You may have caught the first article of this series 3 Things Law Firms Learned From Putting a BI Tool to Work. We are back again, delivering another very relevant topic on legal business intelligence, How to Transform Your Data Into Actionable Insights. The era of “big data” is now upon us, but the question is how can we turn the mass amounts of data into actionable insights capable of delivering value to your law firm? That’s an important question, and something that needs addressed! Let me take a few steps back. If you need some background on big data and what it can do for law firms, this article will provide just that.
Many law firms use data to support their decisions instead of drive their actions. But why? After all, data is really only valuable if you can translate it into actionable insights. Gaining these insights starts with figuring out what you want from your data, basically finding its value. After all, data really is valuable only if it helps your law firm make better decisions. You might be sitting on the a huge pile of data (from our experience, you probably are), but it's useless unless you have the means to translate it into insights that drive your business. With that in mind, here are some important questions and steps you can take to help mold your data.
Leveraging data correctly can differentiate your law firm from one down the street or across the country. To transform data into intelligent action one must easily analyze massive amounts of information. Now you can move from seeing what happened and understanding why it happened to predicting what will happen and ultimately, knowing what should I do.
Every firm's framework and principles will vary slightly, but the steps to get to the insights will most likely include the ones above. It's up to your firm to pinpoint the best techniques and software to construct your data analysis. Turning data into actionable insights can be a unorganized process. Fortunately for you, there are legal business intelligence companies to help law firms go from those data needs to information you can take action on.
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