Today’s “nice to haves” are tomorrow’s necessities. Start planning now for the opportunities and challenges you’ll need to engage five years down the road and beyond.
In a short span of time, enterprise technology has fueled the transformation of corporate legal operations from an administrative cost center to a strategic asset. The current wave of legal tech adoption has focused on data management, productivity and cost reduction. But the emerging next wave translates those outcomes into mission-critical business intelligence (BI) and data-driven decision making.
The building blocks of tomorrow’s legal tech infrastructure are well understood. Platforms and point solutions for matter management, e-billing, document management, and governance, risk and compliance are broadly used, with proven records of success. So the new challenge for corporate legal departments is both technical and strategic – how to integrate disparate systems and then convert the data they generate into new forms of actionable insights.
The history of enterprise resource planning (ERP) technology – legal tech’s progenitor – teaches us that technology solutions are only as good as the planning, processes and preparation that enable them. So the successful implementation of BI and data analytics should start long before solutions are vetted and selected.
It begins with intentionality, planning and finding the right technology partners. Start by considering a multi-disciplinary approach to legal operations. Large legal departments frequently are siloed into niche specializations that deal with short-term issues. Consider the potential strengths of a wider scope and a diversified approach that considers intra-functional dependencies and synergies. Then activate those new analytical capabilities through purpose-built systems.
The pace and complexity of legal operations only accelerate over time, so the planning and adoption of sophisticated legal technology is a necessary adjunct. Today’s “nice to haves” are tomorrow’s necessities. Start planning now for the opportunities and challenges you’ll need to engage five years down the road and beyond.
For more info on how to prepare your law department for business intelligence and data-based decision making, download our whitepaper: 10 Ways to Transform Your Legal Department