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Next-Generation CRM: Achieving the True 360-Degree Client View
When Customer Relationship Management (CRM) technology was first utilized in a corporate setting, fewer firms understood the vast possibilities offered by CRM solutions and tended to use it for things they already understood, such as contact management. As their sophistication grew and more was written about CRM, the scope of their use expanded. During this time, it became clear that CRM could support client development efforts by keeping track of the interactions between clients, prospects and employees, and by collecting value-added information from internal and external sources. By leveraging this relationship intelligence, firms were able to better identify sales leads, manage customer contacts, expand relationships and ultimately pave the way to successful cross-selling initiatives.
As CRM took hold, vendors began to understand that a one-size-fits-all approach would not work. Individual industries varied so widely in business practices and processes, that to gain uptake and maximize ROI, solutions had to be tailored for specific needs. LexisNexis Interface Software, for example, identified the legal industry (among other professional services sectors) as one that had unique CRM requirements that were not being served by the existing vendors. The company's signature offering, InterAction, allows attorneys to record and track critical data relative to people, companies, relationships, experience and expertise, while applying security and confidentiality safeguards crucial to the private nature of legal work. InterAction also offers a relationship mapping function, “Who Knows Whom.” The feature helps users identify connections between internal and external contacts, linking the firm's personnel more efficiently than the ubiquitous firm-wide e-mail. Another example is the Watch List, a feature that monitors activity in the system related to a specified individual or company, alerting the user whenever activities occur relating to that contact. Specialized features, such as these, have helped law firms to understand and utilize CRM beyond simple contact management, and leverage it as a strategic marketing and business development solution.
As law firms grow in technological sophistication, the issue is no longer whether a firm is using a CRM system, but rather how they are generating greater ROI. Integrating with other key systems that allow users to take advantage of valuable content residing elsewhere in the firm is an important piece of this equation. How will next-generation CRM deliver a true 360-degree view of the marketplace and what features will help generate the most value from its content?
Major Differences In UK, U.S. Copyright Laws
This article highlights how copyright law in the United Kingdom differs from U.S. copyright law, and points out differences that may be crucial to entertainment and media businesses familiar with U.S law that are interested in operating in the United Kingdom or under UK law. The article also briefly addresses contrasts in UK and U.S. trademark law.
The Article 8 Opt In
The Article 8 opt-in election adds an additional layer of complexity to the already labyrinthine rules governing perfection of security interests under the UCC. A lender that is unaware of the nuances created by the opt in (may find its security interest vulnerable to being primed by another party that has taken steps to perfect in a superior manner under the circumstances.
Strategy vs. Tactics: Two Sides of a Difficult Coin
With each successive large-scale cyber attack, it is slowly becoming clear that ransomware attacks are targeting the critical infrastructure of the most powerful country on the planet. Understanding the strategy, and tactics of our opponents, as well as the strategy and the tactics we implement as a response are vital to victory.
Legal Possession: What Does It Mean?
Possession of real property is a matter of physical fact. Having the right or legal entitlement to possession is not "possession," possession is "the fact of having or holding property in one's power." That power means having physical dominion and control over the property.
The Anti-Assignment Override Provisions
UCC Sections 9406(d) and 9408(a) are one of the most powerful, yet least understood, sections of the Uniform Commercial Code. On their face, they appear to override anti-assignment provisions in agreements that would limit the grant of a security interest. But do these sections really work?