Are Legal Departments Missing Out On Needed Data?

In today’s fast-paced business environment, legal teams often find themselves relying on outdated tools like spreadsheets and emails. This not only hinders efficiency but makes it challenging to demonstrate the value of their work to the broader organization. The solution lies in embracing legal technology, which offers automation, organization, and valuable data insights, as reported in an article by LinkSquares.

Legal technology automates tedious tasks and streamlines the management of legal portfolios. Contract lifecycle management (CLM) tools, for instance, enable teams to support informed decision-making.

One significant advantage of legal technology is its ability to provide data that can be used to advocate for more resources. By leveraging CLM tools, teams can quantify their workload, demonstrate year-over-year increases, and present a compelling case for additional budget and headcount. 

Legal technology also facilitates the tracking of process metrics, identifying inefficiencies and areas for improvement. Utilizing legal project management tools, teams can analyze the duration of specific processes; pinpoint bottlenecks caused by time-intensive tasks, broken workflows, or underperforming team members; and subsequently enhance overall efficiency.

Furthermore, legal technology contributes to monitoring the health of a company’s customer base by leveraging critical business data within contracts. CLM technology enables legal teams to generate reports that assess the status of contracts and customers, highlighting potential risks of churn, recent churn occurrences, and strategies to retain current customers. This data-driven approach allows legal teams to make strategic decisions based on data about the customer base.

The adoption of legal technology, particularly CLM and legal project management tools, is essential for modern businesses seeking to use metrics to optimize performance, enhance processes, understand the customer base, and leverage valuable data insights to inform decision-making.