Are you overwhelmed by the conversation around Business Intelligence for your law firm? Is researching what company to partner with, a long-term project that keeps you from making a decision? What are your challenges? What changes will happen by next year? What should you look for, expect, and prioritize in BI for your law firm in 2022 and 2023?
All these questions are understandable and BigSquare has heard all the horror stories, from implementation taking much longer than promised, to not having the adoption they expected. There is a lot of information out there with who to partner with and why, so let’s make things easier and focus on three of the top trends for BI in 2022, looking into 2023. These ongoing Business Intelligence trends represent the cutting edge of BI legal tech development, and you should want nothing less than to be as prepared as possible for what is to come in 2023 moving forward.
While there are many different trends circling around in this field, an essential goal they all boil down to is accessibility. A BI platform may be able to offer you huge quantities of data, but if you and your team aren’t able to easily comprehend and utilize that data, its value plummets. This year’s trends focus on ensuring that you don’t just have access to data, but can understand and utilize it effectively, resulting in overall growth and profitability.
But what are the specific trends making this possible? Let’s take a look.
- Guided Business Analytics Instead of Data Experts
In 2022, a major trend is moving away from “free form” software which leaves it up to you to interpret the data, and towards guided business analytics which makes it easier for users to comprehend and utilize the insights offered by legal software. According to Toucan Toco, “guided business analytics is a category of analytics that aims at making it easier for any user to navigate and understand data.” Guided business analytics will direct you towards the specific data you need instead of handing you an overwhelming spreadsheet of acronyms and KPIs.
A significant benefit of guided business analytics is making the data accessible and interpretable to everyone (including attorneys) - not just data experts. This means that each member of your team can easily find the information they need with basic data literacy, rather than having to hire and rely on data specialists to interpret that information for you, or even worse, waiting until it’s too late.
- SaaS and Cloud Adoption
While data comprehension is one major aspect of data accessibility, being able to access the data 24/7 is another. In the past, accessing data usually meant coming into the office and logging into the law firms BI from their desk only. Not anymore. Flexibility and mobility in the workplace has never been more on an upward trend and valued, and being able to access your BI software from any location is essential to offering a diverse workplace experience.
With a Saas or Cloud-based system, you can now access the data from home or while on a business trip. Hybrid/remote workplaces are a trend that is not going away any time soon. Not only can you access your date from anywhere, but it is continuously and automatically updated, so everyone is on the "same page" no matter when or where they log in.
- Establishing a Data-Driven Culture
One of the biggest trends this year and in the last few years is establishing a data-driven culture. What does that mean? It means moving away from gut-instinct in decision-making. It means that you make decisions for your firm not on what seems right, but on what the data indicates is right.
Wondering if you should expand or downsize a department? Don’t do it because you think it would be beneficial for your firm, look at the numbers and see if your gut and reality line up with each other. When you put an emphasis on data, you’ll discover that your team works smoother and more efficient than ever. You'll have real-time, quantifiable data right at your fingertips at anytime from anywhere that is accurate and able to help you make the best decisions for your business.
How to Keep up with the Trends for the Rest of 2022 into 2023
It is crucial to stay on top of the trends in legal technology because if you fall behind, you won’t be able to compete in your field and trying to get to that finish line will look beyond repair. You won’t be able to offer your clients the same quality of service that others are offering. If you are wondering where to turn to find a BI platform that can help you keep up with these trends, then BigSquare is your only option. We offer all of the services discussed in this article and much more, highlighting being the only company that offers Cloud-based Business Intelligence. Don't hesitate and contact us today to see how we can help you bring 2022’s trends to your law firm.
BigSquare is the leading provider of Business Intelligence for law firms and professional service organizations. We focus exclusively on law firm reporting, law firm BI, law firm profitability, and law firm analytics.