerging Technology
             • The emerging technology category is a direct reference to the Gartner Nexus of Forces, but streamlined to the legal industry.
               • Today, vendors in the legal market are foundationally suited in two areas—advanced analytics (machine learning), and other forms of artificial intelligence such as natural language processing.
         • taken from DEAR Systems

4. Now What?

   • Together, innovation and technology create a constant wave of creative destruction that stimulates economic growth by creating new inventions never before imagined.
     • From one vantage point, it might be a technology that corporate law departments Innovation has the ability to change markets and break down boundaries.

5. Are We a Legacy Industry That Can Transform?

   • Yes, I believe so. Why? Because there is an early prize for those able to successfully innovate to the point that traditional companies must succumb to the pressure of new inventions.
     • taken from Digital Marketing Institute

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