Your manual processes are holding you back more than you know. Your legal team is putting in the hours and addressing legal requests as quickly as possible, but trying to get it all done using a spreadsheet, a whiteboard, some index cards, and your inbox makes your work harder than it needs to be. What’s worse, there’s no streamlined way to capture data that shows all the hard work you’re doing for the business. This is where legal technology can close the gap.
Legal technology is the way to go when you need to introduce efficiency into your processes. Not only can legal tech tools automate tedious tasks and organize your legal portfolio, but they’re also a great source of data for your team and your business.
With data from legal technology, your team can finally communicate your value to the rest of the team. Contract lifecycle management (CLM) tools, for example, help your team track metrics that directly and indirectly show how busy you are, highlight opportunities for improvement, and empower smart decision-making.
Here’s some data you’re missing out on without legal technology:
Data to advocate for more resources
Data from legal technology tools can help you advocate for more budget and more headcount. Being busy isn’t enough of a reason for your CFO to sign off on hiring more people or increasing your team’s budget. After all, everybody’s busy.
But with legal technology like CLM, you can track how much work is moving in and out of the legal department, how much your workload has increased year-over-year, and whether or not powering through is the most efficient use of your time. This data makes it possible to quantify the value you’re driving now, and prove how much further you can go with increased support.
Data to track process metrics
Even if your team’s processes have been working fine, there’s always room for improvement. Executing your tasks manually not only sucks up your valuable time, but also gives you no way of tracking what’s working and what’s not.
Legal technology helps find the cracks in your processes and seals them up. For example, you can use legal project management tools to track how long a certain process takes and if the bottleneck is caused by a time-intensive process, a broken workflow, or an underperforming teammate.
Data to monitor the health of your customer base
Your contracts hold critical business data. This is why it’s crucial that your team always knows where to find your agreements and what’s in them. It’s also important to keep a finger on the pulse of impending termination and renewal dates.
CLM technology can help legal teams pull reports that track the health of your contracts and customers. Use dashboards to pull reports on which contracts are at risk of churn, how many have churned in the last quarter, and what you can do to retain current customers. This allows your team to be more strategic and make data-driven decisions.
Takeaways
Legal technology is a rich source of data for modern businesses. Without it, most teams are left running on E and can’t pull up metrics to prove that they really have been working this whole time. But your team can’t get these metrics with manual processes. Instead, use legal technology like CLM and legal project management to track performance, process, and efficiency metrics, advocate for more headcount, and understand your customer base.
See how LinkSquares CLM can help you make smarter decisions. Contact us today.
