Data Demystifying analytics to power the future of your business
David Holme, CEO, Exigent Group Ltd., USA
Big Data has been around since the 1990s, and in that time many industries, such as healthcare, have used these datasets to enable enhanced decision making and optimize processes. However, big data and data mining are also key to the legal sector. In-house counsels generate and store an enormous amount of data. Most, if not all, of that data, has been digitised. Through big data and data mining, in-house counsels can utilize sophisticated technologies to mine this collected data to review contracts for risk mitigation, track revenue recognition and legal spend, and identify business opportunities.
Data mining is a relatively new practice in the legal space, and the data profiles of in-house counsels are highly variable from one organization to another. Identifying the right tools and prioritizing initiatives can be challenging. If an organization is just starting its big data initiatives, they should know the best data analytics programs involve three things: 1.) compiling and structuring data points from across the firm, 2.) supplying adequate data and 3.) gathering appropriate data analytics talent. In this paper, Exigent will address how legal organizations can meet these prerequisites, start viewing their internal data as a true asset and apply data insights to impact business growth.
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