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Actionable Intelligence: Finding Insights and Opportunities<br />Patrick Fuller, Managing Account Director<br />Charlie Va...
Intelligence, Intuition and Information<br />You Are Here<br />2<br />Source: Opte.org<br />
The Information Universe Is Exploding<br />The digital universe is ~ 800 Exabytes and growing at over 60% CAGR<br />30,000...
The Information Universe Is Exploding<br />Exabyte: 2 x 1018<br />
More People Sending Us Information<br />2006<br />Respondents Who Receive > 50 E-mails per Day<br />2010<br />120%<br />10...
More Information from More Sources<br />The number of “mainstream” communication media employed by professionals increased...
Respondents Who Spent / Spend > 3 Hours per Day Reading Newspapers / Journals / Publications<br />60%<br />2006<br />2010<...
Professionals Are Overwhelmed<br />8<br />
Intuition vs. Analytical Reasoning<br />Intuition-based decision making<br />Analytical reasoning decision making<br />Int...
Fragile - subject to psychological biases
Subconscious, not auditable, hard to justify, inconsistent
Allows for accurate judgments backed up by data
Time consuming, expensive
Risk of not “seeing the forest for the trees”</li></ul>9<br />
Intuition vs. Analytical Reasoning<br />Intelligent Information decision making<br />Intuition-based decision making<br />...
Fragile - subject to psychological biases
Subconscious, not auditable, hard to justify, inconsistent
Allows for accurate judgments backed up by data
Time consuming, expensive
Risk of not “seeing the forest for the trees”</li></ul>to Act<br />Channeled<br />Channeled<br />Knowledge to Act<br />Con...
What We Need Is Better, Not More Information<br />Knowledge to Act<br />Knowledge <br />to Act<br />Channeled<br />Channel...
Group 1 received unintelligent information – less trustworthy, unconnected, non-contextual information which was not chann...
Group 2 received intelligent information which abides by the Hierarchy of Information Needs – trustworthy, connected, cont...
10% more people in Group 2 made the correct decision
On average, Group 2 achieved 40% higher net economic return
Subjects in Group 1 were twice as variable (less consistent) in their decision making</li></ul>11<br />
Intelligence, Intuition and Information<br />Intuition<br />Information<br />12<br />
Intelligence, Intuition and Information<br />What We Need Is Better, Not More Information<br />13<br />
Insight<br />Definition of INSIGHTMerriam Webster First known use – 13th Century<br />the power or act of seeing into a si...
“With my mind on my money, and my money on my mind”<br />MARKET GROWTH<br />
Revenue Growth: AmLaw 200<br />2003<br /><ul><li>$49,981,000,000</li></ul>2010<br /><ul><li>$81,895,500,000</li></ul>Growt...
AmLaw Top 50:  Percentage of Total AmLaw 200 Market<br />
“Efficiency is doing things right;  Effectiveness is doing the right things.”Peter Drucker<br />SURVEY RESULTS<br />
RFP Increase: Past 18 Months<br />
RFP: Complexity & Time To Complete<br />
Marketing & Business Development Departments<br />
Access To Financial Software<br />
"Genius is seeing what everyone else sees and thinking what no-one else has thought.“Albert Szent-Gyorgyi  (1893 – 1986) H...
Insight: Representation Patterns<br />
Insight: Scenario Planning – Mergers (SWA – AT)<br />
Insight:  Scenario Planning  (TBA In– SWA ATH)<br />Passenger Air Carriers<br />Southwest / AirTran<br />
Insight: Threat Assessment<br />
Insight:  Threat Assessment – Work By Office<br />
Insight:  Is The Client Buying on Price?<br />
“Success has a way of seducing smart people into thinking they cannot lose.”Bill Gates<br />INSIGHT: COMPETITIVE & FINANCI...
A Few Examples of CI / FI Uses<br />Cross Selling<br />Which clients typically hire firms for multiple areas of representa...
“Informed decision-making comes from a long tradition of guessing and then blaming others for inadequate results.”Scott Ad...
Scenario: Opportunity Prioritization<br />SCENARIO:  The firm is evaluating a few potential opportunities,  which may be t...
