Cashroom is not only a legal cashiering company. In this video you will find out more on our technology capability. Chris details where our Portal came from, where it is now, open banking integrations and the introduction of Kanbaro Directors to Cashroom.
Asking a lawyer whether they know what they are doing might seem a little odd. Not an approach likely to endear me to lawyers in general! However, having been a lawyer some years ago, and a partner at a couple of large law firms, I do know that it’s a valid question.
One of my old firms was a leading light in the personal injury sector. I therefore had a ringside seat as the Chief Executive had numerous ding dongs with the claimant department over his ideas for new ways of running claims. This was the early 2000s and his ideas were, at that time, somewhat radical. The firm was one of the first to create an approach based very much around technology, case management and PROCESS.
The mantra which irked many of the solicitors in the claimant department was “What you do is a process. It’s not complicated.”
But in the end, it was true. The firm took the time to understand the elements of their process, supported it with the right technology, and ended up with a model which is now familiar for volume businesses especially – teams of more junior people operating cases on sophisticated case management systems, with a senior person overseeing each team. Twenty years ago, this was revolutionary thinking.
Fast forward to the present day and many firms (but not all) adopt a variation of that approach. They completely get the concept of ‘right person right task’. Often that is driven by more detailed billing information which means that a client would see if a partner’s hourly rate was being charged for something which could have been done by a junior.
However, a far smaller proportion of firms consider other operational areas of their business in the same terms of process and efficiency. The finance function of a firm in particular is the most often neglected in this respect.
It lies at the core of the firm. It carries the highest risk elements in terms of internal and external fraud. In terms of potential negligence, efficiency and therefore client service. Also, in terms of the data accuracy and interpretation required in order to effectively run the legal business.
It is frequently an area of the firm which the lawyers do not understand. Cashiering is a dark art which requires significant expertise, and even more so as it now interacts with the technology utilised by the firm. The practice management system, so often seen by the lawyers as simply a case management tool, carries the accounts element which, both for compliance and risk avoidance, must be operated efficiently and accurately.
We have seen a trend developing. It used to be the case most often that forward thinking firms approached us when their incumbent cashier was leaving or retiring, seeking a different way to resource that function. What we are now seeing is an increasing number of firms, some of them very large, approaching us to carry out a review and redesign of their finance function. It forms part of a general move towards reimagining the delivery of legal services generally. It isn’t just traditional law firms either. Some very big ABSs are looking at it from a ‘blank sheet of paper’ perspective. They want to get everything right from the start.
In all cases, these forward thinking people are looking for an assessment of what they do and how they do it, and whether they could be doing it better. And so, back to my opening gambit…I think it’s actually a fair question. Because many lawyers and legal businesses are now in fact asking themselves that very question…”Do we know what we are doing?”
Alex Holt, Director of Business Development
I’ve written a few blog posts on how the COVID Lockdown is affecting Commercial Property in general and bricks, and mortar retailers in particular. It’s fair to say, I’ve been a bit down on the sector.
However, a week or so ago the Issa brothers, backed by TDR Capital, bought Asda from Wal Mart for £6.8b. What’s more, they have pledged to invest £1b in Asda over the next 3 years. The Issa brothers made their billions through EG Group, which owns almost 6000 petrol stations across 10 countries.
That must bring a smile to the face of commercial landlords. If somebody is prepared to make that sort of investment into the retail sector, and into a business that has such a massive retail “footprint”, maybe it’s not all “doom and gloom”.
So, “shrug” what do I know….! Looks like some far cleverer businessmen than me see money in traditional retail, which should, in turn mean rents will continue to flow, and values hold up.
Apparently the £1b investment is earmarked for “convenience and online operations”. Asda’s online presence has doubled since the start of lockdown. So that bit makes sense, but the interesting bit is the “convenience operations”. I suspect this means that, very shortly, Asda will be opening small footprint convenience stores on petrol station forecourts. And I can think of 6000 potential sites!
But what about the huge Asda mega stores. There’s one not far from where I live, and it’s cavernous. But again, a move away from “traditional retail” may be on the cards.
First, there is a lot of space that could be used for fulfilment of online orders, and “click and collect” fulfilment of e.g. clothes.
In addition, recently Asda’s chief strategy officer, Preyash Thakrar said
“Our partnerships strategy is focused on making our busy customers’ lives easier. That means offering convenience when they visit our stores by bringing in complementary brands to help them complete more shopping missions in one location, and convenience that makes our great value products more accessible in local communities.”
