The application works by centralising every aspect of matter management in one secure repository. It centralises communications, tasks and documents, while providing visibility of deadlines and costs, and enabling accurate reporting.

Dazychain also allows legal teams to create customised workflow templates, assign tasks to internal and external users, track invoices and generate on-demand reports.

Kevin Udell, Telstra's executive director, connected business, said Dazychain is a great example of how smart, cloud-based applications are opening up new opportunities for business collaboration, governance and productivity.

“For many years, spreadsheets and databases have done an amazing job for many in-house legal teams and their external partners. However, technology today is reshaping how businesses operate and opening up new and powerful ways to streamline processes, improve productivity and lower costs,” Mr Udell said.

“For legal teams and their partners, collaboration on complex matters and managing within limited budgets is critical. That requires reliable access to intuitive, responsive, real-time tools like Dazychain”, he said.

Ian Goddard, CEO and founder of software firm Yarris, said Dazychain helps to provide a competitive advantage for in-house legal teams.

“One of the trends we’re seeing in legal services is unbundling, instead of hiring a firm to handle every aspect of a transaction. This puts a real focus on better cost management and greater efficiencies, which is what Dazychain does by linking and automating components to help manage delivery,” Mr Goddard said.

“We started developing Dazychain in early 2013. We knew if we created a new way of delivering services, we could enable legal teams to adapt to their changing industries. We used the expertise we built up in managing complex services for enterprises and created the product our customers wanted and needed to run their practices and departments better.”

Bendigo and Adelaide Bank has become one of the first users of Dazychain, and said it has reaped many benefits.

These include estimated time savings of up to 110 hours per month, as well as reduced collections from 150 to 130 days.

A spokesperson for the bank said the software, which is now available through the Telstra Apps Marketplace, reduces duplication and improves consistency and security.

“The best thing about Dazychain is we now have one central location for all communication and information that can be accessed by team members, management and our solicitors that is updated instantaneously,” the spokesperson said.

“We now have stronger, more robust file management of borrower files, greater data integrity and less double-handling and double-entry of information.”