By Anthony Roberts, Director of Sales – UK & EMEA, Manzama
A recent report from Prism Legal found the number one focus for knowledge management professionals in 2018 is Artificial Intelligence(AI) and data science. This is not entirely surprising due to the global coverage in all industries, not just legal, of how AI will change our lives.
Within the legal market itself, there has been huge talk of AI and data science, but so far, a small number of tangible and quantifiable products delivering clear value to purchasing firms. Contract and document review has certainly been a success, but outside of that area, products have been somewhat limited.
One thing that AI often needs to succeed is data, and Knowledge Managers and Information Professionals have access to huge amounts of that! After all, information is their bread and butter; finding that rare and unique precedent, the case report from 1850, or the new tender published in a remote media resource.
Any Knowledge Manager or Information Professional will also vouch that their role has expanded and evolved over the last five years; from moving their resources to digital, to semi-automating drafting and precedents, and to cover far more business and client intelligence tasks. One of the areas Manzama has always been highly regarded is client intelligence, and in 2018 Manzama are bringing together AI, data science and client intelligence in the form of Manzama Signals.
As Knowledge Managers, Business Development and Marketing continue to work in a more collaborative way, client intelligence is clear middle ground that both roles provide insight and value to. A report from Michael Rynowecer, President at BTI Consulting Group, stated “The biggest 30 law firms continue to increase the budget behind client development activities. Client development is now 37% of the marketing budget, up from 34% in 2016.”. This rings true, as for many years now, clients have demanded their panel firms know more about their business and industry.
In line with the increase of data science and client intelligence requirements, Manzama has aimed to fulfil this need via Manzama Signals; a company and sector analysis platform which is directly linked to the well-known Manzama intelligence platform. As Manzama Signals remains less than two months old, development of the product is very much being led by our law firm clients and the industry trends we see developing.
As for future predictions in this space, we see;
- The need for client and sector knowledge to continue to increase, yet in an even more detailed manner including cross-sector knowledge. This increase in client intelligence will likely fall to many roles including Business Development, Information Professionals, Knowledge Management, Professional Support Lawyers and even the Partners managing their clients.
- A continued interest in horizon scanning and being able to foresee future events and trends – harnessing the latest data science techniques and tools like Manzama Signals can assist with this, however the specialist lawyer and their team’s instinct will need to act upon this intelligence in an accurate and timely manner.
- The entire client intelligence process moving to a more automated approach. As many other law firm processes focus on improved automation, so will client and sector analysis. Performing research on a certain client, individual or sector will no longer be a manual task, yet instead automatic insights provided by technology through pattern recognition and historical trends.