Businesses in a wide variety of sectors have gathered masses of information relating to everything from their core consumer base to the performance of particular products and services.
With it being so easy to store business information and documents electronically these days, organisations such as law firms can collect huge quantities of data regarding every single aspect of their operations.
But what do they do with it then? Large quantities of information are effectively useless if a firm is not actually using it to inform its future strategy and business plan.
Art Coviello, executive chairman of RSA, this week told Computer Weekly that less than one per cent of the data held by organisations is actually analysed.
As a result, the vast majority of businesses are failing to - in his words - "extract meaning" and "sort through the masses of data elements to discover the hidden pattern, the unexpected correlation".
This means they might be missing out on valuable opportunities for growth, which might be particularly significant in light of the uncertain economic climate.
Analysing trends and patterns within a data set can throw up all sorts of interesting findings for law firms, such as who their biggest clients are or which is their fastest growing type of client.
Once they have found these patterns, they can use them to inform their business decisions and strategic moves, so they can step up efforts to target these strong segments of the market and reduce spending on areas that are not delivering significant returns.
Alternatively, they might see those areas where performance has not been so good and decide to put more money towards addressing the problems and turning them around.
Business management software makes the entire process possible with just a few clicks of a button and if it enables a law firm to use their money more efficiently and adopt a more targeted approach to spending, it can certainly be worthwhile and generate results in no time at all.
Source: http://www.lexisnexis-es.co.uk/legal-technology-news-hub/business-intelligence/law-firms-must-extract-meaning-from-data/801548209
With it being so easy to store business information and documents electronically these days, organisations such as law firms can collect huge quantities of data regarding every single aspect of their operations.
But what do they do with it then? Large quantities of information are effectively useless if a firm is not actually using it to inform its future strategy and business plan.
Art Coviello, executive chairman of RSA, this week told Computer Weekly that less than one per cent of the data held by organisations is actually analysed.
As a result, the vast majority of businesses are failing to - in his words - "extract meaning" and "sort through the masses of data elements to discover the hidden pattern, the unexpected correlation".
This means they might be missing out on valuable opportunities for growth, which might be particularly significant in light of the uncertain economic climate.
Analysing trends and patterns within a data set can throw up all sorts of interesting findings for law firms, such as who their biggest clients are or which is their fastest growing type of client.
Once they have found these patterns, they can use them to inform their business decisions and strategic moves, so they can step up efforts to target these strong segments of the market and reduce spending on areas that are not delivering significant returns.
Alternatively, they might see those areas where performance has not been so good and decide to put more money towards addressing the problems and turning them around.
Business management software makes the entire process possible with just a few clicks of a button and if it enables a law firm to use their money more efficiently and adopt a more targeted approach to spending, it can certainly be worthwhile and generate results in no time at all.
Source: http://www.lexisnexis-es.co.uk/legal-technology-news-hub/business-intelligence/law-firms-must-extract-meaning-from-data/801548209
No comments:
Post a Comment