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Start small, iterate and build upwards in complexity.

Innovation can be risky, especially when the stakes are high. So it’s not surprising that businesses, especially those in risk-averse industries, such as finance and law, are often slow to digitise tasks that have traditionally been completed by humans. Finance and law are heavily regulated, adding an additional hurdle.

Resistance to innovation doesn’t only apply to risk-averse industries. Small and medium enterprises (SMEs), don’t often have the time nor the capital to invest in something that may, or may not work.

 

Will adopting new technology be worth the cost?

Change can carry high stakes. It is often difficult to find solutions that actually live up to their claims, a reality that is sometimes not apparent until a technology has been implemented, sometimes at significant cost. Add issues of compatibility, client privacy and inability to calculate return-on-investment (ROI) for cutting edge solutions and it’s no wonder that SMEs are weary of new technology.

The pressure to stay competitive can override resistance to change. For example, standardising processes and procedures is one way to streamline service and increase efficiency. This solution may streamline processes but it still requires a high level of staff time, the most expensive asset of any business.

It’s generally accepted that service-oriented businesses need to innovate to stay competitive, but how do you do this within a risk-averse landscape?

 

Reduce the risk of innovation by taking incremental steps

Digital transformation is hailed as the savior of industry, integrating cutting edge, frequently changing technology, such as artificial intelligence (AI) into a new world of business practices. This often comes with a high price tag and high risk of disruption.

What if you don’t need transformation? What if your challenges could be addressed with a few incremental steps that don’t disrupt your business but make a big difference? Technology that allows you to make small changes is vital to this journey.

 

What can be automated?

The first step of any change, large or small, is to evaluate what part of your processes can be automated. Even the most personalised service will have repetitive elements or elements in common with other services you provide. That’s a prime spot for automation.

When you find this sweet spot, test it. Your test may run smoothly, it may run into a few hurdles  or it may reveal something else you need to. This is part of innovation and a good argument for starting small.

 

Iterate rapidly

When your test automation works, repeat it in the same place and find other processes this automation will work in. Replicating these simple business operations automations, or using them as a base for more complex action is a quick and easy way to integrate automation into nearly every business process. It’s a low-risk way to achieve quick wins that can improve productivity and customer service, boosting staff motivation as well as the appeal of the company to prospective customers and employees alike.

 

No code cloud-based service delivers big change with little disruption

At AUTTO, we have built the technology to make it quick and easy to automate repetitive tasks. Our no-code visual editor makes it easy to create small changes that have a big impact with drag and drop workflows.

We remove the cost of technology development with our cloud-based service so you can focus on providing personalised service while routine tasks are taken care of. Automate as little, or as much as you feel comfortable with while enjoying the benefits of transformation with little of the cost and risk.

It’s no surprise that the PricewaterhouseCoopers (PWC) annual survey of law firms for 2019 focused on how the digital revolution continues to disrupt professional services. New technology, such as artificial intelligence, cloud computing, robotics, and the Internet of Things (IoT), is being developed every day by forward-thinking enterprises.

The evolution of technology within cutting edge organisations has a knock-on effect for traditionally conservative organisations, such as law firms, who also need to evolve. Many larger firms are embracing lawtech to drive productivity and innovation, improve efficiency and control cost. According to PWC, eight out of the top ten firms identified technology as the key challenge to growth in the next two to three years. However, barriers to adoption are still widespread in the legal industry.

Complexity, scale and cost emerge as key barriers with security concerns topping the list. . However, PWC tells us it’s rare for senior management to take part in cyber risk and crisis management exercises. According to the PWC survey, many law firms just opt out of the advanced technology that’s becoming more common in sectors such as telecom and financial services.

Firms are right to be nervous about cybersecurity.   A whopping 100% of the top 100 law firms surveyed by PWC suffered a cybersecurity incident in 2019.  And according to Forrester: “In 2020, ransomware incidents will grow as attackers learn that holding data hostage is a quick path to monetisation.” As aggregators of sensitive client data,, law firms are vulnerable to these attacks and are rightly concerned about cybersecurity.

However,  avoiding high tech adoption and cloud-based services does not itself protect client data. The key – not always easy – is to strike a balance between the digital innovation that clients and employees expect and demand, with the cybersecurity necessary from a business, regulatory and ethical perspective. It is obviously vital for law firms to protect their own business and their clients from the loss of personal or sensitive information, not to mention  damage to reputation. But as firms face pressure for increased efficiency, productivity and growth, as well as better outcomes for clients delivered innovatively, law firms who do not embrace technological innovation risk being left behind.

One way to balance the risks and rewards is to avoid the temptations of disruption.  Disruption is a buzzword of the moment and sometimes seems to be presented as an end in itself. It is easily forgotten that true disruption involves challenging existing working models and the networks which support them. That may not be desirable, particularly where risk mitigation is important.  So, start small, trial with dummy data, and iterate and until you feel confident that systems are secure and workable from all angles

Risk can also be mitigated by ensuring the obvious safeguards are in place: make sure that your suppliers are properly certified, have cybersecurity plans and processes in place which they can describe to you. By taking these steps the benefits of  technology start to become available , saving time, and money, increasing productivity while increasing opportunities to spend more time on the things requiring personal  attention and expertise.