The constant evolution of Business Intelligence (BI) solutions is keeping data-driven law firms on their toes.
The BI applications that are in line with the industry’s latest trends today might be sub-par tomorrow. This requires legal business intelligence vendors to continue to offer upgrades and enhancements with the latest ideas and trends. Most importantly, offering those updates to their client's administration and leadership to ensure that the firm is making the most out of emerging technologies, ideas, and trends.
This time we’ve done the heavy lifting for you – here are 4 legal BI trends to watch next year:
1. Cloud Migration
2. Advanced Visualization
3. Self-service BI
4. Small Firms Show More Interest
Data is moving to the cloud faster than ever, driving law firms to rethink their data strategy. We are seeing more firms that are noticing the benefits of moving their data to the cloud, including flexibility and scalability at a lower total cost of ownership. As firms are assessing their broader data strategy, they are also rethinking their analytics model, moving from traditional to modern BI. This means moving away from an environment where all data resides in an on-premises warehouse and into a more flexible cloud infrastructure.
Data visualizations help us to quickly recognize patterns and take in more information at a glance. Tools such as trending colors, arrows, graphs, and maps help navigate complex data at a significantly easier, faster, and more intuitive way. Allowing users to quickly identify outliers and gain better insight is what sets a good BI application apart from a great one.
A big question we see: "How do I reach a good partner adoption rate?" Simple, find a legal BI application that your attorneys like, and will use. It's all about something that provides robust information, but presents it simply and is easy to use. Read more on how to reach a 92% partner adoption rate with your legal business intelligence software.
As a result, visual analysis is a much sought-after feature by law firms seeking more efficient ways for users to absorb data and make better informed decisions. It’s safe to predict the trend will continue shaping BI trends in the future. Plus, they are unquestionably more appealing to look at than rows upon rows of numbers in data tables.
According to Gartner’s recent survey of more than 3,000 CIO's, BI ranks as the top differentiating technology for their organizations. Many top-performing CIO's consider BI to be the most strategic technology area, so it’s unsurprising that it also receives the most new investment within organizations. This has resulted in a rapidly growing number of organizations that are striving to implement self-service capabilities to create a data-driven culture, empowering users to use and benefit from effective BI and analytics tools.
By 2019, Self-service analytics and BI users will produce more analysis than data scientists will.
Small Firms Show More Interest
Statistics show that businesses with fewer than 100 employees had the highest adoption rate of BI in 2018. That shows that even smaller law firms can increase their ownership on tools such as BI. The trend of business intelligence software through small law firms should continue to increase in 2019, especially as vendors continue to make their software more accessible and affordable. As mentioned above, with the increase in cloud based solutions firms now have the opportunity to invest in a subscription based solution hosted in the cloud, which in turn saves upfront cost for licensing. BI is truly meant to be utilized by all firms: Big or small, new firm or well-rooted practice, legal professionals have recognized that data is power and are making business intelligence a priority by investing in a business intelligence solution. Read more about BI for small firms in this blog post.
This past year saw big data and analytics to advance to more vital mainstream tools in the business intelligence arena. In 2019, that will surely continue, but with a focus on the practical integration of advanced BI tools into law firms of all sizes. That means that it's becoming a necessity for administration to become well versed in their firm's BI operations in order to decide which areas need attention this upcoming year. These trends become more apparent as 2018 winds down and 2019 arrives. That means it’s not too early for law firms to think proactively about how to capitalize on these 2019 business intelligence trends and adjust their operations accordingly.
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.