At Zitec, we strongly believe that the best kind of advertising is a happy customer. This is how our collaboration with New York-based Pegasus Legal Capital commenced – we were warmly referred to Pegasus by another US customer we had been working with for over 2 years.
Pegasus Legal Capital is an intricate mix between a financial and a law firm, displaying traits from each of these types of companies. We thought right from the get-go that this project would be a premiere and a true challenge for us, in many ways. To this day, and as you will see in the following lines, this collaboration has brought us countless learning opportunities, so let us begin by telling you…
…how a state-of-the-art legal funding platform is born
Sometimes, clients come to us knowing exactly what they want and how they want it. Other times, we know we have to get creative and get our innovative wheels rolling, and ask a lot of questions to find exactly what our clients need. In both cases, we know that the best outcome can be reached only by working together – and that is how the Pegasus project was born: they came to us with a problem, and we came up with a solution. To us, software is a never-ending story of becoming better and better.
The first thing we did was to meet up and discuss the issues encountered by the Pegasus team during their day-to-day business activity and how our software development and business process automation expertise could contribute to digitally transforming the business, resulting in lower operating costs and more streamlined and automated processes. Together, we decided that the initial focus should be on the lead capturing and management process, as the business was seeing a substantial influx of new leads and using the existing, rudimentary tooling (a generic CRM) was no longer a viable option to handle them.
The initial module of the new, custom-built platform (known as Orion) automated the lead intake activities, contract generation, and signing (via digital signatures). A reporting and decision making layer was also added on top of the automation to help managers see the state of the business in real-time and swiftly act on the information.
Good software, better business
Measuring the benefits provided by the solution delivered by Zitec to Pegasus Legal Capital goes hand in hand with the good results registered by the company in this period of time. The most significant impact brought by our solution lies in the massive amount of time saved by employees, who will no longer have to manually fill in, check and correlate data about potential or existing leads, but will get to use that time for activities that provide a better opportunity for personal and company growth. Time is money, after all.
The tangible benefits didn’t take too long to surface:
- All lead capturing and management data were centralized in a single software application (down from 4 tools)
- Contract generation time was reduced by over 30 times to less than 30 seconds
- The digital signing of contracts increased from less than 10% of all contracts to over 50%. Each contract signed digitally has a turn-around time of several hours vs several days for paper-based contracts.
- By building Orion on top of Microsoft Azure, Pegasus was able to comply with its new, strict security policies and have a highly available and scalable foundation.
“We chose Zitec as our partners right from the get-go, because they were able to understand and translate our business needs into practical and engaging software. Although this was their first interaction with a legal funding company, they realized that this is a very competitive business and that time is our most important asset. The software that the team developed for us gave us exactly that – more time, more efficiency, more agility in the end. Now that our resources have more time and the daily grind is significantly reduced, we can shift our people to higher value-added projects”, said Alexander Khanas, Principal at Pegasus Legal Capital.
Where do we go from here?
Traditional software projects have a relatively limited lifetime (usually less than 1-2 years). But at Zitec, we believe in the constant adaptation and improvement of our software, because as a company develops, so must the software they use. This usually results in 5+ year partnerships with most of our customers.
So where will the Pegasus collaboration move from here? Let’s pass the mic on to Lucian Daia, project sponsor, technical consultant and Zitec CTO: “Our focus for the project’s first stage was to build a solid technical foundation that can act as a catalyst for the transition of Pegasus from a financial services company using technology as an add-on to existing processes to a company that is built around technology, a true FinTech. The lead management and funding module was a good starting point and we can already see some promising results after having it online for a couple of months. Meanwhile, we have started working on the next piece of the digital transformation puzzle – the servicing module. ”
At Zitec, we’re all about digital transformation. We get better at it everyday, and we started 17 years ago. So if you’re looking to make your everyday processes easier, just drop us a line here. Even if you may not even have a solution in mind, don’t worry, that’s why we’re here. We’ll find a tailor-made solution that will work wonders for your business too. 🙂