Many businesses have had to go through rapid digital transformation in the last couple of years.
This accelerated change has resulted in certain challenges for departments, such as legal departments. The number and complexity of transactions required of in-house legal departments have never been greater. The explosion in e-commerce, new channels such as mobile commerce and m-banking, and corporate governance regulation in specific industries, make the adoption of sophisticated systems more critical than ever before. Here’s how your company can overcome legal technology challenges.
Establish a technology committee in your legal department
Establishing a technology committee in your legal department will help create a link between the department head and the end users for effective interaction. As a result, this ensures efficiency and harmonization of various technology implemented.
Additionally, a technology committee will also be responsible for assessing technological requirements, keeping a tab of updates on technology being used, and setting up tech-based platforms for your company. Furthermore, the committee can also help setting up training programs on new technologies and platforms for the company. This ensures that the team is always up to date with their technology and all technological needs are addressed.
Recognize that choosing the right vendor is critical
Once a technology committee is established, the team must be able to identify the right vendor for the company’s legal technological needs. Various aspects go into selecting the right vendor. The best way to start is by shortlisting a few contenders and then assessing your options.
You can eliminate a few contenders from the list based on your budget. Once this is done, one of the steps in choosing the right vendor would be to figure out who the industry leader is. Look for a company that is growing or is on top of the list. You likely want to engage with a top company than one that is not growing. Aspects to consider include what kind of services they offer, how often they come up with new services or solutions, and if possible, who they are working with within the current market.
Understanding your potential vendor’s market share and value is essential as it helps you understand how serious they are about their growth. This also assures you that they are up to date with their technologies. You can go into further details by setting up conversations and making out a list of questions appropriate to your requirements.
Embrace “social” technology
“Social” technology is any technology that allows for social interactions such as blogs, social networks, and web conferencing. In the case of overcoming legal technology challenges, social tech allows you to leverage both internal and external networks for competitive advantages.
The exchange of information internally and externally is vital to any business. The internal communication of a company usually has an established system in place. Social technology steps in to elevate the use of internal communications and create a pathway for external communications for your company. Tools such as website blogs, social media, and webinars aid in developing a holistic 360-degree communications approach for all your stakeholders – internal and external – also ensuring that all your communications bases are covered.
Remember that everything you do should be measurable and tracked
One of the ways to measure success is through measurable tactics. Therefore, you must begin by setting goals at the beginning of implementing any new technology. These goals can be visited at an agreed time period and evaluated to see how well the new technologies work. This allows you to eliminate technology that may not be working or improve it based on the results.
Some examples of aspects that can be measured are legal spending, spending before and after implementing new tech, time spent on projects before and after new tech, and the level of satisfaction from an end-user.
In summary, given the ongoing challenges in efficiently transforming – the technological demands of enterprise legal departments have historically driven the use of third-party legal technologies. Legal departments are under increasing pressure to prove their value to the business.. To keep up with the changes, it is important to evolve with the times and implement new technologies that can aid the legal department of your company. However, in the process, it is also imperative that any risks are properly evaluated.