The end goal of Business Intelligence (BI) is simple--efficiency. BI helps law firms leverage data to make decisions that both improve and optimize revenue. BI provides law firms a closer look at how they are operating by taking inventory of what aspects are doing well and what aspects need improved upon. During the current times, law firms both big and small, often wonder what would be the quickest ways to identify weaknesses, increase cost efficiency, and protect assets.
The importance of having effective BI, analytics, and reporting structure is always a vital for any law firm. Not only does it allow a firm to extract actionable items from data, but it also provides more valuable insights into operational efficiency and productivity.
In times of COVID or any crisis, Business Intelligence is an area that can really help your law firm. By leveraging BI, you’ll discover things you may already know about (revenue changes), but you will also discover things you may not have know, like the root cause of those changes and what other areas of your firm it may be affecting. In this blog post we share 5 ways to increase law firm revenue.
Here are five tips to keep in mind on how to leverage business intelligence during these times:
- Take time to set, benchmark, and assess goals. Clarify what your ultimate goal is and define how you measure it.
- Do a review of your data to uncover any overlooked revenue drivers or areas of cost inefficiency that could be improved.
- Start to analyze your data daily instead of weekly. Numbers can change within a few hours, and by taking time to analyze daily how that is having an effect on your business will give you the upper hand.
- Measure your achievements against your goals, taking into account any new data available and make adjustments as needed. Additionally create test scenarios and measure what their impact would do for your firm.
- Don’t be afraid to make shifts and changes if you are not meeting your goals to help course correct.
When business is going well, it’s easy to overlook how much data your firm is collecting. However, COVID has expedited the need for all firms to put their data to work to aid in the decision-making process. A comprehensive legal specific BI solution can help you define the proper metrics to not only survive, but also thrive.
Whether you need to start utilizing BI from ground-up or already have a system developed, BigSquare's expertise can help your firm through this together. Contact us if you have any questions about legal specific business intelligence.
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.