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WHAT IS KNOWLEDGE MANAGEMENT AND WHY DO I NEED IT NOW? Kimberly Stein National Manager Knowledge Management.

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Presentation on theme: "WHAT IS KNOWLEDGE MANAGEMENT AND WHY DO I NEED IT NOW? Kimberly Stein National Manager Knowledge Management."— Presentation transcript:

1 WHAT IS KNOWLEDGE MANAGEMENT AND WHY DO I NEED IT NOW? Kimberly Stein National Manager Knowledge Management

2 AGENDA  INTRODUCTION  WHAT IS “KM”?  YOUR FIRM IS READY FOR ONE NOW  CHOOSING THE RIGHT ONE  CONCLUSION  Q AND A

3 3

4 What is Knowledge Management?

5 Knowledge Management Definition  Knowledge is What Differentiates one Organization from Another  KM is the leveraging of your firm’s collective wisdom by creating systems and processes that identify, capture and disseminate in order to meet your business objectives  KM Documents, People, Matters…

6 I’M NOT SURE MY FIRM IS READY FOR KNOWLEDGE MANAGEMENT… 6

7 Why Knowledge Management is Critical?  Pressure from Clients for Efficiencies  Managing Information and Communication  Alternative Billing  Shrinking Budgets

8 Simple  The Average Information Worker spends 8.8 hours per week Searching for Information  As Compared to 6 hours Creating Content  At $75,000/year salary that’s $14,000 per employee Source: IDC: Hidden Cost of Information Worker Report 2009

9 9 Value and Need of Knowledge Management Solution

10 Value of IT investment in the current legal market 10

11 LOCATE, REVIEW AND REPURPOSE YOUR FIRM’S BEST WORK WHY KNOWLEDGE MANAGEMENT? Leverages information/ technology investments Increases productivity and profitability Promotes business development Improves project speed to support alternative billing Enhances quality of work product Facilitates quicker associate development Reduces write-downs and write-offs Proprietary & Confidential

12 LOCATE, REVIEW AND REPURPOSE YOUR FIRM’S BEST WORK WHY KNOWLEDGE MANAGEMENT? Leverages information/ technology investments DMS Internal work product systems Word- processing applications Westlaw Intranets/ portals/ search engines Increases productivity and profitability Promotes business development Proprietary & Confidential

13 LOCATE, REVIEW AND REPURPOSE YOUR FIRM’S BEST WORK WHY KNOWLEDGE MANAGEMENT? Bolsters client service Gives you a unique marketing advantage Leverages Information/ technology investments Increases productivity and profitability Promotes business development Proprietary & Confidential

14 HOW SHOULD I CHOOSE THE RIGHT ONE FOR MY FIRM? 14

15 KNOWLEDGE MANAGEMENT SYSTEMS

16 Knowledge Management System Considerations  Scope  Capture & Disseminate  Easy to Use  Multiple Access Points/Single Access Point  Leverage Existing Technology  Integration  Support & Training  Security

17 Question- Will it Be Worth it?  Increase Productivity and Profitability  Leverages your Organization’s Technology Investments  Better if it is Business Development Tool

18 18 Content Processing Other Collections Westlaw Intranet/Portals Word Processor Document Management West km Server Vetting Toolkit Full-text Indexing Profile Extraction Engine (Analyzer) Citation Identification Document HTML Rendering DMS Profile & Metadata Import Classification Engine. Proprietary & Confidential

19 … 30% said they send a companywide

20 NOW IMAGINE THAT YOU ARE AN ATTORNEY LOOKING FOR SPECIFIC INFORMATION TYPE of document (summary judgment) in a specific JURISDICTION ( Federal) and a certain COURT ( 2 nd Circuit) by a certain JUDGE (Milton) that discusses opinion testimony…

21 CONCLUSION  Knowledge differentiates your firm from competitors  Knowledge Management is Leveraging that wisdom by creating Systems  A KM System will Increase Productivity, Efficiency of Attorneys, and Profits  The Time if Not Now- When?

22 WEST KM. WHERE WESTLAW MEETS YOUR ORGANIZATION’S BEST WORK.


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