the what, why and how of business intelligence › productfiles › ... · how are law firms using...
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THE WHAT, WHY AND HOW OF
BUSINESS INTELLIGENCE
#ILTAG53
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SPEAKERS
Tom Jones
CEO
Iridium Technologies
Suzanne Koch
Financial Controller
Nyemaster Goode, P.C.
Lisa M. Mayo
Director of Data
Management
Ballard Spahr LLP
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WHAT IS BUSINESS INTELLIGENCE?
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From FinancesOnline.com
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From FinancesOnline.com
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GARTNER DEFINITION:
”…an umbrella term that includes the
applications, infrastructure and tools, and
best practices that enable access to and
analysis of information to improve and
optimize decisions and performance."
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WIKIPEDIA:
“…comprises the set of strategies, processes,
applications, data, technologies and
technical architectures which are used by
enterprises to support the collection, data
analysis, presentation and dissemination of
business information. BI technologies provide
historical, current and predictive views of
business operations. ”
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HISTORICAL, CURRENT AND PREDICTIVE VIEWS
@ BALLARD
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HISTORICAL, CURRENT AND PREDICTIVE VIEWS
@ NYEMASTER GOODE
• Movement from paper based reports and pushed
information to dashboards and self service reports.
• Accounting no longer driving reporting needs; clients driving
new analysis
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HISTORICAL, CURRENT AND PREDICTIVE VIEWS
@ “Tom’s Clients”
• 61 clients: 50-3000 timekeepers, all regions
• 100% using Historical and Current, plus “simple predictive”
such as annualization
• 25% using predictive
– Projected profitability
– Projected GL budget variance
– Customized projections
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TOOLS IMPLEMENTED
@ “Tom’s Clients”
• Revenue dashboards: 95%
• Matter module: 16%, but in the first 10 weeks. Will be 50%
plus in 2018.
• GL+EXP: 60%
• Profitability: 50%
– Dashboards: 20%
– Report Packs: 40%
– Finance only: 40%
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DASHBOARD ROLES IMPLEMENTED
@ “Tom’s Clients”
• WA/MBA: 100%
• Revenue Manager: 100%
• Client Resp, Matter Resp, etc.: 60%
• Originating: 10%
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WHAT DOES BI MEAN IN A PRACTICAL SENSE?
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How are law firms using BI?
Leveraging your data through reports, online analytical
processing and predictive analytics in order to:
• Make better operational and strategic decisions
• Look for additional business opportunities
• Identify bad or inefficient business processes
• Translate to additional dollars for our firms
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BI MATURITY LEVELS
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BI @ Ballard
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BI @ Ballard
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BI @ Ballard
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BI @ Ballard
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BI @ Nyemaster Goode
• Phase I – tool used to
supplement existing
financial system
reports and used solely
by Accounting
(reflective)
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BI @ Nyemaster Goode
• Phase II – developed interactive dashboards and custom
month end reports for use by Shareholders (reflective and
predictive)
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BI @ Nyemaster Goode
• Phase III – developing tools to manage future outcomes
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(THE PUBLIC) 2017 LEGAL BI MARKETPLACE
TRENDS
• Sophisticated / demanding clients (power users)
• Transition to modern systems…
• … while demanding current capabilities
• Profitability is a big focus (as always!)
• Matter Budgeting / Matter Management is super hot
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2017: IMPLEMENATION TRENDS
• More KPIS/graphics
• Marketing is using BI for pricing
• Scheduled/ad-hoc alerts
• Pushing the envelope
– Feeding profitability data into partner compensation
– Peer Comparison
– Financial penalties for missed KPIs (Late time, A/R Issues)
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SELECTING A TOOLSET
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Phases Involved in Selecting a Toolset:
• Identify a set of stakeholders
• Consider the possibility of engaging outside, neutral party
• Interviews
• Look for common themes
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A SAMPLING OF BI TOOLS
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BI TOOLS:
GARTNER MAGIC QUADRANT
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@ Ballard
–Common Themes:
• Access to Timely Data
• Legal Project Management Tools
• Forecasts and Proposals
–POC
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@ Nyemaster Goode
–Common Themes
• Same as Ballard
• Ease of use by Attorneys
• Ease of management by Accounting/IT
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Best Practices in Selecting a Toolset (1):
Key Success Factors from the Vendor Perspective
- Start with the end in mind
- Products required, prioritized
- Desired outcomes
- Painstakingly document your
- Requirements/customizations
- Security considerations
- User personas (roles)
- Run the RFP (25%)
- Engage an outside consultant (10%)
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Best Practices in Selecting a Toolset (2):
Key Success Factors from the Vendor Perspective
- Get to a vendor shortlist (2-3 is typical, 4 at most)
- 2 hour onsite demos (finance, management, IT)
- Grill them: come with your toughest questions
- Bonus: The biggest vendor selection mistakes
- #3: Not identifying your exact consulting team and confirming the schedule
- #2: Not anticipating the actual TCO (customizations, ongoing support, etc.)
- #1: Weak reference checks. Demand to see their entire client list, and call 10
of them.
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BUSINESS INTELLIGENCE FOR THE FUTURE
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Future-proofing Legal BI
• Focus on the business user
• Focus on Why and What Will Happen Next
• Machine Learning for additional insights
• Data Storytelling
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Future BI @ Ballard
- It’s all about the insights!
• Machine Learning
• Predictive & Prescriptive Analytics
• Conversational Analytics
- Embrace Big Data
- Explore vendor offerings and freemium apps
- Invest in ongoing data literacy
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Future BI @ Nyemaster Goode
• Legal Project Management
• Profitability of Clients/Practice Groups/Timekeepers
• Client Facing Reports
• Information to drive behavior!
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Future BI Trends
• BI will be pervasive, and highly predictive
• BI will move to the cloud (5% today)
• AI will be huge (machine learning, data mining, big data)
• Power BI will be big (2018?)
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LESSONS LEARNED
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@ Ballard
- Work with a vendor knowledgeable in this space
- Use "freemium" cloud based tools to demonstrate value at
low cost/risk
- Talk to other firms
- Work to get a good ETL process in place
- Enlist an advocate(s) from the business!
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@ Nyemaster Goode
- Create a BI roadmap
- Define attorney and vendor expectations up front
- Make sure that BI tool aligns with firm
policies/procedures
- Be persistent with training
- Establish metrics that matter
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In Praise of Boldness
A good plan, violently executed now,
is better than a perfect plan
executed next week.
General George S. Patton
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(THE SECRET) 2017 LEGAL BI MARKETPLACE
TRENDS
• Extreme risk avoidance
• Micro-analysis
• Painfully slow rollouts
• Limited distribution of performance data
• Tolerance of poor product performance
• Reluctance to break the status quo
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THE WORST BI DASHBOARD VIDEO. EVER.
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Vendor Advice for a Successful BI Implementation
• Sharp team, empowered
• Minimal customizations (at least initially)
• Get the data reconciled
• Pilot dashboard test (do not try to satisfy everyone)
• Push out roles one at a time
• One module at a time
• Profitability #1 Best Practices Advice: Keep it Simple
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The Big Finish.
The least bold, worst BI decision your
firm can make:
Sticking with a solution that is not
meeting your needs