While there are a variety of factors that lead to the success of a law firm, one area that is becoming increasingly important for firms of all sizes is business intelligence (BI). Today's law firm management and lawyers have access to a wide range of tools that offer insight into relevant data at their firm to support better decision-making.
The problem, of course, is whether law firms are willing to take advantage of these available resources. In reality, if your firm wishes to see success in 2020 and beyond, you need to start making business intelligence a top priority now! Seriously!
Improve Your Time-Management
Many law firms know that there is important information contained within their data, but they make the mistake of thinking they can’t afford an additional software tool. Some firms assume that they will be able to find time to look through the information on their own to find insights or that the same monthly excel reports will do. Unfortunately, these good intentions rarely translate to action. We talk to many firms that only share certain "important" reports monthly, and other information is on as "as-need basis." Many times the reason firms are not looking at their data is because they were too busy with other responsibilities and they do not have a quick and efficient way to get the information in an easy to understand format.
As a lawyer, or even firm management, there are already many responsibilities pulling you in different directions. Poring over minuscule data points can be excessively time-consuming, keeping you from fulfilling other important responsibilities. By letting a business-intelligence tool do the hard work of sifting through data for you, you will be able to operate more efficiently so that nothing gets overlooked.
Gain the Knowledge for Smarter Data driven Decision-Making
BI goes well beyond simply reporting the data and putting it into a spreadsheet or list. Analytics tools offer insights, but many also offer predictive analytics to present workable solutions that you can use to improve business operations. With data insights at hand, you can make more informed decisions that are more likely to have successful outcomes.
One of the most fundamental challenges that law firms, legal departments, and individual lawyers face today is tied to data. Data volumes continue to grow at exponential rates, and “big data” is an issue across just about every legal function. Fortunately, there are already effective solutions in the marketplace today that target many—though certainly not all—of these data-related challenges. Technology-focused vendors have been active in the legal sector, and they have learned a lot about how to manage big sets of data. These solutions are empowering the “data-driven lawyer,” for whom the big data phenomenon represents an opportunity, rather than a problem.
Of course, quality decision-making depends on asking the right questions of your analytics tools. Most law firms have similar KPI's, which is why a legal specific BI tool is vital! Working with a business intelligence vendor that knows the legal industry and what law firms are analyzing makes implementing your BI tool a breeze!
Your Competition Is Using BI
Business intelligence tools’ ability to help you save time and make smarter business decisions as you guide your law firm are certainly compelling. However, what is even more important to realize is that your competition has already started to use these tools.
Major corporations are already leading the way in business-intelligence adoption and law firms of all sizes are doing the same! To name a few...
Business-intelligence tools are becoming increasingly accessible to small law firms as well. With subscription pricing models there are significantly less upfront costs to get a BI tool at your firm. If you aren’t using these tools to better leverage your data, you can be sure that your competitors will be using them to gain the upper hand.
Resource: BI- It's Not Just For Big Law
Your firm's ability to leverage legal business-intelligence tools could provide the insights you need to gain more clients and improve your profit. Ignoring the insights hidden in your law firm's data could cause you to miss out on key opportunities and even put you at greater risk of serious financial losses. Investing in quality business-intelligence tools won’t just help you save time -- it could ultimately make all the difference for the future. Seriously, if your law firm wants to continue to thrive then Business Intelligence is vital!
Resource: Analytics as a Competitive Advantage