It’s all about data
How analytics is transforming legal services procurement
The arrival of online services and digital platforms has brought with it another revolution: data. Using platforms like PERSUIT, businesses can access real-time data and rich analytics. Analytics provides insights to performance and trends, enabling informed planning and improving decision making.
For many client organizations, legal services are a significant line item on the company’s accounts. So it makes sense that transactions with law firms should be informed not just by personal relationships but also by data.
For example, client organizations on PERSUIT can see the spread of pricing in firm proposals. Currently, across the whole of PERSUIT, the average range in proposal price is 35%. Over time, client organizations can see trends around which firms deliver the most value, the typical cost of particular project types and how often they engage in particular types of work.
Not only that, but often senior legal counsel or legal procurement professionals need to demonstrate to internal stakeholders how they are driving value from legal services providers. Client organizations on PERSUIT can proactively and easily show their savings driven through the platform.
For law firms, PERSUIT can provide rich insights around feedback trends and success rates for your proposals. Using this feedback, firms can adjust their approach to be more successful more often.
If you’re ready to embrace new insights, register for your PERSUIT free trial.