The legal industry learned to pivot quickly in 2020. Firms went from paper-based prebill efforts to a modern paperless process. Many firms improved billing and collection hygiene by closely tracking on key hygiene metrics. The pandemic demanded that the legal industry adapt. Now, a year later, everyone is wondering what changes will stick and what changes are yet to come. Most importantly, how do firms stay profitable through all this uncertainty? It’s simple—look at and listen to the data.
Collecting and Using Data from Your Business Intelligence Solution
Firms collect data every day, and business intelligence (BI) reporting can help make acting on that data easy and automatic. BI makes actionable information out of your firms consolidated data to give finance teams a clear, accurate picture of their business and prepare them to make the best, most informed decisions possible.
The Benefits of Business Intelligence Reporting
Profitability, trends, and real-time snapshots are immediately available to give insight into what is working well in firms and what is not. A dashboard of important KPIs is the perfect way to see exactly what is going on at any time. With this accurate, real-time information, finance teams can make sure new endeavors, as well as tried-and-true practices, are performing well. Armed with that information, finance teams can decide on their next move with confidence and in a timely manner.
With this magnitude of change in the air, it’s all hands-on deck. It’s important not to waste any of your team members’ valuable time gathering and formatting your law firm’s data. Business intelligence software can free employees from monthly consolidation tasks like these, enabling them to instead focus on providing detailed analysis. Monthly strategy meeting coming up? Use your dashboards to tell a story. Reports can be generated automatically on a pre-set schedule and delivered right to the appropriate inboxes.
Of course, the reports themselves also need to be efficient. Exception reporting and automatic alerts provide that efficiency by showing you only the things that need immediate attention or are outside the norm. Has a practice area seen inventory piling up, are matters off track from expected budgets, or are certain partners writing off too much work? Is your firm losing ground in a key practice? Exception alerts can automatically be sent to alert finance teams to important issues without burying them in multi-page reports.
Make Better Decisions with Business Intelligence
Based on everything we see in the press, 2021 is looking bright, but there is still a great amount of uncertainty. The right business intelligence software can help finance teams make the best decisions, from high-level strategic ones, right down to daily choices. A changing landscape demands agility. The right information can lead to quick, smart decisions, made with confidence. If you’d like to learn more about our business intelligence offerings and find out how they can benefit your firm in 2021 and beyond, request a demo today.