Why a data warehouse is crucial for your law firm
Consolidation is a trend within the legal sector that shows no signs of slowing. Indeed mergers and acquisitions (M&As) allow law firms to reap the benefits of economies of scale, expand their areas of expertise and access a larger pool of talent.
However, firms should be wary of unintended consequences. With information spread across various platforms, M&As can reduce the visibility of internal data. This makes it difficult to identify potential risks and opportunities. To avoid this, it is essential that firms implement a consolidated data management approach. At the heart of this sits a centralised ‘data warehouse’, acting as the hub for all internal data and business reporting.
Why is a data warehouse vital?
Using multiple platforms to store off-system data is not just a drain on manual resources. It can also reduce the accuracy of information – which can quickly become outdated or fall foul of GDPR legislation.
A data warehouse can help firms to avoid these pitfalls. Manual processes can be reduced, the data can be made more accessible and a ‘single source of truth’ can be established. What sits behind this is one central platform, which incorporates automated feeds from different business systems.
The ability to build dashboards and reports also supports strategic planning across key sectors. This level of analysis enables decision-makers to thoroughly inspect particular areas.
How to implement it
There are number of questions that need to be considered when choosing the most appropriate IT platform for a data warehouse:
- Who requires access to data?
- Which area of the business do they work in?
- Which systems will they need in order to source the data?
Firms may need to transfer off-system data to new applications or remove redundant systems. Similarly data cleansing or classification may be needed. Assigning responsibility to a member of internal staff to oversee the entire project can also speed up project delivery and boost the chances of success.
Before you begin…
Firstly, it is vital that law firms seek out the right professional advice. This can be sourced both from specialists and by utilising ‘blended teams’ who can assist the firm’s team to increase the efficiency of the project. With support from a variety of advisors, law firms can make sure their data warehouse implementation is a success.
To discuss data centralisation strategies and discover how your business can benefit, please contact Peter Mardsen or another member of our team.
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