Candidate 1:  BP<br />
Candidate 2:  UAR / CO<br />
Candidate 3:  Medtronic<br />Received RFP for IP Litigation<br />New GC, Cameron Findlay, hired in 2009<br />Findlay was G...
Medtronic: Who Do We Know?<br />
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  • This is explained by the fact that, when given unintelligent information, the majority of test subjects (2/3) resorted to using intuition to make their decisions, while those given intelligent information were able to optimally use both intuition and analytical reasoningProfessionals given unintelligent information were also twice as variable (less consistent) in their decision making than those who were presented with intelligent information
  • 2010 pop in then 64% pop in
  • Pop each stuff in…
  • One at a time for these as well
  • New openings, mergers, etc…..can even see out of which offices the work is being handled – how embedded is the client? Handling deals and IP as well? Also, mention cross selling myths vs. reality
  • Competitive landscape – size of firms in markets, etc.
  • Transcript of "Actionable Intelligence: Finding Insights & Opportunities"

    1. 1. Actionable Intelligence: Finding Insights and Opportunities<br />Patrick Fuller, Managing Account Director<br />Charlie Vanek, Sr. Director, Product Marketing<br />
    2. 2. Intelligence, Intuition and Information<br />You Are Here<br />2<br />Source: Opte.org<br />
    3. 3. The Information Universe Is Exploding<br />The digital universe is ~ 800 Exabytes and growing at over 60% CAGR<br />30,000<br />PC memory (Kb) – 1990s<br />K<br />20,000,000<br />Skype users online at peak times<br />M<br />400,000,000<br />Total number of Facebook users<br />M<br />10,000,000,000<br />Daily financial market price movements<br />B<br />15,000,000,000,000,000<br />New data bytes created every day<br />P<br />100,000,000,000,000,000,000<br />Google's cluster of addressable storage<br />E<br />3<br />Source: EMC, IDC, Gartner<br />
    4. 4. The Information Universe Is Exploding<br />Exabyte: 2 x 1018<br />
    5. 5. More People Sending Us Information<br />2006<br />Respondents Who Receive > 50 E-mails per Day<br />2010<br />120%<br />100%<br />According to Contact Networks, the average number of e-mail contacts more than doubled from 2007 to 2009<br />5<br />Source: Thomson Reuters Professional Information Survey 2010<br />
    6. 6. More Information from More Sources<br />The number of “mainstream” communication media employed by professionals increased from 4 to 7 in just five years<br />Communication Media Employed by Professionals<br />6<br />Source: Thomson Reuters Professional Information Survey 2010<br />
    7. 7. Respondents Who Spent / Spend > 3 Hours per Day Reading Newspapers / Journals / Publications<br />60%<br />2006<br />2010<br />100%<br />Respondents Who Read > 3 Publications per Day<br />85%<br />125%<br />More Time Consuming Information<br />7<br />Source: Thomson Reuters Professional Information Survey 2010<br />
    8. 8. Professionals Are Overwhelmed<br />8<br />
    9. 9. Intuition vs. Analytical Reasoning<br />Intuition-based decision making<br />Analytical reasoning decision making<br />Intuition<br />Information<br /><ul><li>Fast - quick, snap shot judgments
    10. 10. Fragile - subject to psychological biases
    11. 11. Subconscious, not auditable, hard to justify, inconsistent
    12. 12. Allows for accurate judgments backed up by data
    13. 13. Time consuming, expensive
    14. 14. Risk of not “seeing the forest for the trees”</li></ul>9<br />
    15. 15. Intuition vs. Analytical Reasoning<br />Intelligent Information decision making<br />Intuition-based decision making<br />Analytical reasoning decision making<br />Intuition<br />Information<br />Knowledge to Act<br />Knowledge <br /><ul><li>Fast - quick, snap shot judgments
    16. 16. Fragile - subject to psychological biases
    17. 17. Subconscious, not auditable, hard to justify, inconsistent
    18. 18. Allows for accurate judgments backed up by data
    19. 19. Time consuming, expensive
