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Embarking on a data journey requires just that — data. And lots of it.
Each piece of information is important, whether it’s just a paragraph in a transaction document, a figure in a financial statement or a clause in a contract, why, even a single comment made in an email thread! Any data that is omitted from analysis creates a gap in knowledge. It removes context that could later become crucial to an accurate interpretation of the data, thus diminishing its overall value.
The approach to data highlighted here starts by “illuminating” the so-called “dark information” that exists in any law firm. This requires establishing an effective process by which every single piece of information becomes accessible. For achieving this, the larger culture of the law firm must be supportive and participative, and the shift needs to be driven by a technology platform that simplifies, unifies, and manages the process.
Disparate solutions that operate in the open or in the shadows must be replaced by a technology ecosystem that’s interoperable and cohesive. This infrastructure also must be able to seamlessly facilitate AI, machine learning, analytics and other advanced capabilities that surface.
Once they’ve reached this vantage point, firms can then begin to think strategically about putting the data to use — whether it’s creating more accurate budgets, predicting litigation outcomes, or optimizing efficiency.
A comprehensive approach enables firms to:
With the right mindset, planning, and execution, the potential list of improvements driven by data is nearly limitless.