Sun. Aug 14th, 2022
    en flag
    nl flag
    et flag
    fi flag
    fr flag
    de flag
    he flag
    ja flag
    lv flag
    pl flag
    pt flag
    es flag
    uk flag

    Content Assessment: Changing Currents? Eighteen Observations on eDiscovery Business Confidence in the Summer of 2022

    Information - 96%
    Insight - 95%
    Relevance - 96%
    Objectivity - 94%
    Authority - 97%

    96%

    Excellent

    A short percentage-based assessment of the qualitative benefit of the recent post highlighting observations on eDiscovery business confidence.

    Editor’s Note: The results of the recent Summer 2022 eDiscovery Business Confidence Survey present the impact of key issues on the business of eDiscovery. However, for issues and their potential impact on the business of eDiscovery to be fully understood, they should be viewed through the contextual lens of the results of all the surveys that have been administered to eDiscovery professionals since survey inception.

    Initiated in January 2016, the survey has been administered twenty-six times with 2,774 individual responses. The latest survey was administered in the summer of 2022 and had 73 respondents.


    Industry Survey

    The Business of Discovery in the Summer of 2022

    Aggregate Results

    The eDiscovery Business Confidence Survey is a nonscientific quarterly survey designed to provide insight into the business confidence level of individuals working in the eDiscovery ecosystem. The survey consists of nine core multiple-choice questions focused on factors related to the creation, delivery, and consumption of eDiscovery products and services. Additionally, the survey contains three optional questions focused on the business operational metrics of days sales outstanding (DSO), monthly recurring revenue (MRR), and revenue distribution across customer bases.

    Specific survey questions include:

    • Which of the following segments best describes your business in eDiscovery?
    • How would you rate the current general business conditions for eDiscovery in your segment?
    • How do you think the business conditions will be in your segment six months from now?
    • How would you guess revenue in your segment of the eDiscovery ecosystem will be six months from now?
    • How would you guess profits in your segment of the eDiscovery ecosystem will be six months from now?
    • Of the six items presented below, what is the issue that you feel will most impact the business of eDiscovery over the next six months?
    • In which geographical region do you primarily conduct eDiscovery-related business?
    • What area best describes your primary function in the conduct of your organization’s eDiscovery-related business?
    • What area best describes your level of support in the conduct of your organization’s eDiscovery-related business?
    • How would you characterize the trajectory of your organization’s Days Sales Outstanding (DSO) during the last quarter?
    • How would you characterize the trajectory of your organization’s Monthly Recurring Revenue (MRR) during the last quarter?
    • Which of the following statements best describes the distribution of your organization’s revenue across your customer base during the last quarter?

    The latest survey was administered in the summer of 2022 and had 73 respondents in roles that included executive leadership (45.2%), operational management (35.6%), and tactical execution (19.2%). Industry segments represented in the survey included software and service providers (38.4%), law firms (31.5%), consultancies (17.8%), corporations (8.2%), media and research professionals (2.7%), others (1.4%), and governmental entities (0.0%).

    Based on the aggregate results of twenty-seven surveys, the following findings and charted overviews of responses to survey questions may help in understanding the collective mindset of many industry experts regarding the business of eDiscovery.

    Eighteen Survey Observations

    Observations on Business Conditions (Charts 1-4)

    Business Climate (Charts 1 and 2)

    • In the summer of 2022, 95.9% of eDiscovery Business Confidence Survey respondents felt the current business conditions are good or normal. This combined confidence level represents a 1.6% increase in these same feelings when compared to the spring of 2022 when 94.3% felt the conditions were good or normal.
    • Exactly 57.5% of survey respondents characterized the current business climate as good. This represents a strong decrease from 71.2% of respondents who viewed the business climate as good in the spring of 2022. This decrease from the spring of 2022 may represent a shrinking of optimism in the current general business climate for eDiscovery.
    • Only 4.1% of respondents classified the current business condition as bad. This represents a decrease of 1.7% in this area from the last quarter. This is also the second-lowest percentage of respondents viewing the current business conditions as bad since the beginning of the COVID-19 pandemic in the spring of 2020.
    • In the summer of 2022, 46.6% of eDiscovery Business Confidence Survey respondents felt that business climate conditions will be better in six months. This is a 7.2% decrease from sentiment in the spring of 2022 when 53.8% of survey respondents felt that the business conditions would be better in six months.
    • The number of survey respondents that felt the business conditions will remain the same in six months increased slightly by 2.4% from the previous quarter to 46.6%.
    • The number of respondents expecting the business climate of eDiscovery to be worse in six months increased in the summer of 2022 to 6.8%, up from 1.9% in the spring of 2022. This percentage is the highest percentage of respondents who felt the business climate will be worse in six months since the fall of 2020.

