AI and workflows to manage legal expenditure beyond Excel

Your aspirations for legal spend management

Companies often invest heavily in improving production and exploring various methods to boost efficiency, but they may not always see the desired results. Now, imagine being able to lower your legal expenses while simultaneously increasing productivity and a deeper integration of your external counsel in your internal legal service delivery processes.

It’s possible with the right technologies.

"Technology is the engine of progress; it drives efficiency, enables innovation, and transforms industries." Li-ka-Shing

In this post, we explore the key aspects of technology-enablement for cutting legal expenses and boosting productivity while utilizing technology to your legal team's benefit.

Why legal spend management needs technology

Managing legal paperwork with the traditional methods is generally costly, vulnerable to mistakes, and complex, making it an uneasy and hard process and here where technology helps, simplifying, improving accuracy, and lowering costs.

You can easily track, evaluate, and make necessary adjustments to your spending if you have the appropriate legal spend management solutions, because these programs offer useful features like real-time budget tracking, electronic invoicing (e-billing), and thorough reporting.

Here's how legal departments benefit:

• Optimize billing procedures: With the help of automated invoice processing, billing policy compliance, and a decreased risk of overbilling, say goodbye to manual invoice processing. E-billing solutions lighten administrative loads significantly.
• Boost transparency: Detailed reporting and analytics give clear visibility into spending patterns, helping pinpoint areas for cost reduction and efficiency improvements.
• Enhance budget management: Real-time budget tracking enables proactive cost management, ensuring expenditures stay within budget.

Leveraging AI for invoice reviews and analytics

Artificial Intelligence (AI) is transforming the legal industry by offering powerful capabilities like automatic tracking, intelligent analytics, and smart task management that not only assist with billing but also entirely transform the way legal expenditures are controlled.

These technologies can:

• Simplify review management: AI-driven review management efficiently retrieves and analyses narratives in timesheets and invoices saving time and reducing errors.
• Automate rule enforcement: billing guidelines are comprehensively applied to any incoming invoice and algorithms analyze contracts, identify potential risks, and ensure compliance with legal standards, slashing the time and cost of manual reviews.
• Predict future expenses: AI-powered analytics use historical data to forecast future legal expenditures, aiding in effective resource planning and management.

Boosting efficiency with workflow automation

Workflow automation can completely transform the way your legal team works by taking over repetitive tasks and optimizing your processes. Imagine working in a setting where routine tasks are completed automatically, allowing your team to concentrate on more important and strategic tasks. Here's a more detailed look at the significant impact workflow automation can have:

• Automated task assignments: Allocate tasks automatically based on predefined criteria and staff workloads, ensuring optimal resource use, No more manual assignments or worrying about workload imbalances—your team will get the right tasks at the right time, enhancing productivity and ensuring that no one is overwhelmed.
• Streamlined approval workflows: Establishing automated approval workflows will enable agreements and projects to move forward without needless delays by preventing the postponements that cause manual processes and ensuring that all necessary approvals are obtained promptly.
• Automated compliance checks: It can be challenging to stay on top of compliance standards; this is where automation comes in, monitoring and ensuring that every legal activity you do complies with both internal and external regulations.
• Improved communication: Automation helps teams communicate more effectively and transparently by alerting team members to upcoming deadlines and project status updates. Whether these are reminders or notifications, technology always keeps everyone on the same page .

Conclusion

Using technology in general is finally not a nice-to-have today; rather, it is a necessity to stay ahead in the competitive business world. With the right tools in?legal expense management software, your team can work more efficiently, cut costs, and meet the fast-paced demands of modern business.

Think about how much easier it would be if routine tasks were automated, and you had all the insights you need at your fingertips. That’s the power of embracing the right technology. It makes everything more efficient and helps you stay ahead of the competition.

Take the next step with smartvokat: Discover how our end-to-end solutions in technology, consultancy, and innovation can transform your legal operations. Visit smartvokat to learn more.

Let's drive the digital transformation of your legal department together.

#LegalTech #LegalInnovation #LegalEfficiency #LegalExpenseManagement #LegalAutomation #smartvokat