    20. 20. Risk of not “seeing the forest for the trees”</li></ul>to Act<br />Channeled<br />Channeled<br />Knowledge to Act<br />Connected<br />Contextualized<br />Contextualized<br />Connected<br />Trusted<br />Trusted<br />10<br />
    21. 21. What We Need Is Better, Not More Information<br />Knowledge to Act<br />Knowledge <br />to Act<br />Channeled<br />Channeled<br />Knowledge to Act<br />Connected<br />Contextualized<br />Contextualized<br />Connected<br />Trusted<br />Trusted<br />THE TRADING EXPERIMENT<br /><ul><li>Individuals were presented with information and had to decide whether to buy or short a stock
    22. 22. Group 1 received unintelligent information – less trustworthy, unconnected, non-contextual information which was not channeled for human consumption
    23. 23. Group 2 received intelligent information which abides by the Hierarchy of Information Needs – trustworthy, connected, contextualized, and channeled to the task at hand
    24. 24. 10% more people in Group 2 made the correct decision
    25. 25. On average, Group 2 achieved 40% higher net economic return
    26. 26. Subjects in Group 1 were twice as variable (less consistent) in their decision making</li></ul>11<br />
    27. 27. Intelligence, Intuition and Information<br />Intuition<br />Information<br />12<br />
    28. 28. Intelligence, Intuition and Information<br />What We Need Is Better, Not More Information<br />13<br />
    29. 29. Insight<br />Definition of INSIGHTMerriam Webster First known use – 13th Century<br />the power or act of seeing into a situation<br />the act or result of apprehending the inner nature of things or of seeing intuitively <br />INSIGHT can also refer to other matters in psychology. Problem Solving behavior requiring insight is the subject of Insight Phenomenology.<br />An insight is derived from a rule which links cause with effect. The mind is a model of the universe built up from insights, and thoughts from the mind fall into two categories:<br />Analysis of past experience with the purpose of gaining insight for use within this model at a later date; <br />Simulations of future scenarios using existing insights in the mind model in order to predict outcomes.<br />
    30. 30. “With my mind on my money, and my money on my mind”<br />MARKET GROWTH<br />
    31. 31. Revenue Growth: AmLaw 200<br />2003<br /><ul><li>$49,981,000,000</li></ul>2010<br /><ul><li>$81,895,500,000</li></ul>Growth<br /><ul><li>64%</li></li></ul><li>2003 - 2010 Growth: AmLaw 200<br />550% $1B+ Firms<br />51% <br />PPEP<br />33% <br />RPL<br />10% Equity Partners<br />22% Total Lawyers<br />
    32. 32. AmLaw Top 50: Percentage of Total AmLaw 200 Market<br />
    33. 33. “Efficiency is doing things right; Effectiveness is doing the right things.”Peter Drucker<br />SURVEY RESULTS<br />
    34. 34. RFP Increase: Past 18 Months<br />
    35. 35. RFP: Complexity & Time To Complete<br />
    36. 36. Marketing & Business Development Departments<br />
    37. 37. Access To Financial Software<br />
    38. 38. "Genius is seeing what everyone else sees and thinking what no-one else has thought.“Albert Szent-Gyorgyi (1893 – 1986) Hungarian Chemist, discovered the Citric Acid Cycle and Vitamin C<br />MARKET INSIGHT<br />
    39. 39. Insight: Representation Patterns<br />
    40. 40. Insight: Scenario Planning – Mergers (SWA – AT)<br />
    41. 41. Insight: Scenario Planning (TBA In– SWA ATH)<br />Passenger Air Carriers<br />Southwest / AirTran<br />
    42. 42. Insight: Threat Assessment<br />
    43. 43. Insight: Threat Assessment – Work By Office<br />
    44. 44. Insight: Is The Client Buying on Price?<br />
    45. 45. “Success has a way of seducing smart people into thinking they cannot lose.”Bill Gates<br />INSIGHT: COMPETITIVE & FINANCIAL INTELLIGENCE<br />
    46. 46. A Few Examples of CI / FI Uses<br />Cross Selling<br />Which clients typically hire firms for multiple areas of representation?<br />What types of work? Growth trend? Our Experience?<br />Which markets? Competitive Landscape? Profitable?<br />Client Visits<br />Market Share & other firms retained for similar work? <br />Potential for cross selling?<br />Hiring new counsel / replacing existing counsel in any areas? Sending out new RFP’s?<br />What are the rates and demand by timekeeper in other markets, by practice area – both existing representation & potential growth areas<br />Opportunity Assessment / Prioritization<br />
