AI: The “secret sauce” to accurately pricing engagements
Forward-looking firms recognize the growing demand from clients for transparency, visibility, and responsiveness when it comes to pricing a potential engagement. But when cooking up a pricing strategy, many firms are forced to follow an old-school recipe of administering a manually created spreadsheet, analyzing what little data is available from similar matters, and making a “finger in the wind” guess as to what it’ll take to deliver a particular engagement.
That’s an approach that could lead to an unpalatable outcome. However, employing AI and machine learning technology can be the “secret sauce” for creating a strategically priced engagement that fulfills both client requirements and firm needs.
Incomplete data = imprecise pricing
A firm might be faced with incomplete, inconsistent, and possibly incorrect past-client data, creating a formidable roadblock to effectively and accurately scoping and resourcing an engagement. Without a reliable pricing strategy, measuring its potential profitability to the overall firm can also be very challenging.
In today’s competitive environment, it’s more important than ever to look at similar past efforts to understand both the quantitative and qualitative resources necessary to complete the work demanded by the client. It may sound simple, but it’s not — if you consider the time and effort involved to capture and deeply analyze the data.
Additionally, the strategy of having a few dedicated pricing experts in the firm doesn’t really scale to meet increasing client demands for transparency into pricing or insight into matter progress. By leveraging AI, pricing teams not only learn from a larger pool of past engagements — but they can also integrate resources to validate talent, observe matter progress in real time, and even track budget to actuals.
How can Intapp Pricing help?
Intapp Pricing is an AI-enabled solution created to help firms improve engagement profitability, meet client requirements, and scale pricing and planning across the firm — with greater visibility across the entire engagement lifecycle. It enables lawyers and pricing teams to monitor engagements as they seek to protect margins, manage scope, and provide more transparency to clients. Intapp Pricing features Engagement DNA, a proprietary technology that automatically sifts, sorts, and categorizes your previous engagements by their shared characteristics.
Jill Nelson, Senior Director of OnePlace Operations & Finance, explains how AI helps firms create accurate pricing for current and future engagements.
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