Combining Innovation & Technology for Real Change. Name:Lornen Panesso group number: 212032_50

Setting the Foundation
1. Joseph Schumpeter. He promoted the term “creative destruction”
  1. describe a theory of economic innovation in which technology and innovation replace older means of production/services—one where innovation can replace or completely displace existing companies or entire markets.
How Does an Existing Organization Avoid Becoming Obsolete?
1. *That organizations incorporate R&D (Research & Development)
2. +Have internal entrepreneurs with skills and competencies that define new business models that use technology and innovation to improve services, or create new offers
3. *Be alert to the development of new competitors and new strategies of existing ones, so as not to be left behind in a highly competitive world.
Example of the legal services market scenario
1. 1. Client Sophistication
  1. *Drives legal changes in technology
2. 2. Change in Competition
  1. *Legal Process Outsourcing (LPO) and Alternative Service Providers (ASPs) increasingly take market share away from law firms
3. 3. Law Firm Innovation
  1. *Law firms continue to leverage technology and new services to differentiate themselves in the marketplace
4. 4. Emerging Technology
  1. *The technology that creates information from unstructured data will transform both the business and the practice of law

Resource summary

	Created by lornen panesso over 5 years ago