Combining Innovation & Technology for Real Change

Combining Innovation & Technology for Real Change

1. have you ever Imagined new business models that use technology and innovation to enhance existing services, or, better yet, to create new offerings

2. What do we understand by innovation?

   • The process of translating an idea or invention into a good or service that creates value or for which customers will pay
     • the role of innovation
       • Joseph Schumpeter
         • He promoted the term “creative destruction” to describe a theory of economic innovation in which technology and innovation replace older means of production/services—one where innovation can replace or completely displace existing companies or entire markets.
         • He wrote the book "Capitalism, Socialism, and Democracy, "
           • Schumpeter placed a heavy emphasis on entrepreneurs and their ability to create a new good or service, a new production technique, or open a completely new market.

3. How Does an Existing Organization Avoid Becoming Obsolete?

   • One possibility is that organizations incorporate R&D (Research & Development) groups to support a more routine approach to innovation or assign direct responsibility to an internal intrepreneur that is responsible for taking an idea to a finished product
     • An example
       • An 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.
         • Nexus of Forces,” is used to explain the disruption that social, mobile, cloud, and information would have on industries everywhere.The Legal Nexus of Forces frames the issues from a law firm point of view,
         • the Legal Nexus of Forces breaks the analysis down into four categories:
           • 1. . Client Sophistication :Reports show that law firms have been losing market share, and while corporate clients are seeing a modest increase in legal spend, the only increase in spend is occurring within the law department.
           • 2. Change in Competition: Legal Process Outsourcing (LPO) and Alternative Service Providers (ASPs) increasingly take market share away from law firms.
           • 3. Law Firm Innovation: Law firms continue to leverage technology and new services to differentiate themselves in the marketplace.
           • 4. Emerging Technology: Most information created by attorneys is simply unstructured, with nearly every document and email in the document management system falling into this category.

4. Now What?

   • It is clear that innovation and technology coupled together are a powerful market disrupter, and for your organization to avoid becoming obsolete, it comes down to a willingness to change, and a commitment to the investment of time and money to embrace creative disruption.

5. are We a Legacy Industry That Can Transform?

   • yes, 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. It is market power. Innovation has the ability to change markets and break down boundaries.

6. Maria Jose Arias Guerra; Group 212032_67

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