How to Use Business Intelligence to Improve Your Law Firms Profitability
Do you have your own law firm? Perhaps you are a partner at a law firm? Maybe you are thinking of branching out and starting up your own firm? Or, you could be in charge of your law firms bottom line. If any of these are the case then you’ll want to learn more about business intelligence and power bi for law firms to figure out the ways it can help you.
Improving your business intelligence or BI system regarding your law firm can help in many ways. It can increase profits, provide billing solutions while streamlining communications. BI can also help you to predict upcoming trends and put you ahead of the game.
Let’s face it, increasing profits is important to any business and your law firm will definitely always want to be looking at ways to increase them. There are basically three ways business intelligence can help increase profits.
Business intelligence can tell you where expense cuts need to be made. Maybe you’re not offering the right law services or there is a service that people don’t need. With BI you can figure out which of your services are working best and which are not worth the time and effort.
When you have a more focused marketing campaign for your law firm you will gain more clients and therefore increase profits. With BI you can learn more about client behaviors and be able to customize your services to their exact needs. You can figure out what times of the day are best to put out an online ad. This may seem like a small change or even insignificant however this little trick can really boost your profits.
Become More Efficient
By using business intelligence you can eliminate inefficiencies. You’ll have access to every piece of your company’s data in one place with BI. This will allow your employees to focus on the most important tasks throughout the day. This is key, especially for bigger firms. You’ll also eliminate excess time searching for data since it’s all right there together in one place. Your profits will be optimized after taking this step.
These days clients are looking for an alternative to traditional hourly billing by law firms. Clients want fixed pricing as well as some adjustments that are able to be made during a case or project. But the problem is making money with these new billing structures can be more complicated. Staffing and pricing can become more complicated and therefore clog up your system and daily routines. However, with BI you can spread each employees time out over several projects then you can also balance resources and needs to each specific case. You can spend time on the more expensive cases first and use the remaining resources on cases with fewer fees.
Predicting the Future
Predicting the future would be beneficial for all business lawyers, and with business intelligence your firm will be able to see trends and figure out clients needs faster which will make you more efficient and your clients happier.