Not so long ago, technology was considered to be a back-of-house function that at best, provided some internal and administrative efficiencies.
Technology itself has changed a lot, but more importantly the use of technology has changed dramatically. Technology is no longer optional or an afterthought for modern businesses. Without technology, many of the top global companies would not even exist.
Throwing valuable information away
Interestingly, at a time when businesses in other industries are actively seeking access to any information they can get their hands on which might help to drive and accelerate business growth, many firms continue to ignore and discard the very information that passes through their systems daily.
The inefficiencies of manual data entry
Over the years, it has not been uncommon for firms to deploy large Client Relationship Management (CRM) systems across their organisation in an attempt to capture contact information, client meetings and other relationship details. However, most CRM systems that rely on manual data entry, require training, diligence and ongoing effort. In reality, this means they are capturing less than 25% of the relevant contact information that is already being passed through a firm’s systems.
Due to the fact that these entry-based systems require the manual and discretional flagging of contacts, the saving of emails and the entry of client meeting information, they fail to provide all of the relevant analytics and insights that are most critical in protecting relationships and winning new work.
Using the data you already have
Contact Monitor is a tool developed by NextLegal specifically for law firms and professional services firms. Contact Monitor was developed in response to the challenges many ‘entry-based’ CRM systems face. By simply capturing and analysing otherwise discarded information, it is possible to provide meaningful information which can help to protect relationships and win new work, without the need for any data entry whatsoever.
Through the use of intelligent and focused real-time analytics, it becomes possible to predict the loss of a key client, act decisively in relation to a partner resignation or maintain a business relationship in the event of a key in-house counsel role changes, that may otherwise compromise future revenue for a firm.
Winning new work
Having access to purposeful information can not only help to protect and grow existing relationships, but can provide extremely important insights which can assist in winning new work and new clients. Consider an example where a firm is in the process of pitching for work with a new client or beginning to target a specific organisation. Without the ability to easily retrieve the relevant information from the data they have, a firm may remain unaware of the fact that one or more staff members or partners in the firm, may already hold an existing relationship that could be all the difference in securing the work and winning over the client.
Knowledge is power
Contact Monitor is just one example of how professional services firms can better leverage the data they already have. Until firms start to consider the information they possess as being extremely valuable in the same way that other modern businesses do, they will not begin to realise the potential or the benefits it can provide.
You can find out more about Contact Monitor here www.nextlegal.com.au/contactmonitor or other ways you can leverage technology to improve profitability and client-facing capability here www.nextlegal.com.au/services