So, rather than filling out their mega stores with Asda products, there will be a selection of alternative retailers, working in a partnership with Asda, essentially subletting space in their stores. This will benefit from EG Groups experience of setting up franchises in their petrol forecourts.
David Calder, Managing Director
The Cashroom Introduction Video.
The client facing part of a law firm is only the tip of the iceberg. Over 200 firms throughout the UK trust The Cashroom with running their outsourced cashiering, management accounts and payroll functions.
Also, how great is our new video thanks for David Opie from Solve Legal.
We have just completed our 6th month of working remotely. In terms of the service we deliver to our clients, this has been brilliant and our business model has proven we can function 100% without an office. We have such an amazing team, everyone has really pushed through during this strange time. The biggest problem arising from remote working can be the lack of communication and the impact on company culture. We are keen to not let these become a negative for our staff at The Cashroom.
In an office it is easy with everyone in one place to talk about values and have them on posters all over the walls but how do you motivate staff who are not only all working remotely but who are also living through a pandemic?!?
Before you think “pah! I have enough to worry about right now without adding my business culture to the list”, please remember company culture is vital. According to a Glassdoor survey, 56% of employees find a good workplace culture to be more important than salary.
Having a clear set of values can really help direct the culture in your business. Think about what is important, what are the principles you want to drive your business – teamwork, trust, fun and innovation are popular themes in company values. We already have company values but we are taking this time to look at them again – does everyone understand them? How do we communicate them more effectively? How do we integrate our values into part of our everyday work?
Peer to peer recognition is important. We have value awards where staff nominate those they feel have demonstrated our values through their work. We celebrate this quarterly as a whole company. It feels good being recognised, and we make all nominations public so even those who don’t win see that someone has nominated them. These are a great morale boost and are a time to all come together.
You need to document your culture and publish it. If you are bringing in new team members during this time (some businesses are actually growing at the moment!) then it is really hard for a new employee to understand a company’s culture. The document should be clear about expectations, how performance is measured, how you assess employees for cultural fit, and the like. No detail is too small. Look up any successful business and you will see their values visible in everything they do, Netflix, Air B n B and I can’t leave out Google. Check out Mills & Reeve who came top for culture with a score of 94% in RollOnFriday Firm of the Year survey.
Take your culture public. You can put a culture deck together and publish it on your website. Have your values on email footers and social media. This is a perfect way to attract the right candidates to your business.
Always encourage open communication, make everyone comfortable with video calling. The more open and transparent you are then the more your team will be with you too. You want to encourage an environment where everybody is contributing, not just the loud extroverts amongst your team.
Take time to learn about everyone. In an office you get a sense of who people are, without even trying. This is hard remotely as you aren’t sitting chatting in the kitchen or at the printer. Something we are doing is sending short virtual surveys out to staff with a few short questions, favourite tv programme, do they do sports, role in the company and we’re publishing these. We hope these generate some conversation which will really help grow a positive company culture.
A tool such as Slack or Teams is useful too. It can act like your office coffee station, where the random chats happen, there can be some banter, jokes and chat about the news – people love adding GIF’s and memes here too.
I’m going to say it again – KEEP COMMUNICATING!
It all boils down to this, culture will fail or thrive purely on communication. We set aside time every week to dedicate purely to a culture group. 30 minutes will suffice and include as many team members as possible.
Measure it. Send an employee survey every month or quarter to see how you are doing and gauge how staff are feeling.
Company culture should be constantly reassessed as you grow or change as well. Don’t just spend copious time on it, and then shelve it somewhere inaccessible to everyone. In order to grow a positive company culture with a remote team, you need to continue to monitor your culture and values, and never stop.
Go create something positive from 2020 and have fun with it!
Emma O’Day, Head of Marketing and Communications
The Cashroom Ltd
Today I dropped my daughter off at the local train station. We live in a smallish town within commuting distance of Edinburgh. “Normally” the station carparks are chaos, with all spaces full, and people resorting to leaving their cars on the grass verge. This morning (at about 0830), it was empty … well not empty, but there were far, far fewer cars.
It really brought it home to me how things have changed. It’s been noted elsewhere, but the world of office work has changed fundamentally.
