Business Intelligence is taking the world by storm. Gaining deeper insights from your data, which help you make better business decisions, is a transformative power for businesses of any size, in any industry. Essentially, business intelligence is two parts – gathering data (which you may already be doing) and analyzing it so it may be intelligently applied.
For law firms specifically, business intelligence draws from best practices and combines software applications and business analysis content to enable firms to better manage their performance and improve their bottom line. BI (business intelligence) enables better decision-making through analyzing your big data.
This sounds like an instant competitive advantage, and that’s just what it is. So why aren’t firms already using BI?
Law practices have been particularly slow to adopt the latest and greatest technologies. Historically, tech has been viewed as a necessary evil by law practices. In many lawyer’s opinions, they haven’t adopted technology because the platforms available to them have been subpar. Many of these products are also geared toward niches, such as document classification, billing, and IP management. Few products integrate in a way that makes them suitable to adopt.
Business Intelligence is different. BI brings all facets of a firm together to give you insights into your revenue, profits, performance, expenses, and budgets. These internal operational improvements, coupled with the opportunity to work with clients who demand a data-driven mindset from you allow a firm can make better strategic and tactical decisions. With that comes a distinct competitive advantage.
Business intelligence can answer these important questions:
- When should I hire?
- What is my anticipated cash position 45 days from today?
- How happy are my clients?
- Am I utilizing my team as effectively as possible?
- Who are my highest performers?
- What is my ROI on a particular investment?
- Are my marketing initiatives working?
- Will we grow this year?
The answers to these questions can help you make the right decisions for your firm. The BI platform you implement can be tailored to answer the questions most important to you and your firm. It’s all customizable. In the past, data was not analyzed to answer all of these questions. It might have been analyzed to determine profitability and if the marketing initiatives are working, but those numbers had to be crunched manually. As trends develop, if not analyzed, they can leave insights unseen. Information – a general but powerful term, is about turning data into useful decision points.
To learn more about how partnering with an MSP could improve your firm through Business Intelligence and more, fill out the form below.