Gartner’s New Hype Cycle for Legal and Compliance Technologies Helps General Counsel to Focus on the Most Meaningful Technology Innovations
To address this challenge, the Gartner Hype Cycle for Legal and Compliance Technologies, 2020 lists the 31 must watch legal technologies to allow legal and compliance leaders to identify innovations that will allow them to act faster. They can use this information for internal planning and prioritization of emerging innovations.
“Legal and compliance leaders must collaborate with other stakeholders to garner support for organization wide and function wide investments in technology,” said Zack Hutto, director in the Gartner Legal and Compliance practice. “They must address complex business demand by investing in technologies and practices to better anticipate, identify and manage risks, while seeking out opportunities to contribute to growth.”
Gartner analysts said enterprise legal management (ELM), subject rights requests, predictive analytics, and robotic process automation (RPA) and legal technology are likely to be most beneficial for the majority of legal and compliance organizations within a few years (see Figure 1). They are also likely to help with the increased need for cost optimization and unplanned legal work arising from the COVID-19 pandemic.
This is a multifaceted market where several vendors are trying to consolidate many of the legal technologies on this year’s Hype Cycle into unified platforms and suites to streamline the many aspects of corporate governance.
“Just as enterprise resource planning (ERP) overhauled finance, there is promise for a foundational system of record to improve in-house legal operations and workflows,” said Mr. Hutto. “Legal leaders should take a lesson from ERP’s evolution: ‘monolithic’ IT systems tend to lack flexibility and can quickly become an anchor not a sail.”
Legal application leaders and general counsel must begin with their desired business outcomes, and only then find a technology that can help deliver those outcomes.
Subject Rights Requests…