Telstra and Dazychain boosting productivity for legal teams
Posted at Legal Practice Intelligence - 19 December 2016
Telstra has added Dazychain, a cloud-based application to help businesses manage the collaboration between in-house counsel and external legal teams, to the Telstra Apps Marketplace.
Dazychain simplifies and streamlines complex legal and business workflow processes. The application is part of the Yarris family of services management applications which are used by tens of thousands of organisations including Telstra, Bendigo and Adelaide Bank and the New South Wales Government, to manage over $1 billion of services each year.
Kevin Udell, Telstra Executive Director, Connected Business, said Dazychain is a great example of how smart cloud-based applications were opening up new frontiers for business collaboration, governance and productivity.
“For many years, spreadsheets and databases have done an amazing job for many in-house legal teams and their external partners. However, technology today is reshaping how businesses operate and opening up new and powerful ways to streamline processes, improve productivity and lower costs,” Mr Udell said.
“For legal teams and their partners, collaboration on complex matters and managing within limited budgets is critical. That requires reliable access to intuitive, responsive, real-time tools like Dazychain”, he said.
Ian Goddard, CEO and Founder of Yarris, said Dazychain was helping provide a competitive advantage for in-house legal teams.
“One of the trends we’re seeing in legal services is unbundling, instead of hiring a firm to handle every aspect of a transaction. This puts a real focus on better cost management and greater efficiencies – which is what Dazychain does by linking and automating components to help manage delivery,” he said.
“We started developing Dazychain in early 2013. We knew if we created a new way of delivering services, we could enable legal teams to adapt to their changing industries. We used the expertise we built up in managing complex services for enterprises and created the product our customers wanted and needed to run their practices and departments better.
“Thanks to the reach and reliability of Telstra’s networks, Dazychain now provides commercial business support and outcomes for in-house legal teams across Australia,” Mr Goddard added.
As an enterprise ready and fully customisable solution, Dazychain centralises every aspect of matter management in one secure repository. It centralises communications, tasks and documents, provides visibility of deliverables, deadlines and spend and enables accurate reporting. Legal teams can create customised workflow templates, assign tasks to internal and external users, track invoices and generate on-demand reports and more.
The Bendigo and Adelaide Bank Experience
The enforcement and recovery teams at Bendigo and Adelaide Bank have reduced collections from 150 to 130 days using Dazychain. A spokesperson says that the software, now available through the Telstra Apps Marketplace, reduces duplication and improves consistency and security.
“The best thing about Dazychain is we now have one central location for all communication and information that can be accessed by team members, management and our solicitors that is updated instantaneously.
“We now have stronger, more robust file management of borrower files, greater data integrity and less double handling and double entry of information.”
The results Bendigo and Adelaide Bank has experienced by implementing Dazychain include:
• Reduced collections from 150 to 130 days
• Estimated saving up to 110 hours per month
• 5 minutes saved on each Notice of Default
• All other instruction timings have dropped between 1 - 4 minutes each, with an average of 30 standard instructions per month
“Greater efficiency means the ability to reduce staff or use staff in more strategic ways. One full time team member has been seconded to training and assisting another team in the department.”
The Bendigo and Adelaide Bank leadership team recommends Dazychain for organisations that use service providers in an ongoing manner for project work and want to be able to set time frames for work, provide and request certain information, and have a central location for these functions with reporting capabilities.
The pricing of Dazychain is based on the number of projects. There is a free plan for two projects and $55 per month for 25 projects. There are other plans. All plans allow for an unlimited number of users.