In today's hectic business environment, law department leaders wear a lot of hats because they take on more responsibility and accountability to stakeholders in their organizations. To control costs and improve performance, law departments are starting to invest in technology to streamline internal reporting and budgeting processes.

With budget accuracy expectations increasing for law departments, effective management of budgets is a top priority. In fact, many law departments are expected to achieve 98 percent or higher in budget accuracy. Access to the right tools and technology allows leaders to efficiently access real-time data to support decision making, determine spending allocation and assist with future budget planning.

Matthew Gillis, vice president of product solutions and strategy for HBR Consulting, recently sat down with Inside Counsel to discuss tools law departments should implement to leverage data in the budgeting process.