Legal Interact imparts knowledge at the Legal Innovation and Tech Festival on data management
As we continue to grow and expand it becomes ever so important to provide tangible insights of what we do into the ecosystem that we serve. This past week our Head of Business Development – Legal Interact, Ms Leah Molatseli joined more than 40 international and local expert speaks when she shared her thoughts on Data Management and how inhouse counsel can leverage their data.
In this session, she explored what Data Management is in the context of legal departments, the important data systems such as document and records storage, business intelligence management systems were elaborated on.
Ideas and strategies are wonderful to create but they are often difficult to implement, through this practical session she unpacked an implementation strategy which included the following:
- Understanding the goals and objectives of the Business that you serve together with your own legal department’s goals
- Creating a list of current data that you are collecting
- Given the above two steps, you then investigate any gaps and overlaps that may exist in this exercise.
- In this fourth step you will be able to collect and analyse your data in order to be able to properly make use of it.
The first step is critically because it is the business goals and objectives which form the basis of the analytical data model which will ultimately provide you with the necessary insights that you need as an inhouse counsel.
The core benefits of data management include but are not limited to:
- Productivity – Increased productivity, with good management a department will become more organised and productive, this is because the legal department members will have an easier time finding, understanding, and relaying information within the department, e.g., centralized document storage platform
- Cost Efficient – Managing one’s data helps the department avoid unnecessary time and costs such as unneeded duplication, because data e.g., legal document templates, team members will not have to continuously search repeatedly.
- Reduced Data Loss – With an active data management strategy in place, you will reduce your department’s risk of losing vital information and documents.
In order to reap those benefits, the most effective ways available to ensure a successful data management strategy implementation is through using legal technology tools, such as Matter Manager. Matter Manager is a matter management platform that can turn your department’s data into actionable insights, through powerful features such as having an overview of the departments business insights through our business intelligence and reporting capability, outlook integration, etc.
You can hear from Ms Molatseli by clicking on the video below. If you are interested in booking a demo of this powerful tool, please email us on firstname.lastname@example.org