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Blockchain and Smart Contracts may have a greater impact than many in professional services imagine

Professional services firms are intrigued by Blockchain but many don’t really have an understanding of what it is and the way in which it might impact their existing service-based models. Now, I am no expert on the topic, but from what I have seen and my experience of building process automation tools for professionals, I personally think it will have a huge impact on many of the businesses that professional services firms work with. In this article I would like to share some thoughts and it would be great to get a conversation going on this area. I would like to invite those working in this space to reach out and contribute thought pieces to Alternative Insights, illustrating their work on this area.

At the recent tech and innovation for professional services leaders summit we asked a live poll question on which technologies people felt would have a real impact in future years. On the impact of future technologies question these were the average scores on impact out of 5, with 5 being the highest possible impact, in order;

  • Data analytics: 4.8
  • Automation: 4.5
  • Process efficiency: 4.5
  • Artificial Intelligence: 4.2
  • Contract lifecycle: 3.4
  • Blockchain &

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Simon Drane

Simon Drane

earlsferry advisory
Simon has held numerous positions within the professional services sector over the last 25 years, at a FTSE 100 legal information solution provider, a legal technology consultancy, a law firm, an accounting firm, and a legal membership organisation. Simon has qualifications in law and tax, and deep experience in commercial product strategy. Simon has board level experience of both executive and non-executive roles, and as CEO of a technology startup. He has a strong track record in creating innovative product strategies resulting in multiple new multimillion pound high growth lines of business. Simon led the new investments product strategy area at LexisNexis and created and launched many of the next generation content and workflow product offerings for lawyers. At the Law Society Simon ran the commercial arm of the organisation and restructured a set of commercial investments through taking board seats. He also implemented a new commercial strategy including a significant shift in focus to legal technology innovation including the launch of a legal tech focused Barclays EagleLab accelerator. Simon has also held senior knowledge management roles in both law and accounting firms. Simon established earlsferry advisory towards the end of 2018 to help people with their product strategies, whether they are technology businesses, professional services businesses or investors into these spaces.