Extract from Epiq’s article “Using Metrics to Tell a Story with Data”
“Data is the new gold.” This adage is popping up across industries as more organizations recognize the value that lives in business data. When properly harnessing information and tracking metrics that actually matter, true value will emerge. Decisionmakers will be able to visualize where gaps exist and how to close them, where there are collaboration opportunities across departments, and where there is inefficient spending. This is gold.
The legal department is an optimal place to gather metrics that can help make better business decisions not only for legal – but across the entire enterprise. Hyperion Research’s 2022 benchmarking survey of Legal Operations professionals found that 63 percent of Corporate Legal Departments have formal metrics and analytics programs, but only 9 percent have metrics that are well-defined, curated, and have audience-specific dashboards. Without the latter, legal teams miss business intelligence and meaningful insights.
Organizations seeking to transform their metrics and analytics programs should ask these two questions: what data should the legal department track and what tools can help?
