By now, we’re all familiar with the rising of importance in using data reporting and analytics to help drive digital marketing. Now, analytics are helping to transform the way we do other things, as well. For instance, the legal departments in many corporations are learning how to adapt analytics reports to their situations. Legal departments are making use of data in new and unique ways to help them manage their personal and to drive their operations in a positive way.
Where does this data come from? Legal departments comb through their own digital data to develop helpful analytical reports. Each legal department develops strategies based on these reports to help them reach objectives set by the department. By targeting their efforts and using data reports to make more insightful decisions, many legal departments are boosting their daily efficiency levels.
This doesn’t mean every legal professional must suddenly become an expert data analyst. To the contrary, there are a number of services and applications, like Mitratech, which offer user-friendly dashboards. These interactive platforms present the data in a readable, easy-to-understand way. The way the information is presented can be customized, so it will be relevant to the role of the individual accessing the data. This can help each person make data-backed decisions, which help them improve their job productivity.
Making use of data analytics can help legal departments reduce their spending in a number of ways. First, it allows legal professionals to compare the costs to the outcomes of each case to determine where their efforts and resources are best spent. By looking at the department’s trends over a longer period, they can estimate what areas constitute the largest portions of inefficient spending. Once this data is examined, department managers can make changes that will help save on the overall budget, while also enabling the staff to work more efficiently.
Does your legal department have to make use of data analytics reports? No, but failing to do so may actually hurt your department in the long run. Other corporate legal departments will be making use of data in this way, enabling them to work more productively and at lower costs. This may mean falling behind the competition and losing business for your department. Your department will ultimately lose clients to competitors, who can deliver faster and more efficient services.
In addition to streamlining productivity, legal departments can actually use data to reach new clients faster. Corporate actions, such as acquisitions and mergers, can be completed faster, as well. While these advantages may be enough to help you understand the importance of using data analytics in your corporate legal department, also consider the hundreds of thousands of dollars you can cut in operating costs. Lower costs mean raising revenue, which helps a data analytics platform pay for itself.