Enterprises want to be transformational market leaders, leveraging technology-based solutions for legal, compliance, and risk management - the primetime of Enterprise Legal Management (ELM) is now.
Purpose-built Enterprise Legal Management (ELM) solutions can enhance legal department efficiency and lower enterprise risk.
Why are ELM solutions on the rise? Legal departments in nearly all key industries are right now experiencing unprecedented levels of activity. In the Life Sciences industry, for example, much activity is derived from surges in areas from M&A patent protection to regulatory compliance and contract performance management.
In the Financial Services market today, retail and corporate banks and capital markets firms globally are managing demands and challenges from elevated regulations, continual economic uncertainties, revenue and profit pressures, emerging competition and, of course, risks.
Across all markets, creating visibility into all legal-related activities is imperative.
Regulatory challenges are targeting the financial services industry with extreme scrutiny, resulting in the need for financial services organizations to create visibility into all legal-related activities, as well as enable collaboration capabilities ensuring internal counsel can work effectively with external partners or entities - not to mention the push to eliminate contract lapses and improve negotiating positioning with enhanced contract performance reporting and analytics.
Today's legal departments need to manage this increasingly demanding activity in three key ways.
- Providing better access to information throughout the enterprise.
- Implementing best practices for the protection and management of records and information.
- Enhancing collaboration for the leveraging of contracts, records, intellectual property, case and matter management and eDiscovery so that collaboration is truly present throughout the enterprise, including mobile workers.
Today, enterprises are discovering it is not enough to rely on disparate, siloed systems to manage information throughout the enterprise.
Quite simply, today's data-rich world is just too complex.
- In response, organizations are leveraging integrated solutions to enable them to better address data management requirements to consolidate all vital legal, risk, compliance and business processes to provide better enterprise-wide risk mitigation.
- Organizations are making the important decision to implement an ELM solution and, in doing so, are found to be delivered with critical functionality, optimized business processes, relevant data, content, and information to drive efficiencies, as well as ensured compliance, and an optimized IT environment.
A typical ELM solution is one that is designed to fit current and future needs, is a cloud-based, integrated platform comprising key modules and capabilities, sourced from one leading vendor whose solution meets ELM needs and who will remain highly committed to ELM product development.
In turn, these organizations are enabled with business processes and rationalized content integrated into the platform - integration with key supporting systems, data, and information and enabled for collaboration with internal/external parties. In short, their processes, technology landscape and organization are more efficient, strategic, collaborative, mobile and overall compliant.