    Revenue Expectations (Chart 3)

    • In the summer of 2022, 54.8% of survey respondents felt that revenue in the next sixth months will be higher than today. This percentage is lower than the sentiment on this metric in the spring of 2022 (63.5%) and may represent a changing current of optimism toward positive revenue expectations for the second half of 2022.
    • 38.4% of the survey respondents felt that revenue in the next six months would not change. This represents a 7.6% increase quarter over quarter from 30.8% in the spring of 2022.
    • The percentage of respondents who felt that revenue in six months will be lower than today increased to 6.8% in the summer of 2022, 1.0% higher than in the spring of 2022.

    Profit Expectations (Chart 4)

    • 38.4% of survey respondents felt that profits will be higher in six months than they are today. This is a marked decrease from the spring of 2022 when 44.2% of respondents estimated profits to be higher in six months.
    • The percentage of respondents who felt that profits will be the same in six months increased slightly quarter over quarter from 46.2% in the spring of 2022 to 47.9% in the summer of 2022.
    • The percentage of respondents who felt that profits in six months will be lower than today increased quarter over quarter, with 13.7% expressing this sentiment in the summer of 2022, as opposed to 9.6% in the spring of 2022.

    Observations on Business Impact Factors (Chart 5)

    • In the summer of 2022, 28.8% of respondents viewed increasing types of data as potentially having the greatest impact on their business in the next six months. This percentage is the highest of all concerns represented in the summer 2022 survey. This percentage is also the second-highest rating in the area of increasing types of data concerns since the inception of the survey in the winter of 2016. 
    • The percentage of respondents that viewed budgetary constraints as a top business issue jumped by 18.9% from the last quarter and is now viewed as the top concern by 24.7% of survey respondents. 
    • The percentage of respondents that viewed lack of personnel as a top business concern decreased significantly in the last quarter from 21.2% in the spring of 2022 to 16.4% in the summer of 2022. This is a continued drop from the winter of 2022 when the percentage of respondents expressing their concern of lack of personnel as their top business performance concern was the highest in this area since the inception of the survey. 
    • Increasing volumes of data continued to be a reasonably consistent concern for eDiscovery professionals with 15.1% of summer 2022 survey respondents viewing data volume challenges as potentially having a substantial impact on business in the next six months. This was a slight decrease in this area from the 19.2% response rate in the spring 2022 survey. 
    • Respondent’s concern for the impact of data security on eDiscovery business performance remained the same during the last quarter and continues to be the top concern for 9.6% of those surveyed, the same as in the spring of 2022. 
    • In the summer of 2022, the impact of inadequate technology as the top business issue decreased by 2.2% from the last quarter and is now viewed as the top concern by only 5.5% of survey respondents. This is also the lowest concern of any issue in the summer 2022 survey. 

    Survey Charts

    (Charts Can Be Expanded for Detailed Viewing)


    Chart 1: How would you rate the current general business conditions for eDiscovery in your segment?
    Subjective feeling of business performance when compared with business expectations.

    1 - General Climate Overview - Aggregate - Summer 2022

    Chart 2: How do you think the business conditions will be in your segment six months from now?
    Subjective feeling of business performance when compared with business expectations.

    2 - General Climate Overview + Six Months - Aggregate - Summer 2022

    Chart 3: How would you guess revenue in your segment of the eDiscovery ecosystem will be six months from now? Revenue is income generated from eDiscovery-related business activities.

    3 - Revenue Overview + Six Months - Aggregate - Summer 2022

    Chart 4: How would you guess profits in your segment of the eDiscovery ecosystem will be six months from now? Profit is the amount of income remaining after accounting for all expenses, debts, additional revenue streams, and operating costs.

    4 - Profits Overview + Six Months - Aggregate - Summer 2022

    Chart 5: An Aggregate Overview of Issues Impacting eDiscovery Business Performance Challenges that may directly impact the business performance of your organization.

    5 - Issues Impacting eDiscovery Business Performance - Aggregate - Summer 2022

    Chart 6: Survey Participant Overview

    6 - Survey Respondents (Individual and Aggregate Overview) Summer 2022

    Chart 7: Survey Participant Level of Support Overview

    7 - Survey Respondents by Level of Support - Aggregate - Summer 2022

    Chart 8: Survey Participant Industry Segment Overview

    8 - Survey Respondents by Industry Segment - Aggregate - Summer 2022

    Past Survey Results

    Additional Reading

    Source: ComplexDiscovery


     

    Have a Request?

