Legal departments that use enterprise legal management solutions collect a huge amount of data about their legal operations. Records about the legal department’s transactions, their open matters and matter history, the performance of their outside counsel, and many other faces of the department’s processes are captured by the systems they use to run their legal business. Although this data can provide critical insights that help the department operate more efficiently, cost effectively, and successfully, those insights must be unlocked. Data science is the key that can provide access to the full value of that collected data.
Why is data science important?
Data science is a field of business that uses scientific methods, processes, algorithms, and systems to extract knowledge and insights from noisy data. Data science provides the discipline and tools to deliver actual knowledge and understanding out of data points. While it may sound technical, it actually empowers people to make confident, data-driven business decisions.
Artificial intelligence (AI) and machine learning are now deliver advanced to provide powerful means to process a large amount of data and valuable insights from it. These technologies have been integrated into some of the solutions that insurance claims and corporate legal departments use to support their strategic decision-making. The result is better visibility into legal spend, which can drive better billing outcomes, improved billing compliance, and more efficient and productive operations.
Legal and claims departments that leverage data science can significantly improve internal processes and workflows while standardizing the data they collect to ground their decisions in fact instead of instinct.
Finding the expertise you need
The right expertise and experience are crucial to using data science to activate the value of the data you collect. However, most organizations do not have a team of data scientists available to build a data science