Curious about the future of eDiscovery?
We sat down with Recommind's (news, site) VP of marketing Craig Carpenter at the International Legal Technology Association conference and discussed challenges facing the eDiscovery industry, hypothesized about the direction that it was likely to head and the growth of Recommind's Axcelerate eDiscovery On-Demand platform.
eDiscovery as Priority for Enterprises
In the last year of CMSWirecovering eDiscovery, the industry has grown and companies have been surprisingly eager to implement solutions. As well, eDiscovery has transitioned from a third-party, off-site tool into an in-house operation aimed at streamlining costs and workflow. Now that the need of eDiscovery has emerged as a priority for the enterprise, does it signify an opportunity for vendors to fine-tune their platforms? Are eDiscovery solutions becoming more refined?
Carpenter says that most of the new releases made by vendors are not done in an effort to fine-tune, but rather to "plug the gaps." Vendors are still developing their products to meet the needs of the companies they serve and do not yet have the luxury of time to fine-tune their platform.
Though Carpenter maintains that Recommind's releases and updates are "100% user-driven" he can't be sure that's how it is for everyone. Most companies are still trying to add features that will make them more competitive in the marketplace.
eDiscovery as a New Approach
Though the concept of search and discovery has been apart of legal strategy from the beginning, eDiscovery is a new approach and one that strives to be apart of a company's infrastructure for life. Are vendors prepared to sustain their customers and products for the duration?
Carpenter agrees that it is a question whose answer is not yet known. While vendors are certainly aware of the strategic advantage that their products offer customers, they are also very aware that it's more important that their solutions efficiently integrate with all kinds of legacy software. Having the capabilities to work with other platforms will continue to impact the viability of eDiscovery. eDiscovery's popularity in the past year reflects the impact of the economy; companies that have suffered losses, financial and reputation alike, have sought out eDiscovery to save them from future catastrophes.
Yet, how has eDiscovery helped prepare the financial industry, and other heavily regulated industries, like it, to handle situations that might have lead to the some of the disasters of the past?
Carpenter says because it hasn't been in companies best interest to broadcast the ways that eDiscovery products have kept them out of court, making it hard for vendors to brag about how much they've impacted the financial industry.
The Future of eDiscovery
Looking ahead, what will be the biggest challenges facing eDiscovery vendors?
In the next year, Carpenter says that there will be a "mad dash to deliver end-to-end solutions" as well as a focus on "cutting through the noise" so the platforms can begin focusing on refining their products. As well, vendors will continue to pay attention to their platforms' abilityto integrate and operate with others. Perhaps further into the future, as costs come down, vendors will have to find ways to stay viable. And that means either offering a product that seeks to solve more problems or one that aims to solve a very small, but significant issue of eDiscovery.
Carpenter also thinks that as companies embrace and integrate social media into their communication strategies, internally and externally, eDiscovery will be forced to figure out ways to manages and archives it.
This week Recommind acknowledged the impressive growth and popularity of its Axcelerate eDiscovery On-Demand solution. We have not heard much, if anything, about Axcelerate. Why are we know just hearing about it and what makes it so newsworthy?
On Recommind's Axcelerate On-Demand
Axcelerate On-Demand is more than year old and was developed to help companies handle multi-party cases, which law firms often refuse to handle in-house. Axcelerate provides inside and outside counsel with a secure and scalable web-based processing, review, analysis and production solution.
What makes it newsworthy, Carpenter says, is that over the last quarter, the total number of cases handled and revenue generated has surpassed the previous quarter's performance.
By offering a web-based option in addition to the their in-house solution, customers have more options of how to access their information and therefore has helped it grow over the short-term.