Drive Profitable Business with OnePlace Operations & Finance
When it comes to profitability, firms face a variety of obstacles, from unrecorded time to billing mistakes and rejections. In a recent webinar entitled “Unleashing the Power of Your Data to Drive More Profitable Business,” attendees heard from a panel of OnePlace Operations & Finance experts to learn how Intapp products and solutions have evolved to provide powerful support for operations and finance capabilities. Read the highlights from the session and discover how Intapp can help your firm become more productive and profitable.
Remain Profitable Throughout the Entire Client Matter Lifecycle
From origination to execution, firms must ensure that they’re driving realization and profits while also minimizing revenue leakage. Considering how many different people are involved throughout the matter lifecycle, the risk of human error is extremely high, which is why many firms are turning to AI-based project management platforms.
“All the steps in the matter lifecycle represent a place where profitability can be impacted,” explained Jill Nelson, Senior Director of Growth and Strategy at Intapp. “Intapp OnePlace addresses issues across the matter lifecycle as well as specific needs of different functional groups within firms. OnePlace Operations & Finance focuses on delivering profitability across a number of different avenues and business capabilities.”
Nelson went on to describe the different ways in which OnePlace Operations & Finance supports firms in improving their processes, efficiency, and profitability. She explained that the software offers automatic time management, AI-guided pricing, and dynamic profitability modeling. The software also supports budget, time, and billing compliance, and provides firmwide matter visibility.
“It’s important to have transparency so firms can offer excellent client service, remain compliant with time entries, and inform clients on pricing,” Nelson said.
Nelson also discussed the capabilities of OnePlace Operations & Finance:
- Capturing all effort and eliminating missed or under-recorded time
- Ensuring compliance during budgeting and time recording
- Pricing and resourcing matters based on history and firm experience
- Monitoring activity and plans to catch potential overruns early
Ensure Compliance Using Intapp Time
During a poll, a majority of the webinar attendees revealed that meeting client demands for value while still meeting their firm’s profitability targets was their biggest pricing-related challenge. This came as no surprise, as 52% of respondents from Blickstein’s 2020 Legal Value Network Survey had given the same answer.
Inaccurate billing is one significant factor behind this challenge. Time recording is fraught with challenges for all types of timekeepers, from missed and under-recorded time to compliance issues not surfaced at the point of time entry. Furthermore, compliance issues, according the Blickstein survey, is a material cause of law firm terminations. Thankfully, AI-based technology can help firms improve realization and honor client commitments.
Intapp Time, part of the OnePlace Operations & Finance suite, provides a comprehensive, cloud-based solution that helps law firms improve their timekeeping practices. During the webinar, Matt McInerny, Technical Client Success Director at Intapp, delved into the many useful features of Intapp Time, specifically its advanced active capture, native Intapp Time and Intapp Terms integration, and refreshed user interface.
“The active capture technology automatically records timekeeper activities and puts placeholders into their time sheets,” explained Sharon Scenna, Senior Solution Management Director at Intapp. “Then the timekeepers can quickly review and convert activity to entry.”
Easily Migrate to the Cloud
The Intapp Secure Cloud — which hosts our cloud-based software solutions — delivers the functional requirements users expect from modern cloud software, and comes equipped with multitenant architecture, enterprise-grade security, robust mobile accessibility, and a full complement of data integrations.
During the webinar, Lindsay Barthram, Director of Client Intake at Wilson Allen, provided a high-level overview of the OnePlace Operations & Finance cloud architecture, and discussed how Intapp Integration Service provides cloud-native integration that quickly connects any application, any data, anywhere across the firm. Intapp Integration Service includes extensive workflow automation capabilities, as well as robust templates and process libraries completely tailored to the needs of professional and financial services firms.
Although migrating to the cloud may seem intimidating to some firms, Intapp works with multiple Intapp Certified Implementation Partners — including Wilson Allen — to help client firms streamline deployment and maximize adoption.
“Moving to the cloud is just the first step,” Bathram said. “[We help you] incorporate any training that you need for end users. Once the product goes live, we’ll turn our attention to post-live support and soften the transition with the business users while they familiarize themselves with the revised application.”
- Intapp Documents: Using Microsoft SharePoint as a Legal DMS
- How Consulting Firms Can Upgrade the Client Consultant Relationship to Win Recurring Business
- Why Accurate Time Tracking for Accountants Is Crucial for Creating Growth
- The Future of Accounting: Working In a Connected Firm
- Improve Collaboration and Connectivity with Intapp Workspaces