Peer to Peer Magazine

P E E R T O P E E R : I L T A ' S Q U A R T E R L Y M A G A Z I N E | W I N T E R 2 0 1 9 29 There are more than 2.5 quintillion bytes of data created each day. Over the last two years alone 90 percent of the data in the world was generated. 3 Our conventional methods of using manual effort to fill in gaps are dead on arrival under this tsunami of data — which means the problem keeps growing out of our reach even as we try to solve it: like using buckets to empty water from the Titanic. Artificial intelligence must be applied to organized data, and we are challenged to even meet these stage 1 requirements. Whether it's a decision to invest in a certain practice area, client, or rainmaker — it's the data enriched by AI that tells the story — but instead we have a potent mix of ROT, unstructured data and structured data. There's so much of it in so many disparate repositories that we don't even know what we have, let alone how to organize it for AI. Data Quality Stymies Regulatory Compliance Let me repeat: when it comes to data, there's so much of it in so many disparate repositories that we don't even know what we have, let alone how to organize it. It should be no wonder then that data is also keeping Chief Legal Officers awake at night. Data breaches, regulatory changes, and information privacy top the list of concerns for CLOs in 2019 — and data quality and lack of governance is going to fundamentally challenge our ability to deliver on these client and regulatory needs. The spate of new regulations that are popping up for instance — from GDPR to CCPA and others undoubtedly soon forthcoming — stipulate how organizations must protect specific types of data such as PII and PHI. These new regulations have increased complexity and risk for organizations as they have very concrete, enforceable penalties: up for four percent of a firm's global annual revenue for GDPR compliance failures or $750 per California (CCPA) resident 4 (there's 39.56 million residents in the state of California). But it is incredibly challenging to protect data privacy or comply when you can't even find all the data. The business case for information governance could not be louder or clearer. We cannot deliver on client requirements to safeguard their data nor gain adoption of new, innovative technologies without it, period. The reason is simple: we cannot apply process or policy or technolo to data or information assets we cannot see or control. This means information governance comes first: because our clients are asking for it, and our innovation programs need it. Innovation Starts with Data Here then is the question we should be asking: not only "what" to adopt, but "how" do we set up for a successful innovation? First and foremost, treat data like gold — treating data like gold means a robust, diligent data governance program. While this is an internal function, it is the bedrock of all client service initiatives. Only with its arms around its data, can a firm know what it has and, therefore, what it can leverage to market advantage. It's that simple. Winning once is not enough, and innovation is dynamic. It is said the greatest competitive advantage the future holds is to learn faster. As we've been seeing a separation where some firms gain advantage in the market while others disappear overnight, it seems this will only be accelerated once more firms are able to leverage AI while others fall behind. Don't let the gap widen. ILTA Christopher Zegers Christopher Zegers is the Director of Consulting Services, Legal, at IVIONICS. He is a strategic and forward-thinking information technology executive with extensive experience innovating across all aspects of IT strategy and operations. He has a proven ability to develop and implement effective growth strategies that optimize cost, improve efficiency and ensure productivity and he is adept in analyzing inefficiencies, identifying areas of opportunity and implementing effective solutions, delivering agility and adaptability to ever-changing environments.. He can be reached at czegers@ivionics.com. 1 2019 Citi Hildebrandt Private Client Advisory 2 Willie Peterson, "Escape the Calendar" 3 Bernard Marr, "How Much Data Do We Create Everyday?" 4 Cal. Civ. Code § 1798.155)

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