Why is now a good time to review your software stack?
For years now, businesses have battled with the question – when is the best time to review my software? When it is end of life? When there are better options available to the market? When something goes wrong?
If I’m honest, there is no best time to do this. Right now, the economic outlook isn’t looking particularly great for businesses – we have had a pandemic, a war in Europe leading to a cost of living crisis, not to mention a battle closer to home in number 10. We are in an unofficial recession and consumer confidence has fallen to it’s lowest point since 2008, according to GFK.
Indeed, consumers have indicated that they are concerned about making major purchases such as cars or houses, which in turn will have a clear impact on the legal market. But it is now that law firms should be thinking about where they need that resource. Historically this will fall in insolvency, debt recovery and family law – with conveyancing almost certain to take a hit. With this in mind, it’s not surprising that our research tells us firms see their challenges as improving efficiencies, connecting software together to help drive a better client experience, and finally, to retain key talent.
Our research, which surveyed over 161 leaders within law firms, has been analysed as to what the legal market must consider when addressing these challenges, and the simple answer is Cloud, competency, and connectivity.
Firms now more than ever, need the benefits Cloud can offer. From mobility to long term IT strategies, cost reduction to infrastructure management. The Cloud can offer so much more than simply somewhere to host an application. The research demonstrates firms are either already on their pathway to the Cloud, or have steps in place to incorporate this into their long term business plans.
Furthermore, the research informs us that firms need better connected software. With only 3% of respondents reporting their integrations as seamless, it is clear to see that to achieve better productivity and maximise efficiency, firms must now ensure they have software that can seamlessly connect with each other. To have solutions in place which allow integrations into other applications, will then serve to deliver improved client experiences through connected software, including InfoTrack’s Electronic Client Onboarding Service. At the same time, if software is made easy to use it will consequently enhance productivity and help to improve staff retention.
Additionally, 78% of respondents told us the digital literacy of users needs to improve, with 60% of respondents believing this will lead to finding and encouraging more innovative ways of working and, ultimately, achieving enhanced productivity.
Overall we know people are happiest when using quality, easy-to-use technology – we’re using it every single day in our personal lives and we no doubt compare this experience to what is being provided in the legal market. The evidence clearly shows the need for connected software to enhance client experience, Cloud solutions to encourage secure and easy-to-use software, and a level of user competency to drive law firms forward, is essential to firms now more than ever. The great news is PracticeEvolve are in pole position to partner with firms and overcome their challenges as outlined to us in our findings. Our recent launch of EvolveCommunity, featuring online training videos, user guides, and much more, plus our dedication to a connected Cloud solution is what we call Software With A Service.
So regardless of economical influences, or changes in the market – the time to review your software stack is now, and this must be reviewed on a regular basis, because now is the time to manage your business, not your software.
To read our full market report, download your copy here – State of Cloud: from migration to realisation.