Digital transformation is the use of digital technology by businesses to solve business problems, increase efficiency, boost productivity or develop new products and services. In a rapidly evolving and competitive landscape, businesses are looking to disrupt or enter new markets by using technologies as diverse as Internet of Things (IoT), 3D printing, artificial intelligence (AI), data analytics, blockchain, cloud computing, innovative uses of data, predictive analysis and robotics. The transformation may be as apparent as a non-software company creating a software division, or as subtle as enhancing customer experience by acquiring marketing insights using data algorithms.
For certain sectors, such as the technology, software and communications industries, digital transformation is a powerful driver of innovation fueling their strategy, vision and mission. For others, such as financial services, hospitality, healthcare, travel, energy, retail and even manufacturing, data monetization and the new economy of connected things may be disruptive. Some may be further along than others in embracing digitization.
Companies are looking to pivot into innovative service lines, accelerate growth, shed a business division or completely exit the business. Understanding how digital strategy and data assets can shape your corporate roadmap can have a measurable impact on your employees, your customers and your bottom line.
Do you have the internal resources and skill sets to manage and maximize these opportunities? Do you know what questions to ask about IP ownership, vendor collaborations or cloud-based solutions? How do you calculate the value of your data assets and protect them from unauthorized access, use or transfers? How will your data, or limiting access to it, be viewed by antitrust and consumer protection agencies? It’s vital to not only understand the legal and regulatory environment but also to have the right team with the expertise and experience when you are entering uncharted waters. If you are positioning for what’s beyond the horizon and looking for your North Star, we can be your crew that moves the ship forward.
The BakerHostetler Digital Transformation and Data Economy team can help you determine where your opportunities and vulnerabilities lie and design a plan to manage, protect and leverage digitization and data assets. Identifying unique value propositions and addressing strategic and legal issues proactively are key to sustained success.
Our multidisciplinary team provides a 360-degree view on risks and opportunities by solving legal problems involving intellectual property, technology transactions, tax, corporate formation, regulatory matters, consumer privacy, cybersecurity and more.
Our attorneys have helped clients in many industries leverage technology and data to do more, move faster and engage better with their customers. As part of our industry-leading Digital Assets and Data Management and Intellectual Property Groups, our industry experience includes:
- Communications
- Energy
- Financial Services
- Healthcare
- Hospitality
- Life Sciences
- Manufacturing
- Professional Services
- Retail
- Software
- Technology
- Utilities