It may be standard protocol at your firm for finance to create monthly or quarterly reports. While producing reports is important, the capacity for understanding and acting on financial information is only happening a few times a year. Firms need to leverage the numbers and statistics to strategic opportunities at the firm.
This is where dashboards — reports that illustrate key pieces of data, often in a graphical format — come in.
Why dashboards matter:
Graphs and visuals encourage storytelling.
Thoughtful financial analysis requires as many words as numbers. It's important to highlight any meaningful variances in financial reports. Seeing the numbers visualized helps to recognize those differences so a firm can quickly act on it.
Dashboards are effective tools for providing one version of the truth across the firm.
Dashboards create a common language between all members of the firm, empowering lawyers to view metrics without waiting for a report from finance, and quickly providing finance firm wide data with one two to clicks. Dashboards also convey to each individual the level of information that is expected — and appropriate — for them to be familiar with.
The process of implementing a dashboard can help define measures of success.
When faced with a time-sensitive decision, firm administration needs to move fast. It helps tremendously to have a shared understanding of the firms priorities and measures of success. When a firm comes together to implement a BI tool, leaders are forced to make some choices on what information is most relevant and important to their firm.
If any of the above sounds familiar, then a BI dashboard may be a useful tool for your law firm! Working with a legal BI vendor like BigSquare to develop the dashboard in a thoughtful and inclusive way is essential, in order for the tool to be accepted and used by decision-makers across the firm.