In our previous article, we introduced a six-pillar framework—Vision, Value, Cost, Risk, Adoption, and Transformation—as a step-by-step approach to implementing AI in conveyancing. We emphasised the importance of aligning AI projects with broader organisational goals, understanding the total cost of ownership (TCO), and managing risks, particularly around regulation and data security.
Now, let’s dig deeper into the first two pillars—Vision and Value—which form the bedrock of any successful AI strategy.
- Vision: Setting a Clear AI Purpose
A clearly articulated vision is critical for any AI strategy. Without it, AI can become just another technology experiment rather than a truly transformational tool for your firm.
Why It Matters
- Direction: Your AI vision acts like a compass, helping teams and stakeholders understand why you’re investing in AI.
- Clarity: Establishing an “AI purpose” ensures every initiative aligns with your firm’s broader goals—whether it’s cutting transaction times or improving customer communication.
Practical Steps to Craft an AI Vision
Identify Core Challenges
- Begin by outlining the most pressing pain points in your conveyancing process. For instance, are protracted completion times affecting client satisfaction? Is staff attrition linked to repetitive, administrative tasks?
- Prioritise two or three major challenges that significantly impact efficiency or client service.
Set a Baseline
- Collect data to measure your current performance in conveyancing, such as the average time to exchange contracts or the number of manual file reviews per week.
- These baseline metrics will pinpoint where AI can add immediate value.
Align with the Business Objectives
- Map the challenges to your overarching business strategy. If your goal is faster turnaround times, AI-driven automation of pre-completion checks could be a prime focus area.
Engage Stakeholders
- Share your preliminary ideas with partners, fee-earners, and support staff. Gather their input to refine your vision and secure buy-in early on.
- Involving people from the start fosters a sense of ownership and eases future adoption hurdles.
Articulate the Vision Statement
- Combine your insights into a concise statement:
“We will utilise AI to streamline compliance checks, reduce completion times, and elevate our client experience.”
- Circulate this vision, firm-wide, so everyone is clear on your AI priorities.
Tip: Keep the vision short and memorable—it should serve as a rallying cry to unite all efforts around a common goal.
- Value: Measuring AI’s ROI and ROE
Once your AI vision is set, the next crucial step is identifying the Value it can deliver. This involves looking at both Return on Investment (ROI)—the financial payoff—and Return on Experience (ROE)—the qualitative uplift to staff and clients in conveyancing.
Why This Matters in Conveyancing?
- ROI (Return on Investment): Focuses on tangible financial metrics—think cost savings, revenue gains, productivity boosts.
- ROE (Return on Experience): Captures less quantifiable but equally vital benefits—client satisfaction, employee morale, brand reputation.
Practical Steps to Measure AI’s Value
Define Key Performance Indicators (KPIs)
- For ROI, track cost savings (reduced paperwork or admin hours) and revenue growth (increase in completed transactions).
- For ROE, examine client feedback scores or staff engagement levels (fewer repetitive tasks, less burnout).
Start Small with a Pilot
- Pick a single process—like verifying ID documents or automating standard contract drafting—to test AI’s impact in the firm.
- Measure time saved, error reduction, and team feedback during the pilot.
Calculate the Financial Impact
- Cost Savings: Are you cutting down on printing, postage, or admin hours?
- Revenue Uplift: Can you handle more transactions in the same time, potentially increasing billing?
Assess the ‘Experience’ Impact
- Client Experience: Do clients notice faster responses or smoother transactions? Are complaints going down?
- Staff Experience: Are employees more satisfied and able to take on higher-value tasks?
Create a Value Dashboard
- Consolidate these metrics in a single dashboard or spreadsheet for easy tracking.
- Update this regularly—AI systems are iterative, and metrics may evolve over time.
Communicate Wins
- Share progress firm-wide as soon as you see tangible improvements (like a 15% reduction in completion times).
- Early successes build momentum and support for continued AI investment.
Tip: Mix hard measurable metrics with qualitative outcomes so your business case resonates at both the strategic and human levels.
Bringing Vision and Value Together
When Vision and Value work in tandem, they transform AI from a buzzword into a measurable asset. Here’s the synergy:
- Vision determines where to focus: By understanding exactly why you’re implementing AI, you pinpoint the right workflows to automate or enhance.
- Value confirms the impact: By tracking both ROI and ROE, you can demonstrate whether AI is truly delivering on your vision.
If the metrics don’t match your expectations, it’s a signal to refine your approach—maybe adjust the vision or refocus on a different workflow. Remember, AI adoption is an iterative journey.
Your Next Steps
You can start today, this can be in a notepad, or on a whiteboard – but starting is the key, here’s what I’d do first:
- Draft an AI Vision Statement
- Outline your key challenges and desired outcomes.
- Get early input from partners and staff; refine your vision based on feedback.
- Identify Key Metrics
- Pinpoint both financial and experiential KPIs.
- Ensure you have a simple way to collect and track these KPIs.
- Pilot a Small-Scale AI Initiative
- Select a process that’s straightforward to automate or improve.
- Monitor ROI and ROE metrics, and gather feedback from staff and clients.
- Iterate
- Evaluate results and fine-tune either the vision or the deployment strategy as necessary.
- Consider expanding the solution to other processes once you’ve proven value.
Embrace AI with Purpose and Practicality
By laying a solid foundation of Vision and Value, you’re setting the stage for an AI strategy that doesn’t just tick a technology box but genuinely moves the needle for your conveyancing firm.
Stay Tuned for More
In the upcoming articles, we’ll delve into Cost, Risk, Adoption, and Transformation—the remaining pillars of our AI framework in conveyancing.
Pete Gatenby is a Partner at Novus Strategy and Consulting