See where BRYTER is having an impact on the emerging technologies in Gartner’s latest Hype Cycle for Legal and Compliance.
The legal tech sector gets its regular boost as Gartner dedicates an updated Hype Cycle to the technology and its growing use in legal departments. See where BRYTER is making an impact on those technologies and use cases, often way ahead of the usual “peak of productivity,” and how BRYTER no-code platform can deliver benefits for your business today. Also, what the hell is a Hype Cycle?
About Hype Cycles
Gartner’s Hype Cycles are one of many industry benchmarks that help indicate where the use of technology is headed, allowing business leaders to plan their IT adoption strategy. Hype Cycles help highlight upcoming technologies and predict when they will become mainstream, compared to similar innovations.
More guidelines than laws, they can be off in their timing, as some technologies fade away with no chance to shine while others storm into productivity years ahead of schedule. But seeing a useful service or feature on the Hype Cycle over time provides a good guide as to when it will be of most value to a business.
Some companies love to adopt early to try and get ahead of rivals and gain a competitive advantage. Others will only adopt when they see evidence of solid returns or benefits. Whatever their aim, the Hype Cycle helps generate discussion as most technologies follow a similar pattern:
- Arriving due to an innovation trigger, usually to meet emerging market needs.
- Promising much through marketing and users’ own inflated expectations.
- Users become disillusioned as technology often fails to deliver on those early predictions. Also, increasing education and ecosystems show actual capabilities and limits
- As practical use cases emerge, the technology settles down and delivers on productivity goals.
Where BRYTER Fits in Gartner’s New Legal and Compliance Technologies Hype Cycle
Gartner’s new “Hype Cycle for Legal and Compliance Technologies, 2020” delivers the verdict of Senior Director Analyst Marko Sillanpaa and team on what technologies will impact the market, and how business and application leaders can plan to implement them.
As with any emerging technology, the Innovation Trigger and Peak of Inflated Expectations areas of the Hype Cycle are brimming with ideas that will have varying impacts on many legal-market businesses. Legal tech businesses and market watchers will better understand these technologies as they move along the chart in 2021’s iteration.
The rise of COVID has helped push many firms toward automation in an ad hoc fashion, but research like Gartner’s will help form a strategic debate around adoption and the value of the many technologies on the Hype Cycle, driven by the need for automation, and growing use of AI. A range of text analysis tools like KIRA, Seal, Eigen and corporate legal matter management services like iManage and HighQ (focusing on document management) are already a part of the product landscape. As in other industries, rapid application platforms like RPA and automation solutions are already accepted and in use – this is also true for specific legal tools like BRYTER.
The interesting aspect as far as we at BRYTER is concerned is that while our platform sits to the right of the Hype Cycle as a mature technology, embracing RPA and compliance process automation, it already helps deliver many of the benefits that Gartner estimates are still in the early stages.
What Customers Can Do Today With BRYTER…
BRYTER customers are already using the platform to deliver tools that improve efficiency or give create new business value in several ways.
Subject Rights Requests: Growing privacy laws will drive huge growth in people filing SRRs, an easily automated task to reduce the workload on lawyers, while speeding up the process.
Legal Chatbots: chatbots for business might be slower in adoption than consumer/marketing bots. However, they are making an impact as legal businesses need to triage rising numbers of inquiries and directing them to other automated processes.
Third-Party Risk Management: Risk management is a growing part of doing business with any entity and a data privacy automation software can help fill out the standard forms and provide common provisions.
Data Breach Response: Data breaches are increasingly common and need to be dealt with at both a legal, IT and PR level. Legal response mechanisms can help a client prepare their actions and ensure compliance with breach regulations.
Consent and Preference Management: Identifying a need for consent and tracking user data privacy preferences is a growing legal requirement across most consumer/business communications. Ensuring consent is given, while allowing users to revoke their consent and maintain records is a task suited to automated rules processing.
Legal and Compliance Analytics: The business compliance role continues to expand at a hectic rate for practitioners. Distributing compliance knowledge and ensuring compliance through automated tools help these departments stay on top of fast-arriving legislation.
We also see growing use of BRYTER being used as an ESG software for Integration Risk Management, Digital Transformation, Privacy Management Tools and in other areas by corporates and legal businesses.
Summary: The Speedy Rise of Legal Technology Continues
With every passing month, the rise in visibility of smart legal technology makes it harder for businesses stuck in their traditional ways or tied to legacy services to ignore it. Automation technology delivers productivity improvements, frees up professionals more valuable tasks and drives process improvements.
While the Hype Cycle may be news to some, the growing benefits of legal automation technology powered by no-code are already a business reality for many in the legal sphere.