This series of blog posts describes challenges law firms face with regards to researching new opportunities and target clients. We outline an approach that improves the Business Development (BD) opportunity intelligence process and fuels revenue generation. This approach combines Mind-Alliance consulting and the MindPeer Strategic Intelligence Management System.
This first post in the series focuses on the key challenges.
Law firms face a few common, fundamental challenges when it comes to Business Development (BD) research to gain intelligence about opportunities and target clients.
1. NO STRATEGIC VIEW OF BD RESEARCH
BD directors often cannot systematically determine, based on data, whether the firm is adequately supporting BD pursuits with the required research services. At a strategic management level, they have not assessed the maturity of their BD research capabilities – people, process, technology, data, and governance.
Moreover, they don’t know whether they have enough research analysts around the clock to support a growing volume of BD research support requests.
In Part 1 of “How to Develop a Successful Knowledge Management Strategy” we discussed the goals organizations commonly have to create a KM strategy and the importance of starting with a study that reveals the current state of KM in the organization. This post outlines a process for developing a KM and Collaboration Strategy, a Portfolio of Solution Approaches, and an Implementation Plan.
The first step is to define a vision and set of strategic objectives, informed by the findings from the Phase 1 study of the “as-is” state of KM. This vision often is about why the organization wants to harness the power of better information sharing and collaboration, knowledge management, learning, and innovation. Each organization has a unique perspective about how this will enable it to deliver greater impact through enhanced decision making and organizational performance.