A recent survey by Morgan Stanley, reported that, in August this year, only around 50% of people in five large European countries spend 5 days a week in the office. In the UK the number was only around 30%, with over 40% spending 5 days a week at home.
The jury is still out on how that will impact productivity, creativity and company culture (for example, Jack Dorsey, the boss at Twitter has said his employees can work at home “forever”, while Reed Hastings at Netflix thinks working from home is a “pure negative”. Most people tell you they are more productive at home, but that creative output, or “collaboration” is more difficult, and benefits from face to face meetings. There is some evidence of increased efficiency, but interestingly, less evidence that centrally positioned, densely populated spaces (i.e. offices) help with the generation of ideas.
Three things stopped it happening before, first was that until it was forced on us, nobody was quite sure it would work … well, it does! Second, we were worried about what our clients and our employees would think. Well, because it was compulsory, nobody cares about that anymore! Finally, there was some investment involved (e.g. laptops), but because of lockdown, we were simply forced to make it.
At the Cashroom, the biggest downside is our staff miss the social interaction of the office. They miss the chat, and they miss their friends. The biggest challenge for us (and I would suggest all firms contemplating long term working from home, or a blend of home and office), is how do we address that?
I would love to hear your thoughts on this in the comments.
But, looking longer term, IF working from home is a long-term trend, it will change the face of the country. Arguably the whole point of cities was to bring people together so they can work more closely, both in the sense of working more collaboratively, and within physical proximity. It all started with the development of the steam engine, consolidating people into factories, and grew into the need to have people close to the paper that, until relatively recently, was the life blood of bureaucracy.
Without that driver, will people still want to live in cities, or commute into them for work? I doubt it, or at the very least, far fewer will.
But those people aren’t dead! The still need lunch, a beer, and will still shop. They just won’t do it in cities. Perhaps we’ll see the rise of smaller towns, “commuter towns” that until now only “thrived” at the weekend. Will entrepreneurs create new business to service the needs of the home worker, now freed from their commute and prepared to spend more time (and money) where they live? Will we see the resurgences of local culture and “society”, fuelled by home worker with more time and energy to participate more fully in their local communities? Will the search for the lost office social interaction, actually encourage people to speak to their neighbours….!
I have no idea! But what I do know is that when large scale change happens quickly, and when people and business need to adapt, there is opportunity.
If people are moving out of the city, there are houses to buy and sell, if business are setting up in commuter towns, there are leases to negotiate, and if people are spending more time with their neighbours …… there will be neighbourhood disputes to mediate…!
People will always need lawyers.
David Calder, Managing Director
There’s no doubt that the pandemic has forced fundamental change within society, technology and business. As many have said, some of those changes have been difficult to manage but have frequently brought about worthwhile evolution.
Law firms need to seize the opportunities presented by this time, and in particular in the following main areas-
Embracing technology and efficiency advances- surely those firms who have stuck with paper based processes have seen that there is another, better way? Aside from saving space (and the planet!) going paperless is a key element of any sensible approach to remote working. The use of appropriate technology, which these days is far cheaper and easier to adopt, is the enabler. The final piece of that particular jigsaw is a detailed understanding of the processes the firm operates, so that people and tech can work in synergy rather than at odds.
Security and risk management- a collateral benefit of sorting out technology and process should be an improved approach to cyber and internal fraud. It isn’t as easy as simply sending people home with a laptop. As part of enforced modernisation, addressing cyber risk through technology will improve a firm’s risk profile at a time when insurers are looking very carefully at PII premiums.
Communications technology – whether remote working or back (safely) in the office, one thing that all lawyers will have experienced is the need for reliable telephony, broadband and video calling. Addressing issues such as weak signal, clarity of audio, and appropriate cameras would have been very low on the priority list at the beginning of 2020. Right now, they are all crucial elements to delivering a professional service.
Communicating with customers and clients- how are firms connecting with their market now? The old methods still have their place – local reputation and network development for example. But surely an obvious extension of the price transparency regulation is that firms need to be aware of the potential of online marketing. They need to blow their own trumpet with glowing reviews from customers. Case studies on their websites. And a website which is user friendly and informative. Up to date. Firms also need to consider how they communicate with actual clients- many case management systems now enable SMS updates. There are superb app providers out there who can create branded apps via which updating clients becomes easy and automated.
