When it comes to digital information, law firms are in quite the interesting position. These groups have massive amounts of valuable information yet many are unsure how to use it. The question is whether the massive amount of sensitive data is good or bad for law firms. Furthermore, law firms are tasked with figuring out how to best use their ever-growing amount of data.
The Data Problem
An abundance of highly sensitive data poses a challenge in the context of security. However, the problems do not end there. It is also possible to be rich in information and poor in data. Even though there is no shortage of data sources, capturing data can still prove difficult. Unstructured data ranging from information in email inboxes to PDFs, spreadsheets, printed documents, contracts and beyond is unique in that there is no accountability. A substantial amount of the data is disconnected from the system and ultimately wasted. Some in the industry have dubbed this information “dark” data as it is not used for purposes beyond simple collection, processing and storage.
The Process of Capturing Data
Data is being created at an astonishing pace. The challenge lies in maximizing its value through the optimal processes. It is time for law firms to prioritize data capture. Law firms that can highlight the “dark” data referred to above are on the right track. Shedding light on such dark data mandates creating a process through which all data is accessible. This approach requires a supportive overarching culture along with a tech platform that serves to unify the process as a whole. All in all, the aim is for the tech ecosystem to prove functional across posterity. Furthermore, this infrastructure should be able to integrate advancements in AI, analytics, machine learning, etc.
A truly comprehensive approach enables law firms to provide the best possible outcome through an improved anticipation of client reactions, a better understanding of the necessary resources and a good idea of prospective pain points. Comprehensive approaches also make it easier to enhance the client experience through targeted services powered by unique insights.
Win the Data Battle
Take advantage of the latest advancements in big data, use information with the goal of pleasing clients and your firm will enjoy a meaningful competitive advantage. Get ahead of this trend now so your firm can attract and retain that many more coveted clients as well as employees. Embrace data innovation, make it a component of your culture and your bottom line will benefit in due time.