    If you have information or offering requests that you would like to ask us about, please let us know and we will make our response to you a priority.

    ComplexDiscovery is an online publication that highlights cyber, data, and legal discovery insight and intelligence ranging from original research to aggregated news for use by cybersecurity, information governance, and eDiscovery professionals. The highly targeted publication seeks to increase the collective understanding of readers regarding cyber, data, and legal discovery information and issues and to provide an objective resource for considering trends, technologies, and services related to electronically stored information.

    ComplexDiscovery OÜ is a technology marketing firm providing strategic planning and tactical execution expertise in support of cyber, data, and legal discovery organizations. Focused primarily on supporting the ComplexDiscovery publication, the company is registered as a private limited company in the European Union country of Estonia, one of the most digitally advanced countries in the world. The company operates virtually worldwide to deliver marketing consulting and services.

    The Tip of the Iceberg? New ENISA Report on the Threat Landscape for Ransomware Attacks

    According to ENISA, this threat landscape report analyzed a total of...

    Consumers Paying the Price? Cost of a Data Breach Hits Record High According to New IBM Report

    According to IBM Security, the annual Cost of a Data Breach Report...

    Safeguarding ePHI? NIST Updates Guidance for Health Care Cybersecurity

    This new NIST Special Publication aims to help educate readers about...

    Countering Threat Actors? Using Social Network Analysis for Cyber Threat Intelligence (CCDCOE)

    According to the NATO Cooperative Cyber Defence Centre of Excellence (CCDCOE)...

    Revenue Headwinds? KLDiscovery Inc. Announces Second Quarter 2022 Financial Results

    According to Christopher Weiler, CEO of KLDiscovery Inc, “The second quarter...

    Beyond Revenue? DISCO Announces Second Quarter 2022 Financial Results

    According to Kiwi Camara, Co-Founder and CEO of DISCO, “We are...

    Live with Leeds? Exterro Completes Recapitalization in Excess of $1 Billion

    According to the press release, with the support of a group...

    TCDI Completes Acquisition of Aon’s eDiscovery Practice

    According to TCDI Founder and CEO Bill Johnson, “We chose Aon’s...

    On the Move? 2022 eDiscovery Market Kinetics: Five Areas of Interest

    Recently ComplexDiscovery was provided an opportunity to share with the eDiscovery...

    Trusting the Process? 2021 eDiscovery Processing Task, Spend, and Cost Data Points

    Based on the complexity of cybersecurity, information governance, and legal discovery,...

    The Year in Review? 2021 eDiscovery Review Task, Spend, and Cost Data Points

    Based on the complexity of cybersecurity, information governance, and legal discovery,...

    A 2021 Look at eDiscovery Collection: Task, Spend, and Cost Data Points

    Based on the complexity of cybersecurity, information governance, and legal discovery,...

    Five Great Reads on Cyber, Data, and Legal Discovery for July 2022

    From lurking business undercurrents to captivating deepfake developments, the July 2022...

    Five Great Reads on Cyber, Data, and Legal Discovery for June 2022

    From eDiscovery ecosystem players and pricing to data breach investigations and...

    Five Great Reads on Cyber, Data, and Legal Discovery for May 2022

    From eDiscovery pricing and buyers to cyberattacks and incident response, the...

    Five Great Reads on Cyber, Data, and Legal Discovery for April 2022

    From cyber attack statistics and frameworks to eDiscovery investments and providers,...

    Inflection or Deflection? An Aggregate Overview of Eight Semi-Annual eDiscovery Pricing Surveys

    Initiated in the winter of 2019 and conducted eight times with...

    Changing Currents? Eighteen Observations on eDiscovery Business Confidence in the Summer of 2022

    In the summer of 2022, 54.8% of survey respondents felt that...

    Challenging Variants? Issues Impacting eDiscovery Business Performance: A Summer 2022 Overview

    In the summer of 2022, 28.8% of respondents viewed increasing types...

    Downshift Time? eDiscovery Operational Metrics in the Summer of 2022

    In the summer of 2022, 65 eDiscovery Business Confidence Survey participants...

    Counterattack in Crimea? Ukraine Conflict Assessments in Maps (August 8 – 12, 2022)

    According to a recent update from the Institute for the Study...

    Droning On? Ukraine Conflict Assessments in Maps (August 3 – 7, 2022)

    According to a recent update from the Institute for the Study...

    Assuaging Distress? Ukraine Conflict Assessments in Maps (July 29 – August 2, 2022)

    According to a recent update from the Institute for the Study...

    Momentum Challenges? Ukraine Conflict Assessments in Maps (July 24 – 28, 2022)

    According to a recent update from the Institute for the Study...