Wellbeing of staff – in all the rush to modernise, don’t forget the staff. They’re the driving force of a business. The present circumstances and no doubt the months to come have brought stress, loneliness and fatigue. Firms must embrace new ways of thinking and engage with their staff even more. Communicate plans. Be open about the business performance and goals. Get everyone on the same page, and listen out for those who are struggling.
This is not an exhaustive list of sensible moves. But wouldn’t it be a start to consider them? After all, the times they are a-changin’.
At the Cashroom we provide a full accounting service to the legal profession – from day to day entries, through compliance, management accounts, credit control, all the way to year end and Statutory Accounts. Additionally we are regularly instructed for our consultancy service to advise firms on the structure, compliance and efficiency of their finance function.
We have a unique insight into the requirements of delivering an optimised legal accounting function. Our senior team consists of Lawyers, Chartered Accountants, Lean Processing experts, Legal Finance Professionals and IT Professionals giving us an unparalleled breadth of knowledge from which to design and deliver the best possible solution.
If you would like any more information about The Cashroom and what we offer, then please get in touch.
Alex Holt, Director of Business Development
Client money. Compliance. Cyber threat. Negligence. Business management. All these factors meet at the heart of the legal entity.
Many lawyers are humble people. They don’t like to shout about success. They downplay their innovations. Nowadays, that’s a weakness they need to rectify.
I had the pleasure of speaking at a Calico Legal Services webinar recently, supporting our friends at Locktons as they spoke about the PII market. My input mainly related to ways that firms can improve their risk profile by focusing on their finance function, which sits at the very centre of a firm’s risk profile, I’d say.
Firms have the regulatory headaches to manage – the regulations to adhere to. Speaking as an ex partner in a couple of large firms, I feel qualified to state that overseeing the level of compliance of a cashier’s work is not something most lawyers would want to do, let alone be capable of.
Then there’s the fact that the efficient and secure handling of client money falls squarely within that function, and again the compliant and practical operation of the process is something which the lawyers struggle to fathom.
You have to feel for the poor cashier in many law firms. If they do their job perfectly every day, swerving the cyber criminals, coping with spikes of activity on a Friday, accurately inputting the data vital to production of worthwhile MI, not a word will be said. Yet if they make a mistake, the consequences for a firm can be cataclysmic.
Brian Boehmer of Locktons spoke eloquently about the need for firms to go beyond mere form filling when seeking their PII renewal. More than ever this year every penny saved could be vital, as firms face premium increases of 30, 50 even 100%. Brian explained that the brokers need to be given the ammo with which to engage with insurers and explain why this particular firm is different and should be given a better quote than that one.
If your firm is doing something different, tell the story. If you’re a start up, do things differently from the outset.
An outsourced solution can bring ‘reflected glory’ – our clients can talk in terms of increased cyber security, increased internal fraud security, efficiency improvements, assured compliance, accurate data and MI, resilient, scalable service. If you’re using a digital dictation provider such as Documents Direct, the resilience of service and improved accuracy is something insurers will value.
There isn’t long to go before the end of September, so give detail and engage quickly, making your proposition look so attractive that the brokers will want to work with you because they will believe they can get insurance for you.
For many firms this will be a tough time for insurance, so it’s also worth considering how you can improve things for next year. Think innovatively and tell the world about it. Now is not the time to be hiding your light under a bushell.
Alex Holt, Business Development Director
The Cashroom Ltd
I recently attended one of the Armstrong Watson Legal Sector Breakfast Briefings, albeit they are no longer at breakfast time! An interesting point of discussion arose, which I thought I would share. The speakers for the session were Chris Moore of Moore Legal Technology and Ally Thompson of Hey! Legal, who both provided some insightful thoughts and tips for marketing your law firm. But the point I wanted to discuss arose from a comment made by Stephen Vallance of HM connect.
As I say, the session was about marketing and sales for law firms, and Stephen used the analogy of a Wild West film. When setting about making one of the early films, a producer apparently asked the question… ‘Do you train actors to become cowboys, or cowboys to become actors? Interesting! The same conundrum, Stephen suggested, arises in law firms in relation to generating new business enquiries (marketing), and converting those enquiries into new business for the firm (sales). Do you teach lawyers to be marketers and sales people, or do you teach marketing/sales/BD specialists to become lawyers?
I don’t know what the answer is, other than “it depends“! Probably not very helpful, I know.
