You may have had the chance to take a look at our latest whitepaper, The A-Z of Business Intelligence. We took the time to combine many terms and phrases in one place that are related or used with business intelligence (BI). Two of our favorites, dashboards and reporting, are main components of our applications, and we wanted to share why we love them. But just in case you didn't have the chance to see our A-Z guide, first lets get on the same page.
Dashboards: a graphical summary of various pieces of important information, typically used to give an overview of a business. BigSquare’s dashboard allows you to see at a glance how your business is performing with an option to quickly and easily drill into the underlying data.
Reporting: collecting and presenting data so that it can be analyzed. When we talk about reporting in business intelligence, we are talking about two things. One is reporting strictly defined. The other is “reporting” taken in a more general meaning.
The benefits of business intelligence, which includes both dashboards and reporting are many, to just name a few:
- Accelerating and improving decision making
- Optimizing internal business processes
- Increasing operational efficiency
- Driving new revenues
It can be frustrating when you have mass amounts of information, but no real understanding of it. That data at your fingertips should be used to provide value to you, not headaches. The way you present data is what determines how much you will gain from it. By pulling information and presenting it in a way that is easy to understand, it makes the insights much more digestible for decision makers. Understanding what KPI’s your firm needs to track and measure on a day-to-day or even month-to-month basis makes it easier when it comes to making those decisions. With our experience in the legal industry, we understand what metrics law firms should be measuring to improve efficiency and profitability. If you are at a standstill on this topic take a look at our whitepaper, KPM Cheat Sheet, it will point you in the right direction. The decision making process should not be wasted compiling reports and data, it should be analyzing the numbers.
Firms are quickly learning that providing all employees with the most up-to-date, useful information aids everyone in many different aspects of their jobs. New technology, tools, and information systems that are easily accessible to all users make communicating the most important and relevant data a breeze. With the necessary (and real time) information at the fingertips of who needs it, it makes individuals, teams, and departments more likely to act quickly and make changes as necessary. Wasting time and manpower in turn is just a waste of money. When it comes down to it, it makes more sense to have metrics and reports automated and readily available.
Many law firms waste a lot of time trying to determine what numbers are correct when multiple systems are involved. A single centralized data system provides a firm one version of the truth, a 360 degree view of all information. With a one stop shop that houses both key data and reports, time is not spent trying to determine what information is correct. Efficiency drives easier decisions. Having the numbers right in front of you makes it simple to see what, or who, you need to focus on. Prioritization is finally simple.
Which clients are the most profitable? How much time is wasted on the least profitable cases? Which attorney brings in the most new business? Which marketing initiative resulted in the most prospects for new clients? How do we reach these prospects? Every law firm should know the answers to these questions. Once you know what clients, matters, attorneys to focus on to help move your firm forward, your revenue will surely reflect it. Legal BI solutions BigSquare provides allow you to slice and dice in a variety of ways so that attorneys can see the big picture as well as the minutest of details. Figuring out what helps drive your law firm profitability is the first step in increased revenue and these 5 may be the perfect place to start.
With dashboards and reports you now have an easy-to-access summary of all information you need to view the overall health of your firm. We have seen firsthand the benefits our clients have gained with BI dashboards and reports. From improving decision making, to optimizing internal processes, and increasing efficiency the advantages are endless. We love the capabilities of both business intelligence dashboards and reports, but don’t take it from us, see what our clients have to say to figure out why they love it too.
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.