Business Intelligence (BI) is not only front and center in the legal industry, but many others as well. BI applications and software have developed rapidly over the past decade. With technology vital to the success of companies who have transitioned to remote and work from home environments, business intelligence is one key to success in many organizations. BI is no longer a want but a necessity for modern firms and the future is more collaborative, proactive, and insightful!
Digital advancements have completely revolutionized our everyday lives, and one of the largest impacts felt has been in the business world, legal included! Firms need to have access to data-driven tools and strategies that allow them to learn more about their clients, customers and employees more than ever before. The COVID-19 pandemic has hit hard, and caused some sort of disruption in all industries. Organizations that have real-time visibility into what is happening, analyze information rapidly, and act on what they learn quickly will be the ones that survive and most importantly thrive during these times.
But what exactly can business intelligence do? Business Intelligence refers to all technology and applications used to help collect, analyze, integrate, and present important business information. The purpose of BI is to support and help better decisions at your firm. BI allows organizations access to information that is critical to the success of all departments, practice groups, and individuals within a firm. When your firm effectively leverages BI, it will help empower everyone with increased actionable data, insights into important trends, and provide a strategically geared decision-making model for administration. Business Intelligence allows law firms the ability to reduce costs by improving efficiency, productivity, and profits by revealing opportunities for continuous improvement. Whether your firm has been using BI for years or just beginning your research, its vital to understand why BI is so important, and where it is headed this year. Here are 5 predictions for BI in the last quarter of 2020 and beyond:
1. Lower Barriers for Adoption
Previously, only large law firm or huge companies with significant resources were able to reap the benefits of BI. In the past 3 or so years smaller firms have begun to utilize the same tools. Much of this possible because of the increased usage of cloud and hosted solutions. We discuss this in more detail in this blog post: BI- It's not just for Big Law. The technology has become far more affordable, with powerful tools now being within the reach of even very small firms. BI tools are being embraced by companies of all sizes across industries, law firms included!
2. Greater Use of Visuals
BI helps make data more accessible and more digestible. Decision makers can quickly and intuitively grasp the underlying trends, key metrics, and patterns when visuals are used. It allows users to readily understand, engage with, and act upon information. BI has brought reporting a long way and improving the look and feel of BI will be a priority throughout 2020 and beyond.
3. Increased User Self Service
Self-service BI is intuitive enough for virtually anyone to use without extensive training. Instead of waiting for reports to be completed by either the Finance or IT department, individual users can find the information they need on demand. BI allows anyone at any time, from any place the ability to find relevant information. This helps provide everyone more time to do their job vs compiling reports.
4. Improved Employee Satisfaction
Finance, IT departments, and analysts spend less time responding to request and more time doing more important tasks at hand. Department heads and individual attorneys who didn’t have access to their own data without contacting Finance or IT can now jump into their numbers. BI is designed to make everyone's jobs easier and more efficient. Giving data to employees on demand provides instant satisfaction and improved operations.
5. Increased Organizational Efficiency
Business Intelligence provides law firm leaders the ability to access data and gain a firm-wide view of their operations, with the ability to benchmark results against the individual departments, practice groups, clients, offices, etc. With a holistic view of the organization, leaders can identify areas of opportunity. When firms spend fewer hours on data analysis and compiling reports, BI gives them more time to use data to innovate on new opportunities.
BI makes it possible to combine data from multiple sources, analyze the information into an easily digested format. This allows law firms to see the big picture and make smart business decisions for the future! What is your strategy for BI in 2020? Ultimately, reporting is what turns BI into practical decision making.
- Hear from your peers: Why legal BI is not a want, but now a NEED
- 10 Key Features your Business Intelligence Tool Should Have
- The Great Debate: Build vs Buy BI
- BI, No longer a nice to have-- a need to have
- The Greatest Shift in Legal Technology
- Is Your Law Firm Business Intelligence Savvy?