How Advanced Technologies Can Transform Legal and Compliance Businesses
Legal and compliance leaders should concentrate on the technologies that have the potential to drive the most transformation within their organizations.
FREMONT, CA: COVID-19 has increased the advancement for most businesses toward digital business transformation, and legal and compliance leaders are now under pressure to recognize both the potential benefits and potential threats that come with the latest legal technology innovations.
To overcome this issue, legal technologies enable legal and compliance leaders to recognize innovative ideas that will help them function more quickly. This data can be used for internal planning and to prioritize emerging technologies.
Legal and compliance leaders must work with other stakeholders to gain support for organization-wide and function-wide technology investments.
They must resolve complicated business demand by investing in technologies and practices that will allow them to anticipate better, recognize, and manage risks, while also looking for opportunities to contribute to the growth.
According to analysts, enterprise legal management (ELM), subject rights requests, predictive analytics, and robotic process automation (RPA) will be advantageous for most legal and compliance organizations within the next few years. They will also most likely assist with the rising necessity for cost optimization and unexpected legal work caused by the pandemic.
Enterprise legal management
This is a multifaceted market in which multiple vendors are attempting to combine many technologies on this year's Hype Cycle into unified platforms and suites in order to streamline the several components of corporate governance.
Legal application leaders and general counsel must start with their key business objectives and then look for a technology to help them achieve those outcomes.
Subject rights requests
The number of regulations enshrining a data subject's right to access their data and request amendment, or deletion is rising, as is the demand for subject rights requests (SRRs). Many corporations are directing subject access requests (SARs) through internal legal counsel to minimize their potential liability.
In the face of increasing request volumes and high costs, there is many opportunities for legal and compliance leaders to save money and free up time by automating a portion, if not the majority, of the SRR workflow.
Robotic process automation (RPA)
RPA's ability to streamline workflows for repeated, rule-based tasks is well-known in other business functions. RPA is generally suitable to systems with standardized, often legacy user interfaces that can be scripted.
RPA will increase the efficiency of the legal departments who uses advanced systems.