By definition, business intelligence is the technology and strategy that provides historical and current analytics that improve strategic decision making, increase revenue and provide a competitive advantage.
Technology is advancing and changing every day, and it is vital that law firms keep up with the times by establishing a business intelligence program. BI enables strategic decision-making by creating quantitative data reports and dashboards, and law firms can use these resources to become more effective with their work and maximize internal processes. Without this technology, law firms can potentially jeopardize their ability for risk management, and their internal processes may slow down leading to business losses and financial constraints. BI serves as the backbone for law firms, and operations run much more efficiently if implemented. In the past couple of years alone, top law firms have responded in a survey that technology is a key challenge to growth moving forward. In a world where digital technologies are accelerating at such a fast speed, why hesitate to slow down digital efforts and/or risk losing market share?
Only 37% of legal and compliance firms have BI in place. Data security is necessary for this industry, and security measures must be coherently managed and strategically organized. Over 70% of employees in law firms have access to data that is confidential. A successful BI platform will solve any disorganization of business analytics and data, manage risk, provide key KPIs, and greatly improve efficiency. With easy, self-serving implemented BI solutions, a law firm can identify the needs of their clients more effectively, make better decisions on their client’s behalf and remain ahead of the curve in an ever-growing industry.
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