LPM LITL 2021 partner comment: Tired of data lag? by Symphony APS
Like all businesses in the UK, we’ve seen the pandemic have a lasting impact on the way teams work, and this year’s Legal IT landscapes report shows people want to work from home more regularly: 32%, in fact – double what it was last year. And, with the explosion of Zoom and MS Teams to support client, prospect and referrer conversations, firms have received a lesson in how easy it is to communicate and collaborate digitally. As a result, compared to how things stood before March 2020, our interactions have notably increased.
However, some things remain the same: 61% of respondents said they struggle to maintain up-to-date records on who is talking to client and referrer contacts. Plus, many firms chose, as one of their magic wand wishes, to call for more automation and better gathering and use of data – with the quality of data being a key factor. If firms are having more connections and failing to record them, they will continue to suffer the curse of data lag and data omission that ultimately manifests itself in missed opportunities for growth.
We recently deployed our relationship intelligence system, Client Sense, to help one firm gather its missing contacts, email addresses and connection history. Another firm we’ve spoken to disclosed that 60–70% of the contacts in its practice management system (PMS) had no email address. Think about the impact that has on client communication, business development and what else might be getting missed. Arguably, no firm’s PMS or CRM system is ever truly up to date, due to data lag and the omission of key communication insights. But these insights matter, as they’re crucial for firms to determine who is talking to whom – and who isn’t being talked to. It’s also worth bearing in mind that 33% of respondents stated they miss opportunities within a client relationship because they’re talking to the wrong people, and 30% said referrers are underserved.
Another key problem with PMS and CRM systems is that firms often invest significant amounts of money in them, only to realise they’re missing the quantitative and qualitative data that helps solve these insight problems. That data on the timing and frequency of contact between the firm, clients and referrers can be exactly the information needed to highlight what’s missing in a relationship.
Fortunately, there is a happy ending to this story that complements and enhances the use of existing PMS and CRM platforms. Client Sense integrates with the communication platform used by a firm (Exchange or 365) to provide the real-time insights necessary for strong, profitable relationships requiring no effort whatsoever from staff within the firm.
This sponsor comment was taken from LPM Frontiers: Legal IT landscapes 2021. To read the full report, click here.
