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Is Your Technology Is Outdated?

Posted by Carly Wilson on Thu, Jul 18, 2019

Is Your Technology Is Outdated?

by Carly Wilson / July 18, 2019

Technology is meant to hurry processes, quicken analysis, and perform tasks that are monotonous for people. You can serve clients better, faster, and easier. It is a tool that makes jobs less taxing on people. However, if your technology is holding you back, it’s probably outdated. Even if it seems like your firm's technology is effective, check out these signs that could alert you to why it is not.

Filing Cabinets: If you rustle through drawers to find the right form, it’s time to update. 

Heavy Computers: Tech should be lightweight and easy to move, not clunky and driving up the electric bill.

Processing Speed: Effective technology has to be fast. If the computer’s speed and performance is poor, so is your service.

Automation: Staff does not need to waste time on monotonous jobs. Automate and allow these employees to solve bigger problems.

Tech Problems: The more problems, the more necessary an update becomes.

Personal Devices: Once an employee pulls out their personal device to complete a task, you can be sure that your technology is not fit for the job.

What’s the Real Effect on Your Business?

If getting the job done is time-consuming and frustrating in general, it’s time to update. Existing and prospective clients expect to be serviced smoothly. Whether it’s visiting your website, scoping out LinkedIn, or giving you a call, you want to make a positive impression. In a world where smartphones and watches are the norm, people want to be treated in the same light.

Reaching the next generation will be very difficult without the correct technological capabilities. Whether it’s recruiting talent or future clients, you have to tend to the market that gets younger and younger everyday; but don’t forget about your existing employees. Having slow and difficult machines and processes can bring down overall morale. People want to get their work done. Don’t let technology get in their way.

BookcaseDo you easily know if your firm is profitable? Each law firm defines this 
differently, and there are tools that allow you to quickly analyze your Key Performance Indicators (KPIs). Firms have to know where they stand in terms of their budget and overall performance. Having technology that is not updated daily and runs slowly will make it difficult to know where the successes and failures lie.

Business Intelligence in this arena is making a hugely positive impact on law firms financial reporting objectives. Outdated systems are no longer acceptable in this environment where the competition has their hands on these applications. This software transforms data into dashboards that are actionable, intuitive, and highly customizable. Now, all members of your firm can handle their book of business in just one click. Read more about this revolution of the practice of law.

Lawyers have to maintain competence when representing clients by continually studying and researching any changes in laws or procedures. This same principle includes understanding the relevant technology in the current environment. It becomes an ethical issue when technology is outdated.
 
Technology is great. Hackers are not. Having old technology increases your chances of having a cyber attack in some way. There are more vulnerabilities and fewer worked out kinks in this outdated technology, making it a sweet spot for hackers. With the amount of personal and confidential data, this could become a huge issue. Between data recovery and downtime, your firm could lose millions. 

What are the Next Steps?

Having outdated technology is simply making it harder on you and your business. It is extremely important to get on top of technology now. With this becoming environment, up-to-date technology is necessary to survive. 

  • Document and store files online or on a local drive accessible to the employees.
  • Research ways to implement automation into your business routines
  • Find a business intelligence software that will allow you to slice and dice financial data to analyze profitability with ease
  • Ensure that your IT professionals are continually updating themselves on safety precautions and updates the firm can make. This will keep you protected and keep you in the fight for market share. 
  • Communication and responsiveness are key to success with clients. Implement procedures that ensures they are the priority. 

Key Profitability Metrics for Law Firms Cheat Sheet

BigSquare is the leading provider of Business Intelligence for law firms and professional service organizations.  We focus exclusively on law firm reporting, law firm BI, law firm profitability and law firm analytics.

 

Tags: Business Intelligence KPIs Profit Drivers Law Firm Technology analytics

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