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The Intelligence of Business Intelligence
As law firms begin to recover from the last two tumultuous years, more and more are looking for ways to protect themselves from future market downturns. There is no way to completely insulate any business from declines in the demand from customers, but investing in tools, education, and infrastructure during healthy times can greatly increase the ability of a firm to weather the lean times. One way to accomplish this is to place the firm's focus on gaining a greater understanding of the business drivers that create value in a law firm. In many firms, this has meant opening the door to the concept of business intelligence.
Business intelligence is essentially a decision support system in which data are stored, grouped, and analyzed to help provide useful information to the consumer. In other words, it provides a way to turn the billions of pieces of swarming data into organized information and then to turn that information into intelligence to help make good decisions. In the course of doing business, every law firm generates and tracks massive amounts of data, be it in a time and billing system, general ledger accounts, payroll, etc. Structuring those data into a meaningful framework allows a law firm to sift through a large amount of statistics to analyze and answer important business questions.
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