4th January 2019
More and more businesses are employing software consultants to update their systems to deal with the rapid rate of technology growth. However, according to recent findings, corporate legal departments are not keeping up to date with developments, as 81 per cent are unprepared for digitisation.
Gartner reported that the majority of these departments will not be able to support their organisations’ necessary digital advancements, despite the obvious advantages of doing so.
Indeed, it found those that are ‘digital ready’ can boost their on-time project delivery by 63 per cent, and increase the number of digital projects with appropriate risk management measures by 46 per cent.
Abbott Martin, research vice-president at Gartner, stated: “General counsel are concerned that existing legal and compliance practices are incompatible with the speed at which digital business operates.”
He went on to see there is a lack of a balance between responsiveness and appropriate risk management, adding: “Few legal departments have developed a comprehensive framework for digitalisation.”
Two-thirds of those surveyed said they expected their business model to alter by 2022, with the majority of this change being driven by technological developments.
Those businesses that want to be ‘digitally ready’ should first develop appropriate skills, according to Gartner. This involves moving away from traditional legal duties and requiring technological know-how instead.
All businesses, whether legal companies or not, can benefit greatly from digitisation. For instance, The Chief Executive noted it can provide greater understanding of customer experience; offer a platform that is interesting and easier to use, encouraging more people to take part; and be able to make business changes quickly and efficiently.