Definitions
“I love budgeting”, said no one ever!
Budgeting can be a tough process, often involving a lot of back-and-forth, data, and patience. The Budgeting Process Satisfaction Index (BPSI) is a way to measure how satisfied stakeholders are with the legal department’s budgeting process. By collecting feedback, you can identify areas that need improvement and make sure the budgeting process works for everyone involved.
The BPSI is calculated through a survey that touches on key aspects like clarity, communication, collaboration, and the tools used. You can customize the survey to reflect your own needs, making the results more relevant to your unique process. By regularly checking in on this metric, legal departments can improve transparency, keep stakeholders engaged, and fine-tune their budgeting approach.
Here is a sample survey:
Overall Experience (0-10): How well do you think the legal department budget is managed last year?
Transparency (0-10): How satisfied are you with the transparency of the budgeting process?
Collaboration (0-10): How satisfied are you with the level of the collaboration during the budgeting process?
Accuracy (0-10): How satisfied are you with the accuracy of the budget estimates?
Time Investment (0-10): How satisfied are you with the amount of time it takes to put together the budget?
Comprehensiveness (0-10): Did you feel that all budgetary concerns and constraints were considered?
Feedback (0-10): Were you able to provide input or feedback during the budget planning discussions?
Efficiency (0-10): How would you rate the overall efficiency of the budgeting process?
Cost-Saving (0-10): Did the legal department actively seek cost-saving opportunities or suggest alternative approaches to managing legal expenses?
Limitations
Keep in mind that responses can be subjective. Some people may give overly positive feedback to avoid conflict, while others might be overly critical. It’s important to design the survey carefully and ensure that participants feel comfortable sharing honest feedback.
If you’re interested in exploring this metric further, along with other KPIs, check out my book, Legal Operations KPIs available on Amazon in English / Spanish or eBook on Google Play English / Spanish. It covers over 80 metrics and KPIs with practical insights to help you get the most out of your legal department.
Visit LegalOpsKPIs.com for more information, exclusive resources such as expert interviews, a chart library, Excel templates, and to connect with a global community of professionals committed to advancing Legal Operations through data-driven insights.
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InfiniGlobe is a full-service consulting and software company. We have 20+ years of industry experience working with top corporate legal departments and law firms. Contact us at info@infiniglobe.com or at (833) LGL-TECH.
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