ELM Software Adoption, Part I: 7 Steps For Picking the Right Solution

Assemble your team

Picking an ELM software solution for your company requires the right players to be assembled at the beginning of the selection process. These players ensure there’s a clear path from decision to contract to implementation, and often include:

• Procurement, if needed
• Legal department operations staff
• Members of the IT team
• Members of the Finance team

Designate a champion for the project – one point of contact guarantees a smoother line of communication!

Start with the end in mind

Now that a winning team is in place, start with the end in mind. In other words, define the company’s objectives for purchasing an ELM solution across the company’s internal players to ensure it is a cross-functional choice. Be sure to vet ideas together.

Budget

Get a budget approval for the purchase of an ELM software solution. In some cases, the failure to do so can hold the process up for months or even years. To get a good idea about an appropriate budget for the solution, check with consultants, peers, and vendors to draw up a range about costs on the high and low ends of the spectrum.

Find the right ELM software vendors

Now that a budget is in place, it’s time to research to determine which solution is right for your company. Scour the internet, read case studies, ask your colleagues at other companies, attend conferences, read blogs. There are many ways to find legal tech vendors. Putting in some up-front research will be worth it in the end.

Issue an RFP

One of the best ways to compare one solution against another is to invite finalists to respond to an RFP. This process will provide a clearer picture about which specific capabilities the vendor provides, including customer support, implementation costs, training, and more. Don’t be afraid to make the RFP as detailed as you see fit, and to ask for as much information from prospective vendors as you’d like.  See more here on what to included in an RFP!

Book a demo

The goal of the RFP process is to glean a shortlist of final ELM software vendors who will be allowed to conduct either web-based or onsite demonstrations. A good rule of thumb?  Limit these finalists to no more than four. This helps keeps things focused, as your team tries to chase down and evaluate a broad spectrum of capabilities and competing features.

Assess the finalists behind the products

Once all your demos are done, an important last gauge?  Put your potentially winning ELM software providers through a final checkpoint: Do they mirror your company in values and commitment? Will the one you want to run with be just a vendor, or a true collaborator? In essence, ask yourself: Do I want to work with these people?