Innovation in the legal industry has led to a rise in digitalisation, adoption of the Internet of Things and increased use of AI.
For years, industry experts warned of the legal sector’s slow pace in adopting digital technologies. But now, lawyers and legal professionals across the world are waking up to the benefits of digital transformation.
Greg Baxter, Chief Digital Officer of MetLife, Inc notes that “digital technologies have changed the way that you can connect and relate to customers”. Indeed, as consumers continue to turn to mobile apps and the internet to access all of their services, truly digital solutions in legal will become increasingly important.
What is the digital transformation, specifically in this sector? What are the key technologies driving this transformation? What challenges will need to be overcome before professionals can properly take advantage of the benefits of our digital world?
What is Digital Transformation in the Legal Sector?
To undergo a digital transformation is to integrate digital systems & processes into your organisation’s workflow. The key goal of a digital transformation is to reduce costs and alter the way your organisation interacts with your customers.
It is now up to the legal sector to respond to these changing consumer tastes and adopt digital processes. Why do consumers need a digital experience?
McKinsey found that most of all, clients want simplicity and 24-hour access to their services. Conversely, business owners are always looking to drive down costs. Digital processes can solve all of these demands.
Primarily, digital transformation in legal revolves around these four key areas:
Digitising the Employee Experience
eSignature Solutions
Modern Meeting Spaces
Workflow Automation
What are the technologies driving the digital transformation in legal?
To explore the process of digital transformation, it’s important to look at the technologies and processes that are at the forefront of this digital disruption.
Cloud Computing
Any digital process requires agile & adaptable cloud infrastructure. Cloud storage of customer data and analytics is the most secure & efficient way to store data. Furthermore, cloud resources are far more scalable than physical systems - facilitating rapid growth & scalability.
Automation
Using AI & machine learning to automate and streamline processes is one of the biggest ways law firms can boost efficiency and improve their bottom line.
Big Data
The availability and integration of data into platforms is a key driver of automation & efficiency gains.
Firms looking to use digital AI tools to optimise their processes and policies to better suit their customers will need to understand what their clients needs are.
CRM
As the legal world becomes even more saturated and competitive, firms will need to turn to improving their customer experience (CX) to gain an edge over competitors.
CRM - or customer relationship management - software allows legal employees to manage their client interactions more seamlessly and ultimately helps build a more positive customer journey.
A CRM - like Dynamic 365’s Service platform - gives customer service teams great visibility into all their interactions with leads and customers.
What are the benefits of a digital transformation to your business?
There’s a reason so many law firms are turning to digital technology to fuel their growth & expansion.
Why should your business embark on this digital journey?
Improved Profitability: The efficiency and resource management gains we touched on before lead to a dramatic fall in costs. The business opportunities afforded by a digital workflow also boosts revenue - we’ll touch on that below.
New opportunities and business models: We’re close to a tipping point. Up until now, digital transformation has focused on using digital means to improve the efficiency of existing processes and business models. However, as consumer confidence in technology continues to rise and overall tech literacy improves, law firms can turn to new pricing models and strategies to find new revenue streams.
Deliver more personalised customer experiences: Digital experiences can be moulded to best suit customers. For instance, younger consumers want fast, convenient claims and support systems akin to shopping on Amazon. Embracing digital technology and especially mobile-first online platforms will improve the customer experience and increase satisfaction - letting your business stand out amongst the rest.
How we can help
The journey of digital transformation differs greatly from business to business however, it always starts in the same way, with a clear goal and plan to achieve that. Read our eBook to learn more about the importance of digital transformation, as well as how to define your business transformation goals and how to implement these technologies.
If you want to find out more about how your business could benefit from a digital transformation project such as eSignature and Document Management System integration, contact us today.
Comments