Although legal technology is rapidly changing the world of law, it’s just as important to consider how external stakeholders will be impacted by these changes. To make sure everyone gets on board with investing in automation solutions, lawyers need to take a step back and think creatively about what drives their stakeholders – then tailor an effective business case that makes sense for all those involved!
Are you looking for an effective way to make a strong legal automation business case? We give you 3 tips that can help you:
1. Identify who are of your stakeholders and their roles in the process.
When building a legal tech business case, many professionals tend to focus on the promotion of their own team. While that is understandable, it’s also important for decision-makers who aren’t part of the legal department – such as CFOs – to understand how this investment could benefit not just one area but the entire organization.
When you’re considering a legal solution, it’s critical to look beyond just how the legal team would benefit and explore what value can be delivered across your entire business. Presenting the advantages of contract automation with speed as a primary driver will help ensure sales teams get contracts quickly so they can deliver results that drive revenue growth.
When you align your business case with the top-line revenue and clear benefits for stakeholders, it’s a win-win situation that creates an unbreakable bond between them and yourself. By showing support for their success, everyone will be on board in no time – making your case even stronger!
2. Evaluate the ROI and prove your investment.
By diving deep into the metrics based on the ROI formula, will allow us to get a better understanding of how to optimize our processes. We must ask ourselves: who is involved in this? How often do we carry it out? How much time does each activity take up for us and – most importantly – what’s the cost associated with that task or process when taking salaries into consideration? By digging deeper, not only will you be able to unlock valuable insights but also find tangible ways to make savings within your team.
To best understand the value of an investment, you’ll need to look beyond just savings. Let’s say we take a technology that costs $100K per year: if its business case provides a delta of $500K annually, then it’s worth considering more deeply. However, there are other expenses like training and change management which must be accounted for in order to maximize your ROI – this is where finding a multiplier from saving & investments comes into play. Looking at all aspects involved when investing capital in solutions or technologies can help provide clearer visibility over what makes good sense financially as well as strategically for any legal team.
3. Line up the business case for legal technology with the company’s overall strategy
As part of the process, it’s essential to consider how implementing this technology can help your business reach its broader objectives. Often, legal teams may be so focused on their own challenges that they miss out on opportunities for simplification and efficiency which could give them a competitive edge – both within the team itself and across the organization as a whole.
Innovation is at the forefront of staying competitive in this day and age. e! provides legal teams with a way to simplify their processes, reduce risks, and enable organizations to stay ahead of their game when it comes to delivering outcomes quickly. By leveraging our automation solution through your own internal resources you can cement yourself as an industry leader that values stakeholder safety all while increasing competitiveness.