But what I think is the way to approach it, is to play to peoples strengths. Where you have solicitors within your firm who enjoy and are good at marketing your services, writing blogs and article content, that are active on social media etc, encourage them to do so. If you have people who like taking new enquiry calls, are good at building rapport with people quickly, and converting them to clients, encourage them to do so too. Perhaps even allow some of their billable hours to be allocated to it!
For those who don’t have people within their firm comfortable or proficient at marketing, buy in some external assistance. It’s not expensive, and should be considered an investment in obtaining new business – the lifeblood of keeping your business afloat. And when it comes to converting those new enquiries into opened files… on the assumption you don’t have the volume to justify a specialist initial response/enquiry handling team, invest in some proper training for the key people who take incoming calls at your firm. At the very least, explain to them that each new enquiry should be treated as gold dust, and the importance of their role in bringing in business that in turn generates fees, that in turn pays everyone salaries. I think you will be pleasantly surprised at the uptick in ‘buy in’ from those people.
Gregor Angus, Senior Business Development Manager
The Cashroom Ltd
This week David Calder speaks to Eric Baijal from BBM Solicitors about how they coped with lockdown. BBM is a boutique law practice with offices in Edinburgh and Wick, Caithness. BBM was founded in 2010 with the goal of “doing law better”.
David Calder and Eric Baijal, BBM Solicitors
David Calder and Angus Storrie from Cochran Dickie discuss the ups and downs of running a law firm over lockdown. Cochran Dickie Solicitors are a valued client of the Cashroom. They specialise in House Sales & Purchases, Guardianships, Powers of Attorney, Executries, Wills and Trusts and more.
A while ago I wrote an article about why I didn’t think that Commercial Property investment (and in turn, legal work in that sector) was a sound long term “bet”.
I concluded by suggesting that the reason for its success in the past was the need for pension funds to generate secure, long term income streams. And I wondered what might replace them.
Well, I was reading something at the weekend that made me think about this again.
The curious thing is that, despite lockdown and the economic turmoil, the S&P 500 is at historic highs, and while the FTSE has a way to go to achieve that goal, it has recovered a lot of ground.
But the really interesting thing is that some of what’s driving that growth in the S&P, is the return of the IPO. Back in the good old days of the dot com boom, IPO’s were all the rage. I remember my partner pitching for a tiny investment round, and being asked if he could handle the company’s IPO ….. from a couple of guys who probably couldn’t afford the bus fare home!
But that changed, particularly in the last 5 years or so, with more companies being happier to stay private for longer, resulting in the growth of the tech “unicorn” i.e. a privately held company worth more than $1bn.
However, in 2020 so far, companies in the US have raised over $60bn through IPOs. In the whole of 2019, the total was just over $40bn. And there are more to come. On August 19th, Airbnb filed for an IPO. Rumour has it that a number of other “unicorns” are lining up – Snowflake Computing, DoorDash, Instacart and Pallantir. Added together that comes to around $80bn.
But what has this got to do with Commercial property?
Well, I’m sure a number of factors push firms towards an IPO. However, I wonder if one of them is pure and simple supply and demand – i.e. there is a demand for investment in stocks and shares, because other traditional investments (e.g. Commercial Property, and Government Debt) are simply not providing the necessary returns.
If I’m right, and there is a demand for “alternative” investments, or more simply, a lot of investors are looking for a home for their money …… are law firms a potential investment?
A while ago I was speaking to an investor, who invests in law firms. His take was that law firms were not a great investment if you were looking for capital growth. However, if you were looking for yield, i.e. a steady return on your investment, law firms were ideal, because generally they’re pretty good at generating cash. Which of course is exactly the sort of return that Commercial Property and Government Debt investors are looking for.
David Calder, Managing Director
The Cashroom Ltd
Good news for Cashroom clients!
Two of the leading PII brokers in the UK have provided ringing endorsements of the quality of our service. In particular they recognise the reduction in risk that our processes, tech and people bring to a law firm.
As a result of the current professional indemnity insurance (PII) conditions many practices may be facing come the 1st October, we are working closely with Lockton at present to soften any possible increases, and the service features and processes used by The Cashroom for our clients mean that this will be viewed positively by many underwriters and Insurers. Whilst the basis of each premium will be judged individually on the merits of each firm, Lockton are able to use this as a tool to make sure your practice starts the renewal journey on the front foot.
