We’ve had a tumultuous year and navigating disruption seems like the new normal.
But there’s a raft of technology, market shifts and societal change occurring that mean more disruption is on the way. Are you prepared for what’s in store and how to steer your law firm or legal team through the quagmire?
Even back in 2019 McKinsey believed that distribution would intensify – little did we know quite how much! But it’s not the disruption behind us that we need to focus on; it’s what’s happening tomorrow that we need to better understand to develop the coping mechanisms to thrive.
Three methods to navigate tomorrow’s disruption:
Put simply, you can’t be agile unless you’ve undergone digitization. The need to move quickly and change direction according to clients and stakeholder needs is dependent upon having the right digital systems in place.
The importance of digitization and working away from the office was highlighted during the pandemic, and the trend for mobility won’t end here. Having the capability to conduct any and all legal work on the move will be essential – whether that’s as simple as using DocuSign, or as complex as conducting contract management from an app on your phone.
Technologically based trends such as big data and analytics are founded on having the right data in the right place to help you predict the future and be more agile in your response. Another incoming trend is automation in the form of chatbots. While early versions were weak, now chatbots respond intelligently, and making this part of your internal processes, contracting and negotiation strategy could save hundreds of hours.
The tough part about resilience is that you can only become resilient by making mistakes. But according to McKinsey speed and resilience are two key attributes of dealing with disruption. It’s this speed that is driving leaner business models, where accelerated feedback from partners, customers and stakeholders will help us expedite new products and services to match demand. And while speed might mean we make a few mistakes, that’s what builds resilience.
Anything that slows your business down, such as access to data, will hinder your prospects. That’s why data warehouses and data lakes will prove so effective; they prevent duplication of effort and allow us to recycle data and re-use insights without increasing costs.
Blockchain is on the way and will likely help us develop our resilience muscle as we catch up with our colleagues in the fintech area who have seen the value and meteoric rise of this technology.
The customer experience (CX) is king. And powering CX is the customer data flooding into all aspects of our businesses. Although it’s not trickling into the legal function as effectively as it could, this in-depth customer data can ascertain potential risk, for example, do you risk revenue now but build a relationship or do you make a lot of money, but know that the client is not going to stay with you. Data will help you make that decision.
Risk anticipation is key for business planning and helping us understand what clients need in the future. It will be driven by multiplatform technology – the integration of everything from IoT devices to smart TVs to contract management, to monitor customer behavior and risk.
Technology such as multitool platforms are also on the horizon; acquisitions are happening and investments are being made in legal tech, by traditionally non-legal tech companies which means you’ll use different platforms through a single solution, saving valuable time and helping your IT teams sleep more easily.
Predicting the future is a fool’s game, but by harnessing these three skills you can at least be prepared for whatever is coming next and navigate your way safely to success.
Our agility and resilience will disrupt the way we invest in technology, helping us better plan and navigate our way to the future. Contact us today to find out how we can help you thrive into tomorrow.