Law firms are increasingly recognising the value of their data. However, one of the next steps – which can be very challenging – is to understand how to use the data in a robust and efficient way to ultimately allow firms to serve their clients better.
In her latest column with the Thomson Reuters Legal Executive Institute, Dr Paola Cecchi-Dimeglio identifies the best ways that firms can convert the potential within their data into real business outcomes and better decision making.
Dr Cecchi-Dimeglio said firm leaders ‘must be aware that there is an enormous gulf between awareness, intent and early engagement, and ultimately achieving significant business impact.’ For this reason, she added, is why it is so important to look at how firms can better manage the process of using data science to obtain real business goals.
Citing a practical example of managing the process of using data science, Dr Cecchi-Dimeglio added that while previously working with a professional services firm, the company recognised that they needed to pair data science and behavioural science to improve performance within the company and for the clients that the firm was serving – so they subsequently created a specialist team.
The team, whose main aim was to be a catalyst for evidence-based decision making, needed to stay closely aligned with several factors in order to be successful and adopt a militant disciplinary approach in order to generate new insight from the data.
Outlining the key factors, Dr Cecchi-Dimeglio said that ‘focusing on the questions and problems that matter’ is crucial – and identifying the issues which are most important to the future success of the firm, using the data and behavioural science to best recommend solutions to those matters.
Additionally, internal stakeholder engagement is an integral factor; highlighting the importance of demonstrating big wins, making it visible to the firm and partners. “Even small, quick wins can go a long way to convince the initial doubters that this was the right path to be on. Visible wins can also illustrate to partners that their faith in this project was well-founded,” Dr Cecchi-Dimeglio said.
To read more about Dr Cecchi-Dimeglio’s advice and tips, go to the original article here.
Dr Paola Cecchi-Dimeglio is a behavioral economist and senior research fellow for Harvard Law School’s Center on the Legal Profession and the Harvard Kennedy School.