Peer to Peer Magazine

Winter 2019

The quarterly publication of the International Legal Technology Association

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Page 11 of 59

P E E R T O P E E R : I L T A ' S Q U A R T E R L Y M A G A Z I N E | W I N T E R 2 0 1 9 13 B Y S C O T T W A L L I N G F O R D H arnessing data to drive business development is a hot-button issue for industries of all kinds – the legal world included. Integration and analysis of data are changing the way law firms learn about their customers, target new verticals, and plan for strategic growth. Based on a new survey conducted by LexisNexis® InterAction®, 42% of respondents cited analytics as a major investment initiative in 2020. However, while most law firms are using technolo to maintain client data, most struggle to convert that data into actionable insights that drive better decision-making and a more focused growth strate. More rigorous integration and analysis of client data promises to inform the business planning necessary to achieve sustained growth. With the vast amount of data across law firms and new tools for detecting patterns in it, there is a tremendous opportunity to leverage that data to increase business development opportunities. We know that additional intelligence about a client's behavior, wants, and needs drives more informed and productive conversations, but harnessing that data from disparate locations creates a real challenge for firms. The Importance of Data-Driven Insights Gone are the days of executives relying on their first-hand experience or second-hand anecdotes to drive business decisions in their firms. Managing partners are demanding that marketing leadership leverage outcome- focused data to guide delivery and execution of strategic programs. The increased rate at which data-driven insights are available is encouraging firms to use data to get insight that can be used not only to better understand the requirements of potential clients, but also to nurture existing client relationships. Much of this data lives in places that lawyers touch on a daily basis, such as Outlook, Excel, and Word. Integration of these applications with a CRM system allows lawyers to harness comprehensive client data as part of their Building an Insights-Driven CRM Strate with Hybrid Cloud

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