Earlier this month we dove into the four level's of law firm business intelligence (BI) and determining if your firm is "BI savvy." We are back to share part two: How Law Firms Can Move Up the BI Levels. If improving BI savvy can lead to new opportunities for profitable growth, what can a firm do to step up the ladder? For a quick recap, here are the four levels we discussed in the last blog post:
Law Firm BI Level 1: Descriptive -- What happened?
Law Firm BI Level 2: Diagnostic -- Why did it happen?
Law Firm BI Level 3: Predictive -- What will happen?
Law Firm BI Level 4: Prescriptive -- How do we make it happen?
Now it's time to give you three simple and tangible steps to move your firm up the levels!
1. Start by Asking “Why?”
You can start to do this TODAY! Before you even get as far as looking into BI solutions. This one change will help to move you up the ladder. Start thinking proactively vs reactively by asking "why?" If an analyst, or financial reporter gets a certain request for information that meets specific criteria, they need to ask why! Knowing why gives you a leg up and direction to provide detailed information. It allows an analyst to accurately provide data, and potentially more than originally requested to help identify multiple opportunities that the firm wasn't looking at before.
2. Executive Support
Executive support is required for most new initiatives. That means more than just a signature on the bottom of a contract for a BI solution. The law firm leadership must be actively involved throughout the process, and it’s worth their while because BI in a law firm is about profitable growth. Firm leadership will have insight at their fingertips with the click of a button, and more than likely within a few weeks of signed contracts and project kick-off. Having management's support (and involvement) throughout the process of implementing a new BI solution will yield greater success.
3. Experiment in Groups
Any type of change in an organization often requires small and achievable steps to see success. A firm striving to transition from printed reports to a BI dashboard to provide information, will need a successful plan. A good approach is to experiment with one group of lawyers willing to lead innovation. This will give you accurate feedback and you can adjust from there so that when the time comes to roll out the new BI application firm-wide, the small kinks were already worked out.
Before reaching this process of successful implementation it is very important that you choose the appropriate BI solution. Selecting the right legal business intelligence platform for your law firm can be an intricate decision that includes multiple individuals and needs. The wrong decision could not only cost you thousands of dollars, but set your firm back months regarding data integrity or worse. This white paper helps lead you down the path to a successful BI solution implementation. The path to move forward, and hopefully get to the top rests in leaning forward and supporting BI as it strives to help lead you to the information to become a more profitable 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.