Is Your Las Vegas Law Firm Using Business Intelligence and Data To Better Serve Your Clients?

What exactly is Business Intelligence (BI)? BI is the leveraging of skills, technologies, applications and practices to acquire a better understanding of your commercial situation. It provides a historical, current, and predictive view of your legal firm’s operations. With BI, you can make smarter business decisions that may mean the difference between the stagnation and growth of your law practice.

How can BI affect our client relationships? BI was recently incorporated into the law firm environment. BI technologies use large amounts of data to identify, develop and create strategic business opportunities, and put effective strategies into place that can benefit the operational efficiencies of your law practice (and ultimately your clients’ businesses). In light of this, BI may be the smartest investment you can make.

How should we use BI in our law practice? Law firms like yours, in the Las Vegas area, use BI to collect data through questioning, reporting, and online analysis to improve their client relationships. However, converting business intelligence into strategy and action requires a sound understanding of the trends driving your unique situation and the clients you serve.

How can BI impact our clients’ buying decisions? Ten years ago, clients approached law firms essentially begging for help. They didn’t ask how much things would cost, how long it would take, or how effective the process would be. However, this paradigm has changed. And just like other businesses today, your clients are now in control. Client expectations require that you provide higher levels of strategic, tactical, and operational competencies.

Has BI affected the Las Vegas Area legal marketplace? Absolutely. Law firms in the Las Vegas area must quickly adapt to the use of BI. Many are now customizing tools to help them gain a more granular view of their operational costs and profit needs. BI and information technology in the legal space is now the “centerpiece” of the “new normal,” and is being used to automate the execution of tasks and work processes that otherwise would have required human time and effort.

The legal marketplace has changed, and this change has made BI much more important. Your clients can now use analytics to measure the value of the products and services they buy from you. They can harness the power of their own data and leverage this information to take advantage of an increasingly competitive market for legal services.

Next Steps

Before embarking on a BI solution, your law firm must first ensure the integrity of your data. BI technology involves taking disparate pieces of data, and identifying and sorting them into a useable structure.

BI will help your law firm take strategies and analyses to new levels. However, to make the most of your time and effort, you need a realistic plan, including:

  • An understanding of the status of your data integrity;
  • What it will take to make any adjustments;
  • Determining who drives the process;
  • Developing realistic, planned goals and implementation timelines; and
  • Comprehending the power and capabilities of the tools you need to implement new reporting and analysis capabilities.

Law firms in the Las Vegas area now recognize the necessity of BI and how it affects the relationship between them and their clients.

NOTE: It’s essential that you have a documented BI plan in place. If you move on this without proper procedures and directives, there’s a danger of taking on too much, and not getting a return on your time and energies.

This is where we can help. For more information on Business Intelligence and how it can benefit your firm and your clients, contact Network Heroes at 702-252-HERO or info@network-heroes.com.    

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