View stunning SlideShares in full-screen with the new iOS app!Introducing SlideShare for AndroidExplore all your favorite topics in the SlideShare appGet the SlideShare app to Save for Later — even offline
View stunning SlideShares in full-screen with the new Android app!View stunning SlideShares in full-screen with the new iOS app!
Actionable Intelligence: Finding Insights and Opportunities Patrick Fuller, Managing Account Director Charlie Vanek, Sr. Director, Product Marketing
Intelligence, Intuition and Information You Are Here 2 Source: Opte.org
The Information Universe Is Exploding The digital universe is ~ 800 Exabytes and growing at over 60% CAGR 30,000 PC memory (Kb) – 1990s K 20,000,000 Skype users online at peak times M 400,000,000 Total number of Facebook users M 10,000,000,000 Daily financial market price movements B 15,000,000,000,000,000 New data bytes created every day P 100,000,000,000,000,000,000 Google's cluster of addressable storage E 3 Source: EMC, IDC, Gartner
The Information Universe Is Exploding Exabyte: 2 x 1018
More People Sending Us Information 2006 Respondents Who Receive > 50 E-mails per Day 2010 120% 100% According to Contact Networks, the average number of e-mail contacts more than doubled from 2007 to 2009 5 Source: Thomson Reuters Professional Information Survey 2010
More Information from More Sources The number of “mainstream” communication media employed by professionals increased from 4 to 7 in just five years Communication Media Employed by Professionals 6 Source: Thomson Reuters Professional Information Survey 2010
Respondents Who Spent / Spend > 3 Hours per Day Reading Newspapers / Journals / Publications 60% 2006 2010 100% Respondents Who Read > 3 Publications per Day 85% 125% More Time Consuming Information 7 Source: Thomson Reuters Professional Information Survey 2010
to Act Channeled Channeled Knowledge to Act Connected Contextualized Contextualized Connected Trusted Trusted 10
What We Need Is Better, Not More Information Knowledge to Act Knowledge to Act Channeled Channeled Knowledge to Act Connected Contextualized Contextualized Connected Trusted Trusted THE TRADING EXPERIMENT
Individuals were presented with information and had to decide whether to buy or short a stock
Group 1 received unintelligent information – less trustworthy, unconnected, non-contextual information which was not channeled for human consumption
Group 2 received intelligent information which abides by the Hierarchy of Information Needs – trustworthy, connected, contextualized, and channeled to the task at hand
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
Intelligence, Intuition and Information Intuition Information 12
Intelligence, Intuition and Information What We Need Is Better, Not More Information 13
Insight Definition of INSIGHTMerriam Webster First known use – 13th Century the power or act of seeing into a situation the act or result of apprehending the inner nature of things or of seeing intuitively INSIGHT can also refer to other matters in psychology. Problem Solving behavior requiring insight is the subject of Insight Phenomenology. 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: Analysis of past experience with the purpose of gaining insight for use within this model at a later date; Simulations of future scenarios using existing insights in the mind model in order to predict outcomes.
“With my mind on my money, and my money on my mind” MARKET GROWTH
"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 MARKET INSIGHT
“Success has a way of seducing smart people into thinking they cannot lose.”Bill Gates INSIGHT: COMPETITIVE & FINANCIAL INTELLIGENCE
A Few Examples of CI / FI Uses Cross Selling Which clients typically hire firms for multiple areas of representation? What types of work? Growth trend? Our Experience? Which markets? Competitive Landscape? Profitable? Client Visits Market Share & other firms retained for similar work? Potential for cross selling? Hiring new counsel / replacing existing counsel in any areas? Sending out new RFP’s? What are the rates and demand by timekeeper in other markets, by practice area – both existing representation & potential growth areas Opportunity Assessment / Prioritization
“Informed decision-making comes from a long tradition of guessing and then blaming others for inadequate results.”Scott Adams INSIGHT: PRIORITIZATION
Scenario: Opportunity Prioritization SCENARIO: The firm is evaluating a few potential opportunities, which may be the best opportunity? Our firm has 450 Attorneys, offices in Chi, SF, LA, Dallas, DC, NYC Which opportunities present the best opportunity for profitability? Some steps used in the analysis: Who do we know? What’s our experience? How profitable might it be? What is the landscape of the market demand, rates, realization? Who is our competition, both real and perceived?
Candidate 3: Medtronic Received RFP for IP Litigation New GC, Cameron Findlay, hired in 2009 Findlay was GC at Aon Corporation in Chicago (2003 - 2009) Former Partner at Sidley (1993 – 2001) Potential to follow a similar path as former Sara Lee GC Rick Palmore?
Medtronic: IP Litigation By Size 90% of Medtronic’s IP Lit is handled by firms of 40 or more; 65% by 100 or more. Overall, 86% of all litigation is handled by firms of 40 or more, and 40% is handled by firms of 500 or more attorneys.
Additional Considerations One of Medtronic’s greatest needs is IP Lit, something Aon didn’t have Has retained a Dallas-based litigation boutique for IP Litigation in Texas, and retained an AmLaw 50 firm based in Dallas for IP Transactions. Is there a pattern of Aon retaining certain firms in specific markets? Medtronic? Which firms did Aon historically retain in certain jurisdictions, and for what practice areas? How often did Aon change outside counsel? Is there a pattern? How often does Medtronic appear to change outside counsel?
Medtronic / Aon: Additional Insight Medtronic’s primary outside counsel had intermittent patterns of picking up work in additional areas of representation. As for Aon, there is a history of firms handling more than one area of work. With Mr. Findlay now at Medtronic, is possible that Medtronic will now begin retaining firms for more than one primary area of representation? If so, it will dramatically increase the competitive landscape for the IP Litigation, but also offers additional opportunities for client development.