Presentation on theme: "WHAT IS KNOWLEDGE MANAGEMENT AND WHY DO I NEED IT NOW? Kimberly Stein National Manager Knowledge Management."— Presentation transcript:
WHAT IS KNOWLEDGE MANAGEMENT AND WHY DO I NEED IT NOW? Kimberly Stein National Manager Knowledge Management
AGENDA INTRODUCTION WHAT IS “KM”? YOUR FIRM IS READY FOR ONE NOW CHOOSING THE RIGHT ONE CONCLUSION Q AND A
What is Knowledge Management?
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…
I’M NOT SURE MY FIRM IS READY FOR KNOWLEDGE MANAGEMENT… 6
Why Knowledge Management is Critical? Pressure from Clients for Efficiencies Managing Information and Communication Alternative Billing Shrinking Budgets
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 Value and Need of Knowledge Management Solution
Value of IT investment in the current legal market 10
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
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
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
HOW SHOULD I CHOOSE THE RIGHT ONE FOR MY FIRM? 14
KNOWLEDGE MANAGEMENT SYSTEMS
Knowledge Management System Considerations Scope Capture & Disseminate Easy to Use Multiple Access Points/Single Access Point Leverage Existing Technology Integration Support & Training Security
Question- Will it Be Worth it? Increase Productivity and Profitability Leverages your Organization’s Technology Investments Better if it is Business Development Tool
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
… 30% said they send a companywide
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…
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?
WEST KM. WHERE WESTLAW MEETS YOUR ORGANIZATION’S BEST WORK.