What can we take away from their insights?
First off, the importance of distinguishing the difference between a CRM tool and an Experience Management system. Some firms seek to utilize a one-tool approach, even though that tool may not be equipped to properly support the data needed for multiple purposes. Or more often, there are firms who believe they are cutting costs by eliminating the ability to track either contacts or experience. The result unfortunately is that firms risk missing out on capturing key information about their clients, matters, and people.
To recap the basics discussed in the podcast, CRM is “who we know” whereas Experience Management is “what we do.” As Carrie noted, CRMs are contact-centric where the system’s focus is primarily on individual relationships – who in the firm knows the contact, what interactions do we have with this contact and is there any activity tracking for the contact. On the other hand, Experience Management systems focus on what the firm does, along with external connections, i.e., related parties. And if well-maintained, a firm’s experience management captures the value the firm brings to the table, as well as useful context and nuance about deals/matters.
So now that the distinctions have been established, we can look at the importance of integrating data. As Jaclyn keenly noted, business development teams today want a more “holistic view” of their clients – a deeper understanding of the work performed for the client along with how the firm engages with the client outside of those matters. A common pain point among firms is the issue of too many “clicks” to get to useful information which highlights a general frustration with multiple systems not pulling together. Another factor is that firms are experiencing a huge increase in bespoke information requests. This has prompted them to question whether they have the right technology and processes in place.
As a result, firms are moving towards integrating CRM and Experience Management systems to streamline data access and improve client engagement. One example is the formation of dedicated support teams that act as a centralized resource to review and respond to requests for specific data. These teams act as experts who understand the differences between tools and can answer questions directly as well as provide stakeholders with research and links sending them back to the right information. This is driven by the desire to more effectively “lead people to technology” given the increasing complexity and volume of data requests, which has created the need for more integrated and efficient processes.
Carrie highlighted four key steps to getting firm technology systems to work together in the context of analyzing client information:
- Create a Vision & Roadmap – Start with a short-term plan that maps out a vision of where you want to get to and what answers you are trying to solve for.
- Aggregate Your Data – Build the integrations that support your vision. This can include internal systems like finance and matter intake, as well as external 3rd- party sources to enrich relevant information.
- Ask What to Visualize – Understand how you plan to get information out to the end consumer. Will it be reports? Data visualization with PowerBI? How will people use the information?
- Continue to Build – The sky is the limit. Once you have solved the immediate need, there will be opportunities to expand scope, add new data providers, and improve utility of systems. Never stop, always keep thinking and revisit step (1.) as needed to further refine your vision.
Both Carrie and Jaclyn remarked that a benefit of combining data from multiple systems is enhanced decision-making through integrated data insights and visualization. In the context of CRM and Experience Management systems, this facilitates better client lifecycle management and more effective business development activities. Another benefit is improved time management. A well-executed approach allows team members to focus on things that will move the ball forward instead of doing manual data entry or mining through numerous systems. Dashboards allow for more of a “self-serve option” as not everyone at the firm is well versed in every technology the firm uses to capture data.
How are firms achieving this integration for better data tracking and management? Jaclyn and Carrie highlighted multiple tools for contact relationship management including established software platforms such as LexisNexis InterAction, Intapp DealCloud and Salesforce (to name a few) as well as newer tools like Peppermint Technology. Experience management has fewer options in the market, ranging from Litera’s Foundation and DealCloud’s experience module to in-house SharePoint sites.
But as Carrie noted, it is visualizing the data that is a key benefit of system integrations. Tools like Power BI and Tableau allow full-on data integration from both your CRM and Experience Management systems (and additional internal systems containing relevant, useful data). In addition, there are complementary analytics tools in the market like Orgaimi and Databall that can leverage data across existing firm systems to generate insights that directly incorporate business development principles – such as highlighting client opportunities and risk factors. This allows firms to directly provide actions for attorneys to improve account management and client growth.
With the right technology and data in place, teams can focus on actionable insights in service of business development. Both Jaclyn and Carrie shared use cases involving practical applications of these technologies:
- Who Knows Who – Identifying internal contacts who have connections with specific individuals or entities, particularly via dockets and firm alumni networks
- Event Planning – Targeting clients and contacts for events based on various criteria (location, industry, practice involvement, etc.)
- ROI Tracking – Measuring the impact of client engagement activities and whether marketing investments resulted in new work with the firm
- Pitches & Proposals – Tailoring proposals based on past interactions with clients and contacts as well as work experience
- Awards & Rankings – Gathering and showcasing experience and contact information for submissions
How should firms think about best practices when successfully implementing and integrating CRM and experience management systems?
Once again, it is important to start by creating a vision and a roadmap to get there. As part of this process, it is critical to remain focused and quickly get to the core of what you are trying to accomplish. What key problems are you trying to solve and where are you trying to go? Aiming for a handful of key themes you are interested in about clients, matters, and people can form a strong foundation that can always be expanded upon later. A recommended approach is to maintain a backlog of good ideas for a future phase, once you have achieved quick wins and proven success on a small scale.
From the initial phase, the next steps are to expand and aggregate firm data through further integrations by bringing in additional information captured in other systems. In development, it is important to ensure data consistency between different platforms, which requires planful maintenance and quality assurance over time. From a people and process perspective, it is critical to ensure terms mean the same thing and firms are using consistent taxonomies across systems as well.
Ultimately, creating trust in the data systems you build and maintain is essential for the stakeholders using them. As Jaclyn mentioned, this requires careful expectation setting, which can easily involve pitfalls and may take time to get completely right. But be mindful of what you can accomplish in the end. As Carrie noted, it is a process to build upon and a “journey” that evolves over time based on ongoing lessons and learnings.