    47. 47. “Informed decision-making comes from a long tradition of guessing and then blaming others for inadequate results.”Scott Adams<br />INSIGHT: PRIORITIZATION<br />
    48. 48. Scenario: Opportunity Prioritization<br />SCENARIO: The firm is evaluating a few potential opportunities, which may be the best opportunity?<br />Our firm has 450 Attorneys, offices in Chi, SF, LA, Dallas, DC, NYC<br />Which opportunities present the best opportunity for profitability?<br />Some steps used in the analysis:<br />Who do we know?<br />What’s our experience?<br />How profitable might it be?<br />What is the landscape of the market demand, rates, realization?<br />Who is our competition, both real and perceived?<br />
    49. 49. Candidate 1: BP<br />
    50. 50. Candidate 2: UAR / CO<br />
    51. 51. Candidate 3: Medtronic<br />Received RFP for IP Litigation<br />New GC, Cameron Findlay, hired in 2009<br />Findlay was GC at Aon Corporation in Chicago (2003 - 2009)<br />Former Partner at Sidley (1993 – 2001)<br />Potential to follow a similar path as former Sara Lee GC Rick Palmore?<br />
    52. 52. Medtronic: Who Do We Know?<br />
    53. 53. Medtronic: Quick Litigation Glance<br />
    54. 54. Aon: Quick Litigation Glance<br />
    55. 55. Medtronic: IP Litigation<br />
    56. 56. Medtronic: IP Lit Representation (SF, Dallas)<br />
    57. 57. Aon: Representation in SF, Dallas State, Fed Courts<br />
    58. 58. Aon: Leading Litigation Representation<br />
    59. 59. Aon: Representation by Firm Size<br />
    60. 60. Medtronic: IP Litigation By Size<br />90% of Medtronic’s IP Lit is handled by firms of 40 or more; 65% by 100 or more.<br />Overall, 86% of all litigation is handled by firms of 40 or more, and 40% is handled by firms of 500 or more attorneys. <br />
    61. 61. Additional Considerations<br />One of Medtronic’s greatest needs is IP Lit, something Aon didn’t have<br />Has retained a Dallas-based litigation boutique for IP Litigation in Texas, and retained an AmLaw 50 firm based in Dallas for IP Transactions.<br />Is there a pattern of Aon retaining certain firms in specific markets? Medtronic?<br />Which firms did Aon historically retain in certain jurisdictions, and for what practice areas?<br />How often did Aon change outside counsel? Is there a pattern? How often does Medtronic appear to change outside counsel?<br />
    62. 62. Medtronic / Aon: Additional Insight<br />Medtronic’s primary outside counsel had intermittent patterns of picking up work in additional areas of representation.<br />As for Aon, there is a history of firms handling more than one area of work.<br />With Mr. Findlay now at Medtronic, is possible that Medtronic will now begin retaining firms for more than one primary area of representation? <br />If so, it will dramatically increase the competitive landscape for the IP Litigation, but also offers additional opportunities for client development.<br />
    63. 63. Patent Lit: Collected Rates & Demand<br />
    64. 64. Medtronic: Final Thoughts<br /> How should we construct our team and pitch based in part on what we’ve been able to determine?<br />
    65. 65. Intuition vs. Analytical Reasoning<br />Intelligent Information decision making<br />Intuition-based decision making<br />Analytical reasoning decision making<br />Intuition<br />Information<br />Knowledge to Act<br />Knowledge <br /><ul><li>Fast - quick, snap shot judgments
    66. 66. Fragile - subject to psychological biases
    67. 67. Subconscious, not auditable, hard to justify, inconsistent
    68. 68. Allows for accurate judgments backed up by data
    69. 69. Time consuming, expensive
    70. 70. Risk of not “seeing the forest for the trees”</li></ul>to Act<br />Channeled<br />Channeled<br />Knowledge to Act<br />Connected<br />Contextualized<br />Contextualized<br />Connected<br />Trusted<br />Trusted<br />51<br />
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