By Legal Futures Associate BigHand
In the face of economic change and a looming recession, traditional profitability models are being challenged and more firms are looking to introduce data-driven business models to help maintain profitability. Muckle LLP is one firm looking to improve its financial reporting and retain a profitable operating model with BigHand Business Intelligence.
Andrew Black, Director of IT explains: “With our existing solution we already deliver some rudimentary financial information to our lawyers. There are however some key financial metrics missing which we will now be able to deliver through BigHand Business Intelligence to improve financial performance.”
Onboarding BigHand Business Intelligence plays an important role in the evolving digitisation journey for Muckle LLP. It comes at a time where more firms are looking to implement legal finance technology to drive a commercial culture.
In a recent BigHand report gathering 800 responses from senior legal finance roles, 92% of NA and 93% of UK firms confirmed they have now introduced data scientists, making it clear that more firms are making the shift towards a data-driven business model.
BigHand Business Intelligence – powered by Iridium is an advanced financial BI solution for law firms with role-based reporting that delivers the right financial data to the right person via intuitive dashboards. The flexible data warehouse replaces manual reporting with data visibility from firm level to individual clients and matters. Self-service analytics provide controlled access to relevant metrics in any visualization tool of choice. The solution empowers users to improve cash flow and profitability with immediate financial insight.
Andrew continues, “Our team members do not want to be overloaded with information that’s not relevant to their role. With BigHand Business Intelligence we have a modern, user-friendly platform that is highly customisable. This means that from the managing partner down, users will have access to financial information that is most pertinent to their position at Muckle LLP.”
Andrew concludes, “With BigHand Business Intelligence we have improved data visibility to help see which team members might need support delivering on targets. Having timely access to accurate financial information is vital for us to continue working as efficiently and profitably as possible whilst providing our clients with great value for money.”