P2P

23 I L T A N E T . O R G W hat is knowledge, and what's the best way to manage it? Knowledge management's continual evolution in response to changing economic and business environments means that the answer is always evolving. Traditionally, there have been different approaches to knowledge management (KM) depending on what part of the globe you come from. The United States has a tradition of technology, search, and data, whereas in the UK and other parts of the world, there is more of a focus on creating content and knowhow. What's interesting is that, globally, these two areas are coming together. The US is picking up more of the knowhow and process-based approach, while the UK, Europe, and Australia are increasingly looking to embrace the analytics that the US have always championed. If knowhow-led KM is about providing the content and best practice guidance to ensure that efficiency is driven through consistently, and analytical KM is about deriving data from the outputs of documents and matters, then what does the merging of the two look like? Picture a law firm that has a practice centered around real estate leases and property portfolio work. Knowhow-led KM would assist with mapping out and executing the process as efficiently as possible. Having all the leases in one place, however, would generate data that analytical KM could then derive insights from, and even uncover opportunities based on what the data as a whole is showing. This analytical data can show insights into how to improve the knowhow based on trends in deal and documents. Simply put, the merging of the two approaches allows the strengths of each to combine into something greater than either approach on their own would be. Perfect Timing This merging couldn't have arrived at a better time, given the working conditions that the COVID-19 pandemic has brought about over the last seven months. Business-as-usual has been upended, and the vast majority of legal professionals are working remotely. This means they can't just stroll down the hallway and pop into someone's office to ask them a question about who has expertise in Middle East real estate transactions, or what share purchase agreement is the best template to use as a starting point for their own efforts. These "water cooler" exchanges have, well, cooled off for the moment. At the same time, the COVID-19 pandemic has put the global economy on red alert that tough times may be ahead, depending on how quickly and how smoothly various industries recover from the blow that COVID-19 has dealt. If there is a recession – and regardless of whether that recession is mercifully brief or painfully drawn out – repeatable, efficient service delivery only becomes more important. The ability to deliver value to the client in a cost effective way is essential when the economy is on shaky ground and there's a close eye on costs – and KM has a significant role to play in delivering that value. In fact, real world anecdotal evidence bears out this renewed emphasis on KM. There are several indications that KM professionals are now busier than ever – from uptake in the creation of knowhow materials, to a focus of innovation programs to give time to fee earning lawyer to improve process and create templates, and embedding knowledge assets into new technology areas like deal management/collaboration portals. As every deal has to be done 'at distance' and in digital tools, KM teams are in huge demand. Given how crucial this function now is, how will we see KM efforts evolve to best serve the organization?

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