Benefits of ELM digitisation
What are the benefits your organisation should expect to see? If you find the right ELM software for your enterprise, these are just some of the major advantages your legal department will experience.
Enhance visibility and accountability
Heightened visibility into processes helps leadership make informed decisions and drive toward Key Performance Indicators that define long term value. The proper ELM solution helps ensure that Legal drives value for the entire company, not just the department.
See quick legal spend savings
With the right ELM platform in place, Legal enjoys an immediate reduction in outside counsel spend, driving up to 5-10% legal spend savings annually. They can also realize a 17% reduction in the average cost of an incident or claim and a reduction in duplicate payments due to manual oversight.
Break down technology & process silos
Siloed, manual business processes negatively impact your organisational performance. Employees waste valuable time conducting processes that could easily be automated.
Consolidate your ELM stack
Your ELM software should help you consolidate your ELM tech stack by reducing the number of individual, disparate vendors you engage with. By working with a single proven partner, you’ll be able to avoid costly integration headaches. Cutting down on the number of vendors integrated into your organisation also means reducing your vendor risk.
Improve legal outcomes
You’ll empower your legal department by putting the right information in the hands of the right persons at the right time. That leads to better outcomes all around.
Spur enhanced productivity through automation
One ELM user reduced the effort to open and assign new matters and budgets by 75% and saved 30 minutes per invoice through electronic review and invoice approvals. Automated features thus create happier employees, higher productivity, and prodigious efficiency gains. It’s the answer to pressure from the Board and other stakeholders to elevate productivity.
Optimize your legal staff
Reassign critical resources to higher-value tasks and more strategic activities, now that easy-to-adopt technology has freed them from mundane work. They’re now able to focus on tasks that are more gratifying and profitable for both them and the organisation.
Inspire strong internal synergy
Foster greater internal collaboration both within the legal department and across your enterprise. A single source of truth for all legal processes, matter management, e-billing, and more provides convenience and security against error and loss of vital documents and information.
Workflow automation integration as “force multiplier”
When paired with the right workflow automation solution, an ELM can actually extend the legal best practices that are embedded in legal department processes across the entire organisation. So you’ll embed compliance, collaboration, and efficiency in processes used by other departments – and even outside counsel.