A stronger focus on data is imperative for a digital business.
Digital transformation is a top priority for all businesses. It involves utilising data to create business insights that enhance the organisations’ capabilities while creating better engagement with customers. In today’s pandemic situation, a digitally enabled business is the only way a business can thrive. This is true for law firms too.
Data is at the centre of all digital transformation projects. There are several technologies available in the industry for law firms to leverage the power of the data they hold. In order to optimise the use of these technologies, law firms need to have a stronger focus on managing their data.
Law Image reached out to law firms in Australia through our survey to understand the focus areas for data management for 2020. Here are the results of our survey.
What are the key legal technology goals for 2020?
50% of our respondents view adopting a paper-lite approach by digitising and electronically archiving data as a key goal for their organisation
Historically law firms have been large consumers of paper. This is partly driven by the fact that several court proceedings require documents submitted in hard copy. However, the true potential of data remains untapped while in its physical form. Hence adopting a paper-lite approach helps to replace paper with electronic files which then creates the opportunity to process data for key insights. By electronically archiving data, law firms are also able to better protect and utilise the data they have as and when they need it.
With the new ways of working now in practice, it is all the more important to have physical copies digitised as electronic files that are readily accessible from anywhere, anytime. This will help lawyers quickly evaluate documents, share and collaborate on the same with their peers increasing their efficiency and turnaround time.
40% of the respondents want to utilise technology to better organise data and look at deploying Artificial Intelligence (AI) to identify, analyse and categorise information across the organisation.
AI can help law firms automate repetitive tasks and lawyers can then focus on more strategic work that can drive better value for the organisation.
According to the Law Image survey, the top three areas where AI technology will immediately help law firms are:
- Conducting due diligence,
- Reviewing legal documents
- Organising data
Law Image also asked the industry about their legal technology ask
45% of our respondents want an intelligent open platform that connects all third-party software enabling information flow across document management systems, review platforms and eDiscovery software.
One of the major challenges for law firms is that data is held in silos. By integrating solutions, data can flow across systems helping with unified data analytics.
36% want technology that will enable a quick understanding of what data is held in each department, throughout its life cycle.
Data management is increasingly becoming a shared responsibility across the organisation and technology that can help declutter, organise, and track data across its lifecycle is a need not just for the CTO but at a department head level as well. All functions are looking to leverage key insights from their data to improve operations. There is also increasing awareness of managing this data with risk mitigation plans and meeting compliance requirements. Hence technology that will help simplify this complex task is essentially a need of the hour.