The quarterly publication of the International Legal Technology Association
Issue link: https://epubs.iltanet.org/i/549141
WWW.ILTANET.ORG 59 IMPLEMENTING A DATA-DRIVEN BD PROCESS One of the keys to using data analytics successfully is to start small. Even for firms with access to rich data, trying to do too much too soon is a recipe for failure. Keep your goals simple, make them achievable, celebrate interim successes along the way, and — when you achieve your goal — build on your success. Pay particular attention to the way you map the data. To find trends, data points must be tracked individually. Trying to track too many variables at once makes seeing relationships difficult. By starting small, you can add data incrementally in response to initial results, building out your model one variable at a time. GETTING STARTED WITH A 100-DAY PLAN Implementing a data-driven BD program is not difficult, but it requires strategy, a About the Author Toni Minick joined LexisNexis in 2005 and currently serves as Director of Product Management for InterAction. Her background in both product management and software user experiences spans more than 15 years, 12 of which have been focused on legal software solutions. Contact Toni at toni.minick@lexisnexis.com. commitment to success, the discipline to follow through and the willingness to make adjustments along the way. Begin the process by formulating a 100-day plan. To get started, determine what you want to accomplish; keep the objective small enough to achieve but ambitious enough to provide meaningful insights. Identify and prioritize questions to answer, determine what data are needed to answer the questions and track the data consistently, looking for any patterns that emerge. The greater a firm's analytic maturity, the more easily data can be acquired, tracked and analyzed. A client relationship management tool greatly simplifies the process and might provide deeper insights than a manual system based on spreadsheets. The good news is that even spreadsheet data can provide actionable intelligence that can improve business development outcomes. Tips for Implementing Data-Driven Business Development • Start small • Create a 100-day plan, and stick to it • Track, measure and meet regularly • Make it measurable and visual • Use what you learn to improve process, drive strategy and alert to opportunities, risks or anomalies Maturity Curve: Ability To Explain Why and Predict STAGE 5: ANALYTICAL COMPETITORS STAGE 4: ANALYTICAL COMPANIES STAGE 3: ANALYTICAL ASPIRATIONS STAGE 2: LOCALIZED ANALYTICS STAGE 1 ANALYTICALLY IMPAIRED FORESIGHT: What happens if? What happens next? INSIGHT: Why is this happening? OVERSIGHT: What actions are needed now? HINDSIGHT: What happened? How often/many? IN THE DARK DEGREE OF INTELLIGENCE AND COMPETITIVE ADVANTAGE BASED ON THE FRAMEWORK DEVELOPED BY TOM DAVENPORT AND THE INTERNATIONAL INSTITUTE OF ANALYTICS