Simon Beddow, Partner - European Leader, Corporate and Finance Transactions Department at BCLP discusses how the firm is using BigHand Resource Management.
We're using BigHand Resource Management because we are trying to make sure we're managing our associates' workloads in an organised and effective way. We want to ensure we're smoothing workloads and keeping people equally busy. We’re also trying to maximise the resources that we have.
What benefits are you seeing?
The data we get from Resource Management is extremely valuable to us. It enables us to work out who's busy and who's not busy. This is particularly important in the context of the new hybrid working model that so many of us are engaged in. We now know people are occupied no matter where they are, enabling us to make sure workflows are smoothed and we can get people busy under very short notice to make sure that deals coming in are resourced properly. As deals get to particular stages where they require fewer resources, we can move those resources onto other deals.
What advice would you give other firms?
The advice I'd give to somebody starting on this Resource Management road would be to be brave. People are going to be nervous about the change, and people may be sceptical about the benefits that it brings. But if you persevere, you will find that your resources are much better employed and the people in your teams are much happier. You're also able to make sure that you're giving equality of opportunity to everybody on your team. So stick with it.
What are your predicted industry challenges?
One of the biggest industry challenges over the next 12 months and for longer is going to be the growth of artificial intelligence. I think everybody's talking about it. There's a lot of concern as to what it might mean for the production of documents and for how we engage our associates and our resources. I think it's going to be quite interesting to see over the next 12 months in a very fast-moving sector whether some of the fears that people have are realised, or whether firms need real people to do a lot of the work we're doing.