Jake Fox of JM Glendinning said that when he is talking to insurers on behalf of a firm, if he is aware that The Cashroom are providing the cashiering service, he always makes a point of explaining how our way of working reduces the risk and creates greater efficiency. He went on to say that if there were two very similar firms and one was using The Cashroom and the other was not, the insurers would always want to underwrite the one using The Cashroom before the other.
Cashroom and Credit Control! Here David Calder and long standing client Billy Smith from Complete Clarity discuss the use of our credit control service.
At the Cashroom we provide full accounting services to the legal profession – from day to day entries, through compliance, management accounts and now credit control!
Cash is one of the most important things in any business. Law firms are no different. From a business perspective, you need to turn all your good work into cash as soon as possible. But getting you fee note out the door is only the first step, your client also needs to pay it, and that’s where a proper, well run credit control process is crucial.
The Cashroom can provide a sophisticated, cost effective and responsive Credit Control function, with the following key benefits:
If you want to learn more about our Credit Control service, or any of the other services we offer then please get in touch today.
If you want to learn a little more about the service, David Calder wrote about it recently on our blog.
As well as legal cashiers we employ several qualified accountants who can prepare:
If you also use our cashiering, payroll and management accounting services, adding in Statutory Accounts and tax returns creates an accounting function that provides everything you need to run your law firm and take care of your annual accounting and tax compliance needs.
No more time consuming and confusing “liaison” between providers, only one, fully integrated provider.
The only thing that’s not included is audit … but we think somebody else should tell you what a good job we’re doing!
If you would like to learn more about our Statutory Accounts and Tax Returns or any of the other accounting services we offer then please get in touch today.
Alex Holt, Director of Business Development
www.thecashroom.co.uk
I’m old. I don’t just mean old in the way that our kids always think of us as old. I mean I’m old in a ‘seen it all before’ type of way. I was a teenager when the first Live Aid happened for heaven’s sake!
I’ve lived through a few recessions, and I’ve worked both as a lawyer within law firms, and as an external supplier to law firms during recession.
One phrase is always repeated. The perceived wisdom in every such crisis. It’s a phrase we are hearing a lot at the moment.
The theory is that the harsh realities of a recession will effectively weed out those firms which were already in a poor state. It’s a fairly brutal view and while it does have some truth to it, I’d suggest that in fact it doesn’t tell the whole story.
There’s no doubt that inefficiency and old fashioned methods can be risky, and those risks are realised when times become truly tough for businesses. If the firm has too many support staff for what it really needs. If the premises are more expensive than necessary. If credit control is a verboten phrase because ‘we don’t want to upset the clients ‘. (Even the ones who aren’t paying?!)
All of these things can and will cause problems during recessionary times. They may indeed in extreme cases bring down firms.
However, every single post recession review features comments like “We will never go back to those inefficient ways”. But weirdly, people don’t seem to truly learn. If they did then the same issues wouldn’t crop up every time. They might be slightly different in their make up, however they will absolutely relate to inefficiency.
Good times breed lazy thinking. It becomes easy to relax into the old ways. Why expend time and money on new fangled systems, or more efficient resourcing models when ‘things are on the up’?
There’s no longer a burning platform, so difficult decisions get put off, the pain of recession recedes into the distance, and things move on. Until the next time. And the next time. And….you get the point.
A definition of insanity is doing the same thing over and over and expecting a different outcome.
I’d say that these bizarre and awful times are the ideal moment to try something different. To change.
If you had to design a law firm from scratch, I suspect many firms would not design the model they in fact operate at the moment. They’d use up to date technology. They’d outsource key operational functions. They may now facilitate home working.
While they do not of course have the luxury of starting from a blank sheet of paper, that thought process can help firms to spot areas where their present model differs fundamentally from what optimal would look like. Maybe there are small shifts which are possible. Maybe a plan for change can be put in place.
One of the most telling changes we have seen as a business is an increased demand for our Process Review team. Firms of all shapes and sizes, and increasingly bigger firms, have approached us to help them design their operating model for their finance function. It may or may not involve outsourcing the function in whole or in part, but it will always result in an improved way of working. Improved efficiency. Cost savings. Better, more accurate data with which to manage the business.
I’d say that more than ever, with on and off lockdowns and restrictions likely for quite some time to come, the ability to change and adapt will become a defining factor in the likelihood of a firm’s survival.