Every week we take a look at what’s happening in the news with contracts. This week, it’s all about how legal teams are leveraging technology to enhance business processes.
When Lisa Kremer Brown came in and assessed Starbucks’ legal team, the first opportunity she saw was optimizing spend. The results of the assessment surprised the team, and simply by asking questions about where on where their spend was going and opening up the discussion to optimization, the team began to move towards a more strategic position in the company. Having the full perspective on their operations and how that worked opened up the team to move towards creating change.
Many legal teams are working towards becoming more strategic. More and more news shows that legal leaders are looking not just to manage spend, but to optimize it. There’s much more to this topic—we’ve outlined it in our Essential Guide to Managing and Optimizing Spend.
Regulations are a necessity, but what happens when they’re constantly changing? With the financial industry seeing a staggering 45 new regulations each week, businesses have be able to not only move fast when it comes to making changes, but when it comes to implementing them as well.
How does this happen? The JWG Group, a group of analysts determining how regulations can be most effectively adopted, founded the RegTech Council. This council contains regulators, tech companies, and firms, who collaborate to evaluate what kind of technology is needed, how technology can be used to enhance regulations, and how impact can be reduced. As companies realize they can no longer maintain compliance while also keeping their old processes, many are moving to a platform approach with one tool as a single source of truth. As the CEO of JWG Group, PJ Di Giammarino said, “The only way to make it better, faster, cheaper, and safer is to deploy technology.”
In the legal world, there’s one big name that stands out: the Corporate Legal Operations Consortium, or as it’s better known, CLOC. The co-founder of CLOC, Stephanie Corey, speaks about seeing the need to gather legal operations teams together to centralize functions and make the lives of lawyers much easier. As Legal is expected to be more and more creative in the way their teams function, legal ops teams began to step up and serve as business leaders. Nearly a decade after CLOC began, innovation in the legal space and being able to provide tangible value is something that legal operations teams across the globe are able to more effectively provide. We’re especially excited about this piece because we’ll be at the CLOC Institute in Las Vegas on April 22-25, 2018 as a silver sponsor. If you’re not already planning on going, join us for four days of thoughtful presentations and industry leaders.
Whether it’s in changing regulations or legal operations, teams are looking to use technology to innovate and work faster, more effectively, and maintain compliance. What is your business doing to ensure you keep up?