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#iltachat
We hosted our first #ILTAChat last week about #InnovationROI! If you missed it, you can find a summary on our #ILTABlog here: https://t.co/qmhXpVquzz and a Twitter Moment here: https://t.co/RKrDjRtAlT. Keep the conversation going! #Legaltech #innovation #WeAreILTA
If you missed the live #ILTAChat, find the moment here. Thank you to everyone who joined and who continue to join the conversation. ⚡️ “#ILTAChat #InnovationROI”
https://t.co/BjZotXGViW #WeAreILTA #legaltech
Thank you for joining our quick fire #ILTAChat about #InnovationROI! Feel free to keep chatting. We will be creating a Twitter Moment for easy reference. #legaltech #WeAreILTA
@ILTANet Identifying $ ROI also means time spent upfront. How much time is spent on current process? Who spends that time? What is the $ value of that time? Is it billed? Is it written off? Then, post-project process can be mapped against current state and #ROI assessed. #legaltech
A3: Innovative solutions often have benefits that are delayed. Don’t stop measuring until they are all identified! #ILTAChat
A3. I would imagine setting up the parameters of success at the outset. Asking the question "What's considered a win?" and it can't be 100% of timekeepers use the product. That's simply unrealistic. #iltachat
A3: measure often!! This is innovation. It’s new! Sometimes you don’t even know all the benefits it might have yet! #ILTAChat
It’s time for our last question, Q3: When is the best time to measure the value of an innovation initiative? #ILTAChat #InnovationROI
A2: another great way to measure ROI is the educational benefit of learning new processes. #ILTAChat
@ILTANet $value is obviously the ROI we all seek - but is so often difficult to prove with innovation projects. @jackwshepherd @kristinhodgins - how have you gone about this?
A2. I often hear anecdotal success stories. Or worse yet, shareholders leverage only "their" LPM despite protests that all of the LPMs on the team are equally capable and skilled. So, I guess that'd be qualitative #iltachat
A2: Customer satisfaction will lead to more work in the future! #ILTAChat
Many innovative solutions have benefits hard to measure! Risk reduction is one of them! #ILTAChat
Keep the conversation going. Question 2: Quantitative vs. Qualitative Value. How do you measure that? #ILTAChat #InnovationROI
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