Bite-sized Views from 3Kites – Consulting Some Key Challenges for Buying Legal Tech in 2021 (And How to Overcome Them!)
Supply-side dynamics in the current market reinforce buyer uncertainty: Anyone involved in purchasing technology will be familiar with the following worries:
i. Will I invest in a winner or a loser? Covid-19 erodes market confidence just as it erodes sources of capital for investment.
ii. Will my chosen technology interface with my other tech solutions? For example, new e-billing solutions sometimes fail to interface with management reporting or accounts payable systems. Pin your chosen supplier down on this question!
iii. Finding the tried & tested solutions? Do your DD and take up references offered by suppliers. Treat your own tech procurement as you would any other corporate deal.
iv. Will my supplier support me on implementation AND adoption? Resource the adoption and implementation stages effectively to ensure success.
3Kites’ Top Tips:
v. Avoid “The Tech Geek Influence”: There’s a “tech geek” in every legal team with all the answers, but rarely the breadth of vision to do justice to creating a digital strategy. So harness the enthusiasm of the geek but as part of a team effort within a good decision-making framework.