According to Mckinsey Global Institute, nearly 1/4 of a lawyer’s work can be automated using Artificial Intelligence. Besides, some research suggests that the adoption of disruptive technologies in the legal area reduces the lawyer’s work hours by 13%.
Known for the amount of documentation and procedures that they are required, legal departments and law firms can presently streamline their processes through effective data analysis, thereby leveraging business and lowering costs.
With Analytics and Big Data Solutions implementation in the legal sector, operational and repetitive tasks tend to be replaced and automated increasing productivity. Therefore, a set of key indicators is now available, allowing conduct and activity management monitoring and, at the same time, anticipate future scenarios, enabling to analyse the organization’ performance, aligned with the strategy and objectives outlined.
It also provides easy access to information management and data analysis flexibility and agility. Nowadays, it is no longer viable to work on intuition. Decisions based on concrete and reliable data are much more assertive and intelligent. Consequently, the insights generated will make your office much more competitive and powerful ally when it is time to make decisions.
With Analytics and Big Data Solutions, you can see open cases, how long litigation lasted, which sentences you won and which ones you lost, and what resources and time estimates for each process are examples of some insights available to you one click away.
You can also know the business revenue by customer, origin and case. It is possible to indicate fees, provisions and contracts that might be to expired so that errors of this nature do not occur and burden a whole work.
Through generated insights, you can customize your strategy and drive the business to increase the entire organization’ performance. With a prior analysis, the lawyer can know the odds of winning or losing a particular lawsuit. Also, it can easily access past processes and recognize patterns.
Data Analytics is now a reality in many industries and a powerful tool for lawyers and legal departments who want to enhance and optimize their work, undoubtedly obtaining more satisfactory results and meeting deadlines. With the right technology solutions, you can respond more effectively to customer or business needs and anticipate possible scenarios.
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With the best technological solutions, you can follow the processes of each customer with more accurate information supported by reliable and concrete data, on other words, it gets an improvement in the entire business model, exceeds customer expectations and increases organization’ performance.
As in the other industries, legal companies must make intelligent use of available data and analyse it, turning it into powerful insights that will boost the business and translate into efficiency and profit.