Defining data is quite complex to understand but an easy term to define. In simple terms data can be defined as “facts and statistics collected together for reference or analysis”. However, analyzing and applying this data correctly is a whole other story.
Simply put the goal for any business is to make money and be successful – we believe that data is the secret source to achieving this.
Embarking on transforming your organization or legal team from a data generator to insight driven requires establishing a strategy around data and the way in which it is collected, managed, analysed and used.
The first challenge for any legal team is to reach consensus on which business processes to focus on as well as the associated metrics by which you will measure this particular outcome.
Once the metrics have been agreed upon, the next challenge is to align the people, process and technology to bridge the gap between the available data and the needed data relative to the desired outcomes.
This kind of change is a journey and data is continuously needed to be able to assess whether the business is going in the correct direction.
“Data is the new oil” and it is important to identify how and where you are going to drill. Below are some suggestions on where to start with your data strategy as well as highlighting a few of the expected challenges in the journey of transformation.
In trying to solve some of the problems above, we need to ensure that the approach includes a revamped set of business processes that include key matter tracking and appropriate reporting metrics.
Using tools, like Matter Manager can assist in these key areas.
Matter Manager is designed using a best practice framework that supports you in managing your matter from onboarding all the way through to execution.
One of the first steps in data intake is generating the data. Data is collected on a daily basis – whether you realize it or not. Everything that is performed within your organisation generates data. This data needs to be collected and the importance thereof determined.
Tools like Matter Manager have structured data collection built into the application resulting in Matter Manager becoming your system of record.
All data collected is automatically stored, Even though not all data may be relevant – it might become relevant in the future.
Collecting data using tools like Matter Manager can take a deeply complex function and make it easier giving you a chance to analyze and review the collected data to evaluate its value.
Data Analysis and Insights
Once the data has been collected, it is ready to be processed and analysed. Finally, this is where it is all meant to make sense – and the data insights will tell you the story.
Evaluating the data against the key objectives we set above is critical – without the comparative north star metrics you will be unable to benchmark the results and determine the gaps.
Matter Manager has prebuilt reports that will give you this immediate insight into your data as well as a very strong data visualization module to give you a holistic picture of the data at large.
We should warn you that having all the data in hand means you are ready for the journey; data is meant to inform and the path to continuous enlightenment requires augmenting data as the world changes
Creating a successful business requires that you serve your customers. Data is your secret sauce that helps you continuously answer that “all important” question. Ultimately data helps us uncover patterns that help us make smart decisions while controlling costs