Getting Actionable Insight Out of Legal Analytics
Big data can be an incredibly valuable tool, but it needs to be used properly to produce accurate and actionable results. The legal field has been quick to adopt big data, but like so many other industries, has realized that just having a lot of data isn’t enough – you have to be able to make sense of it.
Many legal firms have been looking for improved ways to analyze their data in order to remain competitive within their field and provide the best service to their clients. If this sounds all too familiar to you, then here is how you can better utilize your legal analytics.
Leveraging Predictive Analytics for Predictable Business Outcomes
One of the major benefits provided by big data is its ability to identify patterns and therefore predict future developments and behaviors. If you aren’t aware of the benefits of predictive analytics, you can consult this earlier primer on the topic.
Predictive analytics is used throughout many industries, from retail services to those in medical fields. In the legal field, predictive analytics can be used for everything from determining financial outcomes within the organization to predicting the growth of the firm’s client base. In order to appropriately leverage predictive analytics, however, you need to have the right analytical software – tailored specifically to the legal field and utilizing and collecting accurate data. Without accurate, high quality data, any form of legal analytics will not be useful to your firm.
Properly Managing and Organizing Data
It’s absolutely essential for your firm to have strong data management policies in place; this ensures and improves upon the accuracy of the data used in analysis. Law firms will often have a tendency to collect large sets of data, including reams of non-essential and irrelevant files, and input all of this into their database in a devil-may-care fashion. They do this because they are a). very busy, b). they want to get new clients on board quickly in order to start billing them. This results in all sorts of data that can make proper analysis a pain, like duplicate or irrelevant / non-responsive records to review.
Proper analysis requires your firm to keep its data organized. You have to make sure that everyone (partners, paralegals, receptionist, etc.) is taking the time to identify the appropriate data for promotion to review. It also means that data should be examined regularly in order to remove duplicate and irrelevant files. Finally, it means that you have a clearly defined method to keeping data organized, one that everyone in the firm adheres to.
Developing Big Data Legal Analytics through AI
New, innovative technologies such as artificial intelligence can be used to quickly cut through large data sets and find important data. Artificial intelligence can help you automate the process of data collection and management, both securing data from reliable source and stripping out incorrect and inapplicable information.
Artificial intelligence can also be used to streamline the entire process of big data analytics from beginning to end, thereby not only making the process faster but also reducing any associated administrative hours. This will create more meaningful, insightful analytic data without having to increase the firm’s human and IT resource expenditures.
Legal analytics is a swiftly growing field. Though big data and predictive analytics may be utilized throughout many industries, the legal industry has unique needs and requirements — both in terms of security and in terms of the data that is most important to their business outcomes.
For more information about developing the big data analytics within your firm, contact Platinum IDS today.
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