It is more important than ever to maintain resilience and prepare for capricious circumstances in today’s world of constantly changing variables (e.g., climate change, political and social upheaval, economic volatility, the COVID-19 Pandemic). According to a recent report from Gartner, research suggests that businesses that have demonstrated this durability share three critical attributes: Responsive risk management, a dynamic culture, and a flexible structure.
Responsive Risk Management
Organizations that prioritize risk management through implementation from a senior leadership level are more adaptable to unforeseen changes. Constant coordination, management, and mitigation prove to yield better outcomes; however, only 13% of respondents feel confident that they can manage cross-functional risks without pulling from other business areas.
A Dynamic Culture
Gartner characterizes a dynamic culture as “communicative, collaborative, cooperative, and creative.” The research concludes that organizations with time-efficient and relevant decision-making processes are more likely to thrive competitively.
A Flexible Structure
By adopting practices that leverage technology and remote-working, teams create a globally diverse and competitive environment and empower a more inclusive workforce. Legal teams that have embraced digital and remote-enabled practices have seen huge benefits since the start of 2020.
Adopting a Technology Strategy
Adopting a strategy or roadmap is uncharted territory for an industry that has been historically resistant to technological change. Among those surveyed by Gartner, only “9% of respondents feel confident that they can create a cohesive, long-term plan for digitalizing the legal department.” Gartner reports that legal departments struggle to leverage technology and rely on “market hype” rather than addressing their unique needs and investing in solutions that will impact their broader business outcomes.
According to the survey, there are three key action steps to follow when implementing a technology strategy:
1. Identify Challenges
Gartner urges legal teams to identify their challenge areas and prioritize those technologies that can improve their most pressing needs. In looking at the business at large and identifying the overarching challenges, the logical solutions become apparent.
2. Create Operating Processes
Align your team with new operations that supplement your technology investments. A technological roadmap requires adaptation and ground-up tactics for creating streamlined processes.
3. Plan & Test
According to the report, it is critical to involve stakeholders when identifying future needs. With top-down alignment, you can "pressure-test hypotheses" and create designs for solutions moving forward.
Need More Help Evaluating Solutions?
Because legal teams are unpracticed in the evaluation stage of software buying, Athennian has created a guide for purchasing legal entity management software.For best practices and a detailed checklist for what to look for in a technology vendor, download Athennian’s Essential Checklist here.