Elevate business development from the tactical to the strategic.
LexisNexis InterAction Business Edge offers a whole new level of insight and control.
Designed specifically for those with business development responsibility, InterAction Business Edge gives you specialised tools not available in the core system. Tools for:
- Engaging with lawyers more effectively, and creating more efficient and consistent business development strategies, plans and processes.
- Analysing and extracting insight from the data held by InterAction and other connected systems (such as practice management or billing). So you can identify what's working and what's not, optimise the firm's efforts, and improve your success rate.
Control and consistency
Develop processes that make sense to lawyers and can be consistently applied. Present a more coordinated and focused firm to clients.
InterAction Business Edge is designed to tackle a variety of business development challenges, including:
- Multiple business development managers (or teams) using multiple different processes or working with different, incomplete sets of information.
- Lack of accountability and oversight for business development.
- Uncoordinated approaches to clients.
Business Edge helps you impose control, consistency and coordination by:
- Being the single tool for all business development managers, giving them access to all relevant data and ensuring that everyone follows the same processes.
- Giving structure to internal business development interactions: ensuring that the right information is captured from lawyers, that they understand what is needed from them, and that plans and commitments are followed through.
- Giving business development managers firm-wide visibility so that the firm can present a united front to clients.
Analysis and insight
Understand what works and focus your efforts where it will count. Measure results and optimise your business development efforts.
InterAction Business Edge automatically has access to InterAction's relationship and activity data, as well as data from connected systems such as practice management and billing.
Added to this are the inputs captured through Business Edge itself, such as information given by lawyers during internal opportunity assessment meetings.
With Business Edge you can correlate, analyse and visualise all of this data using Microsoft Power BI. So you can understand and measure the results of all captured client interactions — whether meetings, networking events, marketing, bids, or any other type of engagement or sales activity.
Once you know what works, for whom, and how well, you can focus your marketing and business development efforts where success is most likely. You can choose the right opportunities to pursue, pursue them more effectively, and win more of them.
A virtuous circle
Keep investment and portfolio teams informed about fund raising activities, conversations and transactions with potential investors
Business development for law firms can only work if you engage your lawyers in the process and make it as easy as possible for them. In helping you to develop clear and consistent plans and processes, InterAction Business Edge helps you engage more productively and effectively with lawyers.
With better internal engagement you get better information, and with better information you get better insights from Business Edge analytics and reporting. With better insights, you can get better results from business development activities. And better results naturally prove the worth of your business development strategies, plans and processes — encouraging more internal engagement with business development.
Everybody wins. Lawyers and support staff know that their time isn't being wasted pursuing unprofitable business or opportunities that can't be won. Business development managers and marketers can do their jobs more effectively and help the firm grow.