KPIs and improving profitability with Business Intelligence
This article was written by Scott Randall, CEO of Advanced Legal, Inc.
The focus on Business Intelligence (BI) over the past couple of years has brought new insight to practice management and undoubtedly has contributed to more solid decision making in firms that have fully implemented it. But I would suggest it is time to use the data BI provides and take a hard look at how specific actions play out from a business and process perspective.
In preparation for my session at Elite’s Vantage 2014 Worldwide Conference this week, I was wrapping my head around explaining not only how BI software functions but how it can translate into actions that truly improve profitability. In my session, titled, “KPIs and Improving Profitability with Business Intelligence,” my premise is this: Business Intelligence software is a means to an end – not the end itself. The bigger picture is the actions and results stemming from the insights provided by BI.
In the session, we will cover the concept and tools used to measure Key Performance Indicators (KPIs) but then quickly move to where BI is going in the future and how it can guide not only financial decision making but also be used as a predictive tool. For example, forecasting what future business can be expected from a client and the types of resources that will be needed to perform the work at the greatest profitability to the firm.
Finally, the session will discuss the impact BI analytics should be having on business processes. This idea is floating around out there, but I do not think “BI’s Days are Numbered.” Rather, as Gartner’s Andrew White points out in the article of that exact title, I agree that BI will contribute to “how business processes need to become more intelligent [and result] in a stronger Business Process Management (BPM) focus.” The combination of BI analytics and BPM should be informing an overall focus on how firms can get all members pulling in the same direction – toward increasing profitability.
Please join me for this session. I look forward to learning how these concepts are playing out in your firm or the hurdles that are holding back progress towards these lofty goals.
KPIs and Improving Profitability with Business Intelligence
Presented by: Scott Randall, Advanced Legal
Date: Thursday, June 26, 2014
Time: 9:15 – 10:30 a.m.
Location: Broadhurst Meeting Room, 5th Floor