Did you get the chance to see our list of the top ten technology trends for 2018? This is the second part of our three part series breaking down those trends, and explaining them a bit more in depth. The topics we will discuss today hit home to us because they are main components of BigSquare: Analytics, Business Intelligence, and Performance Tracking.
There is an enormous amount of data within a law firm, but also for an individual department, timekeeper, and even client. As time goes on, data grows and grows, and the ability to configure and analyze it does as well. The flipside of this is that if your data is not organized in a platform that’s easy to understand and use, the value of the data and analytics is lost. Analytics with search capabilities is key, and software applications, such as Business Intelligence, takes the vast amount of information and allows for trends to be found and displayed, in a visually appealing way. These types of advancements show trends that would otherwise be missed by the human eye. With millions of data points, trying to manually report off of the information is nothing but a waste of time, money, and resources. The systems that quickly and easily give law firms one version of the truth make life and business much more efficient.
The easiest way to simply describe Business Intelligence(BI) is efficiency. Finally something that lets you spend less time organizing data, creating reports, and analyzing the numbers. The want and need of BI tools has grown rapidly, and isn’t slowing down anytime soon. Once law firms realized that it no longer needed to take their IT or Finance department weeks or months to complete reports or write complex queries, they have quickly jumped on board. Law Firm BI like Attorney Analytics gives role based information to all members of the firm enabling them to quickly and easily drill down into that information and answer their questions.
One of the best parts about BI is that it takes all of the information and puts it in a visually appealing dashboard to quickly glance and understand what it is you are viewing and recognize those important trends, in real time. Empowering your entire firm with key data gives you that competitive edge you’ll need in 2018. With much knowledge in this sector of law firm technology, we wanted to share specifically the trends we imagine will be hot topics this coming year.
- Mobile BI
- Self-Service BI
- Visual Analytics
- Cloud BI
- Predictive Analytics
The legal industry is all about performance. From the individual lawyer all the way up to the executive committee, every level wants to know more. How many clients did you bring in, how much did you bill, how much did you make, how often do you win? The data we’ve collected and platforms we have created make these benchmarks so simple to track. Technology takes the most meaningful trends and places them in the spotlight.
Law firms of all sizes measure these behaviors and indicators of their firm’s health and performance, many may know them as KPI’s (Key Performance Indicators). There are hundreds of KPI’s out there, and each firm has specific ones that help give them an overall view of how the firm is doing. Many BI applications allow you to view these metrics by attorney, client, matter, or for the firm as a whole. The ability to manipulate the data easily puts you one step ahead of your competition.
You may be wondering what types of KPI’s you should be measuring. We put together this Cheat Sheet to help you understand what metrics will set you up for success.
2018 is sure to bring some advancements and game changing technology to the legal sector. BigSquare is excited to be in the midst of these changes and continue to advance the world of BI and analytics for law firms. Letting us (and the tools) do the hard work for your firm, allows your time to be spent focusing on the success in the courtroom.
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.