Section 3 – Technology and innovation
Technology is changing the operational and competitor landscape across all sectors, and is fundamentally altering the way all business functions are creating value for their organisations. For General Counsel, data analytics and artificial intelligence (AI) are the technologies that will have the greatest impact on organisations in the next two or three years. 49% of General Counsel say data analytics will have a high impact in their organisation but only 33% say they have a good understanding of the innovation or its legal implication. There is a clear gap in the level of understanding for this (and other technologies) but there is evidence that this gap is narrowing in relation to the more embedded and mature technologies. For example, last year only 22% claimed a good understanding of data analytics and the use of predictive analytic techniques and this has increased by 11% to 33%.
41% say AI will have a high impact and 29% have a good understanding – this perception has remained largely unchanged year on year. There remains more confidence in the understanding of AI (or machine learning) when used for document review, indicating that engagement with and evaluation of this technology is relatively mature. As was the case last year, Board Directors consistently express greater confidence than General Counsel about their organisations understanding of technology. Boards will have a key role in facilitating advice, training and knowledge sharing to foster co-ordinated and integrated implementation of technology initiatives that deliver genuine value across organisations.
E - COMME RCE AND OUR D I G I TAL P LAT FORMS AR E B ECOM I NG I NCR EAS I NGLY I MPORTANT. UNDE R S TAND I NG THE WAYS OUR CUS TOME R S WI L L ACCE S S THE S E RV I CE S WE P ROV I DE WHE THE R THROUGH OUR R E TA I L S TOR E S AND GARAGE S OR OUR HAL FORDS MOB I L E EXP E RT VANS , TOGE THE R WI TH THE WAYS THEY CAN F I NANCE THE I R PURCHAS E S AR E K EY FOCUS AR EAS FOR US GO I NG FORWARD.
Tim O’Gorman, General Counsel and Company Secretary, Halfords Group
WE TRY AND BUI LD A CULTURE WHERE PEOPLE ARE TALKING TO EACH OTHER SO WE CAN CHANGE OUR BUS INESS TO MEET THE NEEDS OF THE MARKET. WE STRUCTURE BASED ON CL I ENT FEEDBACK AND DESK RESEARCH WHICH I S FED INTO OUR STRATEGIC GROUP.
Gary Davison, Legal Director and Company Secretary, AKT II
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