Digital White Papers

I L T A W H I T E P A P E R | I N F O R M A T I O N G O V E R N E N C E 18 W H A T I F W E M A N A G E D D A T A L I K E A T R U E E C O N O M I C A S S E T ? Using this Infonomics metaphor, it's easy to visualize the activities involved in moving from the "manufacture" of law firm information to how it can be leveraged to drive revenue and reduce risk for the firm. There's a clear evolution of structured data from initial creation and intake to enrichment and application that can result in economic benefits for the firm. Technolo Technolo is required along every step of the information supply chain to acquire, administer and apply structured data for the business and practice of law. The good news is that law firms already have technolo in place, especially when it comes to collecting this data, including time and billing, new business intake, CRM, HR and even external sources for industry data, case information and competitive intelligence. Challenges begin to emerge in the administration stage. Silos of information need to be brought together, cleaned and normalized. A central location is required to aggregate this data, as well as layer in the external sources. Attempts have been made to use data warehouses for this purpose, but these lack the facilities to enrich the information with specific details to make it more valuable and accessible, such as matter specifics otherwise locked in a lawyer's head. These same enrichment shortcomings are present in enterprise search. Firm intelligence platforms are purpose built to span the information supply chain, providing the ability to passively collect data from existing internal and external sources (like time and billing, CRM, and other existing systems), mapping and normalizing the information for a consistent view. Built-in automated tools facilitate the enrichment of data with meaningful details that add value and make matters, clients and lawyers easier to locate and leverage for everything from marketing to precedent location. I N F O R M A T I O N S U P P L Y C H A I N A C T I V I T I E S A S A P P L I E D T O L A W F I R M S 5

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