We are creating more and more data every single day. There is something to be learned from almost all data we collect from insights to business productivity and inefficiency. Reporting is a crucial part of business intelligence (BI) and the ability to create BI dashboards is vital. The right legal BI solutions will reveal more actionable data, provide clear insights, and facilitate strategic decision making for a firm. Business intelligence enables your law firm and employees to know what's happening in real time, why it's happening, how to improve it or capitalize on it, and ultimately how to predict what will happen next. All of this information lies in your data!
Why is BI so important?
There are various business intelligence tools that can help you track this data and metrics from the old school spreadsheet, to more advanced and complex solutions. While Excel will help to do the job, your data does not achieve it's full potential without a more built-out BI tool. A business intelligence tool like BigSquare will help to eliminate the need to manually pull together data and reports. From tracking to reporting, BigSquare's Attorney Analytics displays your law firm's data in a more visual, easy-to-understand way to share within your entire firm. To learn more about how you can provide your firm with a BI tool, request a demo here.
Four Reasons to Use BI:
You understand why BI is important, but why should your law firm use BI? What is your immediate ROI? These are just four reasons we have heard from our clients in the Global 200, AM 100 and NLJ 500 to use a legal BI tool:
1. Easier & Faster Reporting
We live in an era where it's important to have access to information quickly and easily, and your firm's data is no different. With legal BI tools, you can generate reports with the click of a mouse and see instantly what is working and what needs some improvement.
As humans we are visual creatures and sometimes we need to see data in a visual format to truly understand it. Just having numbers on a page often isn’t enough. With legal BI software, your dashboards bring the most critical metrics front and center and with just a quick glance you can see what your firm needs to focus on and how to get there.
3. Creating a Data Driven Culture
Companies and law firms that have a more data-driven mindset are more successful. By removing the guesswork it puts your firm on a path to lead by evidence, with confidence. Every person within the firm can benefit from BI. Giving an attorney access to their book of business, a practice group or department head a view into what their department is doing, and a CFO or CEO a holistic view of the firm will only aid in accurate decision making.
4. Improving Performance
With business intelligence tools for law firms, all members within the firm can see, in real time, how they are performing by simply clicking a few buttons. In the past it was not a regular occurrence to know about day-to-day or even week-to-week performance. Finance or IT had to pull together manual reports, which typically only happened once a month. Insight is key! BI tools help to provide everyone with the critical information they need to do their job. When BI tools are paired with data driven cultures, employees become empowered in their role.
The law firms with the tools to properly access and act on the mass amounts of data will be able to fully take advantage and see the benefits to their business. They will be able to increase productivity, stay competitive, and enable the entire firm from executives to associates to make faster, smarter decisions with the data collected. Don't be a firm watching from behind and trying to catch up while your competitors are taking advantage of law firm BI! Realize the importance of legal business intelligence, and act on it.