Big data is improving the way that legal companies provide their services due to the valuable insights it provides. Here are 5 ways that big data has enabled law firms to innovate their legal service delivery.
Track consumer behaviour
By using analytics to track customer behaviour you can keep a close eye on client habits and respond accordingly. Whether you’re aiming to work with a large business or an individual, you can use these insights to amalgamate valuable information and build a picture of your client and their needs.
Once you have been able to track this behaviour for a while, you can then make predictions and act at the right time so that you aren’t missing out on any opportunities.
Spot correlations to find issues
Once you have used client data for a while, you’ll begin to spot patterns that can alert you to problems. For example, certain behaviours can lead to certain outcomes, so if you are able to spot these as they are approaching you can go ahead and use a different technique. This also allows you to think about your current approach and whether a different one would work better in some cases for other clients with similar habits. Spotting these patterns can save your business a lot of money and stop errors in their tracks.
Being prepared for additional costs
Understanding how different factors can affect your company’s income can help you work around this to prepare for this. An example of this could be costs rising in the winter as opposed to summer. If you can predict these trends and find where the money is being spent, you can prepare for this occurrence before it happens, or even devise ways to offset it and work around it.
Increase productivity
By understanding the behaviour of the lawyers that you work with, you’ll be able to understand which tasks they spend the most time on and also how much time is spent with clients in meetings. This way, you can break down the time spent on tasks into the amount of theoretical money it would cost to employ staff to cover this time, as well as the amount of revenue generated from doing these sorts of tasks.
Even factors such as the location of the lawyers, or their client profile, can help a business understand how they are operating and ways they can change it to work more efficiently.