Business Analytics and the Modern Law Firm
It’s necessary — imperative, even — to collect data regarding law firm performance. Parsing out how many clients you had last year, how much they spent, whether they returned for more work — these numbers are valuable and can keep your firm afloat.
That data is meaningless, however, if you don’t analyze it. You need to take those numbers and turn them into something you can use.
That’s where analysts come in. You hand over that raw data and watch them turn it into an immediate commodity. Did you show a slump in revenue between 2017 and the year to date? Are certain clients not coming back after visiting an associate?
Analysts show you trends. They can use that to predict revenue and performance in the future. That ability — to look at an Excel sheet and see a crystal ball — is crucial to your firm’s survival.
How analytics give you an edge
Many firms keep track of this sort of information, but they don’t have the time or resources to analyze it. What does it matter if they have countless files with numbers if they don’t have the time or staff to understand what those numbers mean?
SuitsOn Staffing gets this. It’s a struggle! That’s why we’ve developed our business analytics division; we want to help firms like these. By taking that data and analyzing it for you, we help you make smarter decisions and pivot in this increasingly competitive market. This means there is no random decision making. If a staff member is promoted or raises are given out, it’s because data showed A.) that staff member’s performance warranted a higher position and B.) you had the extra revenue to provide staffers with more money.
Our analysts use the most advanced business analytics to illustrate what your office should be doing. We use:
- Principal components and factor analysis;
- Regression modeling and analysis;
- Time series forecasting;
- Cluster analysis;
- Conjoint analysis;
- Correspondence analysis;
- Customer analytics;
- Survival analytics;
- Operational analytics;
- Social media analytics; and many more.
The world is changing fast, and data is collected on a minute-by-minute basis, not even day-by-day. Let SuitsOn Staffing make sense of it for you. Contact us today for a demonstration of our analytic technology and put your firm on the path to comprehensive data management.