More and more lawyers are discovering the power of BI or Business Intelligence.
Yes, it's a somewhat barbaric term and not necessarily very clear.
Explanations.
For a long time #lawyers had to juggle sources of information as diverse as they were varied to get an idea of the economic activity of their firm. We obviously think of Excel tables, updated as often as possible but which quickly become obsolete. You then have to get back to work.
Another source is the accountant. A phone call or an email provided more or less rapid feedback to find out the turnover achieved to date and, in the best case scenario, whether the firm was generating a result or not.
In an economic context that is tense and becoming more and more uncertain, this artisanal mode of operation no longer meets the challenges. The parameters are identified:
☣️ galloping inflation
☣️ rise in interest rates
☣️ purchasing power of households at half mast
☣️ economic slowdown, possibly recession
☣️ deterioration of the geopolitical situation
☣️ health crisis and successive waves of confinements
The events that have occurred since 2020 have taught us that nothing is impossible, even the unimaginable.
But it goes both ways. The worst is never certain 🌈!
In this context full of challenges, it is crucial to see as clearly as possible. Well-ordered charity begins with oneself. To avoid being a passenger dependent on the vicissitudes of the market, it is better to be in charge.
This is where BI comes into play!
The lawyer needs performance indicators like the captain of an A350 needs his dashboard. It's when the weather gets bad that he needs to know his route while avoiding traps.
The important thing here for any lawyer is to identify the strengths and weaknesses of their firm. To do this, it must have several indicators and monitoring tables. Let us cite a few particularly essential ones:
📈 The turnover achieved to date + forecast
📊 The amount of unpaid amounts overall and per customer
📈 The elderly scale
📊 Customers to bill
📈 Profitability per File and per Client
📊 The top 10 Customers by CA excluding tax
📈 The top 10 Files by CA HT
Updated 29 / 08 / 2022
Automate
Of course, these detailed indicators and tables should act as facilitators, meaning that they should not represent an additional workload for lawyers.
The update must therefore be entirely automated, this is a key point in the success of the approach undertaken by the firm. Thus, even when carrying out your activity alone, you can have the same information as structured firms with greater resources.
Precision
Beware of an overdose of information and indicators. But even with the right indicators in place, it is necessary to be able to target the information sought. Each indicator, each table must offer the user the possibility of being able to filter the information to be displayed to allow him to visualize only the expected results. Better understanding a situation requires usable information.
The power of the Cloud
This is where one of the main advantages of SaaS solutions lies, developed specifically to be intuitive and always available.
Because this is the other challenge: being able to consult these key indicators at any time and wherever you are. This means that the lawyer must be able to connect to the firm while traveling, from their own computer or from third-party equipment, without ever putting their data at risk.
This is a notable difference with the usual Excel tables: having a real BI allows you to consult your performance indicators as soon as it is necessary, simply and immediately. It's much simpler and more flexible than with an Excel table which requires a PC or a (large) tablet at least.
If the subject interests you and you want to regain control of your activity to be prepared to deal with any situation, do not hesitate to contact one of our specialists:
