7/11/2016Data analytics enables companies and organizations to easily examine large amounts of information to find patterns and correlations previously inaccessible. While businesses in a wide range of industries are using data analytics to determine how to improve products, cut costs, and increase efficiency, up until recently, those in the legal field have been largely underutilizing the technology. One reason is that the legal profession, rooted in tradition and precedent, has been historically resistant to change. But as a new generation of attorneys, who grew up with technology, enters the workforce, the profession has become much more receptive to new technologies. Now the legal profession finds itself on the cusp of a technological revolution that has the potential to reshape the entire industry. The practice of law produces an exorbitant amount of data. Every new case adds numerous briefs, memos, pleadings, and legal records to an already enormous collection of legal data. A sizeable proportion of a lawyer’s time, and thereby a client’s money, is spent sifting through that data. Presently, the main legal research tools, LexisNexis and Westlaw, function primarily as search engines, simply matching keywords to produce thousands of results (although both systems are rapidly developing more sophisticated analytical capabilities).
Few weeks ago, I came across Rocketgraph. This is a new platform that offers custom reports based on cloud data sources. While the concept is not new, what sets this company apart is the reports & dashboards are sold to users in a marketplace. The platform brings the analytics buyers and sellers together and provides the infrastructure. For years, many vendors have promised custom out-of-the-box solutions. In a majority of cases, most businesses require significant customizations. Will a marketplace approach to analytics offer an intermediate solution with significant time & cost savings? I interviewed Rocketgraph co-founder Constantine Nikitiadis to found out. Take a listen.
Data visualization blogosphere is filled with great ideas and inspiration. What is missing is the candid conversations about the limitations of data. Unfortunately, finding quality content on this topic is like finding a needle in a haystack. So, when one of the greatest thought leaders in SaaS data world wrote on this topic, I feel obligated to share it with you. Here is Tomasz Tunguz on the limitations of data.
Self-service has been a buzzword in the analytics industry for the last few years. While the self-service movement has been instrumental in bringing about rapid decision making and empowering business users get answers to their data questions, one has to be aware of the key skills still required. Stephen Few highlights this important foundation of building a data-driven culture.
Subscribing to email newsletters written by experts on growth and analytics is a great way to learn. Here are five newsletters that stand out from the rest. Written by entrepreneurs, data scientists, growth marketers and venture capitalists, each one offers unique insight into the process of using data to make better decisions and build a better company.