KPI's and Benchmarking
While it's not unusual for legal organizations to make significant investments in technology, finding ones that use business data to manage better is a rarity.
Most legal organizations are eager to use business intelligence tools, yet they readily admit that they just don't know where to start or what they should be measuring. Some simply aren’t adept at interpreting the information presented back to them.
There's undoubtedly a specialized skill in understanding and building legal data models that integrate and aggregate data from many disparate systems.
Hyperion's legal operations and technology experts are skilled at working with the different types of legal business, financial, practice and work product systems and understand how to harness the data in them to produce meaningful information for better business decisions.
Key Performance Indicators (KPIs) measure performance in meeting a strategic or operational goal.
Legal KPIs are unique to legal organizations and can vary by subject, practice area and data source.
KPIs are powerful tools distilling enormous volumes of raw data - that which as legal organizations we know how to produce abundantly! - into discrete measures of operational or practice performance. As a normalized information unit, they can also serve as extremely powerful comparative metrics against other similar organizations or against dissimilar organizations having similar goals.
We focus on Operational KPIs: Performance Beyond Spend Management
Recently the marketplace has been flooded with so-called business intelligence ("BI") solutions. Some are oriented to general business enterprises, others specific to legal, and some intended for more niche verticals within legal (law firms, law departments, insurance, IP, contract management, etc.). Benchmarking solutions are also available.
The common thread in these solutions is that they require an understanding of what will be measured, and require a significant investment of time, money and subject-matter expertise to implement.
Hyperion's Legal Operations Experts can help you navigate the complex intricacies of performance management and metrics beyond spend management:
- Identify key initiatives that could be aided by using KPIs
- Review systems to determine the types of information available to support a KPI program
- Identify data gaps which, if filled, would significantly provide more meaningful information to govern
- Propose KPIs that provide useful, actionable information to manage your legal enterprise
- Select a BI interface or benchmarking solution
- Develop and manage a KPI Program
- Train management to understand and interpret KPI data
- Create and lead a benchmarking peer group
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