Enterprise resource planning (ERP) uses computer technology to link numerous operations — such as human resources, manufacturing, logistics, accounting, inventory— across a whole company. ERPs come from the material resource planning (MRP) systems that were initially made by and for manufacturing companies. The intention of an ERP is to aid in business planning, share information, and employ decision making on a company-wide level.
ERPs encompass the entire enterprise and are a way of doing billing, marketing, collections strategizing and anything else necessary to the success of a firm or business. ERPs have gone way beyond manufacturing and have infiltrated business of all types, including the legal profession. With cloud based ERP solutions, you will see a great increase in productivity and communications among colleagues. These are some of the benefits of ERP for law firms:
Better Transparency with ERP for Law Firms
Adopting an ERP means members of the law firm can know and keep track of basically anything important going on with the core processes and economics of the business. This is a plus, since most law firms are severely lacking in transparency. Partners are often unaware of how many hours they bill, their colleagues’ status, or what they are paid. Once an ERP has been put into place, all of that information will be readily available to those inside the firm, creating more organization and better spending practices.
ERPs increase efficiency within law firms, because they align information so it flows smoothly throughout the firm. Less people are needed to manage that stream of information, and it flows faster. With an ERP, data only has to be entered once and the rest happens automatically. There is no longer a need to take paper-based information and enter it into a separate system. This saves lots of time and effort that can better be spent on cases and managing the firm.
Less Dependence on Local Economy
When your law firm employs a cloud-based ERP, it means that all members of the firm can work from any place at any time, keeping everyone on the same page. Paralegal work and document prep can be outsourced and you can monitor their progress in real time. Lawyers out of state can also be employed to expand your firm quicker. Cloud-based ERPs allow each member of the firm to have access to reports and documents that are up-to-date, on-demand, at any place with any device.
Make Decisions on a Macro-Level
With an ERP for your law firm, you can manage your business a truly macro level. Often it is hard to get to that level with traditional systems, mostly because important data for developing critical business metrics is not in a from that is usable or not in the system. An ERP will incorporate important data across the entire enterprise.
Contact us today if you have any questions about putting an ERP into place at your law firm. Our well-qualified team members are ready to assist you!