Industry analysis

Industry analysis

Don't be data-passive – make it actionable

Applying data science to existing sources in order to improve the predictability of outcomes is the future of legal service delivery, says Barry Talbot at Catalyst BI

Sponsored editorial

Most modern data analytics tools take a passive approach to data management and analysis. They rely on pre-configured, historical data, with no ability to make real-time decisions and take action. Users are stuck with making decisions based on what happened in the past.

Why? Largely, because of the way the data is managed and made available to the business. It’s time-consuming and costly. Users are saddled with data that only provides a limited set of options, without the ability to use any pre-sanitised data. The concept of being able to choose the data from a catalogue isn’t generally available to all users. Perhaps a limited number of users are starting to see this capability, but it isn’t the norm. Where a user wants more data, most of the time this requires somebody to write a one-use script that will take ages to become part of the data warehouse. But this lost time is something that is becoming easy to avoid – just choose the right tools.

In a recent IDC Data culture web survey (2021), just 44% of organisations reported feeling they had enough data to make decisions. And the NewVantage Partners big data and AI executive survey (2021) suggests only 29% of executives feel they achieve transformational business outcomes with data. Finally, a recent Gartner webinar emphasises that 35% of executives see poor data literacy as a critical roadblock to business change.

Bringing people and data together means we must do something quite differently. Qlik’s approach, using its Active Intelligence Platform, delivers a state of continuous intelligence, with an end-to-end analytics data pipeline delivering real-time, up-to-date information designed to trigger actions when they matter most – in the business moment.

The platform provides the ability to create business-specific data pipelines for any function or business process. These can be updated as quickly as real-time. Retailers use this to ensure that there’s always enough inventory to meet demand and to manage slow-moving stock immediately, rather than at the end of the year when the stocktake is done. Wickes, for example, makes this data available to its suppliers, and they can then proactively send stock directly to the store when sales have increased in a particular line. During lockdown, when many people were furloughed, they used that time to decorate their homes. This solution enabled Akzo Nobel, maker of Dulux paints, to see where stock of paint was urgently needed. They were able to manage a 280% increase in demand levels.

This solution is delivered using a Catalyst-developed solution called Coeus BI. It is a low-code web portal that enables the delivery of very specific data to internal and external users, making the analytics experience much easier than it is when using standard analytics tools. This solution will save time and money for law firms wanting to do client reporting and moving away from creating hundreds of bespoke reports for their clients. It also moves away from data silos – letting users find the data they need, enriching it and creating derivative data.

Bringing people and data together means we must do something quite differently. Qlik’s approach, using its Active Intelligence Platform, delivers a state of continuous intelligence, with an end-to-end analytics data pipeline delivering real-time, up-to-date information designed to trigger actions when they matter most – in the business moment

Catalyst shares the Qlik vision that starts with a data-literate world, where everyone can use data and analytics to improve decision-making and solve their most challenging problems. The move to cloud-based computing is well on the way to becoming ubiquitous, and this opens up a whole new world for firms wanting to manage their data in a more governed way. Our strategy is now based around three pillars related to data, supported by cloud hosting using Microsoft Azure.

The data pipelines that flow from this approach can be used for far more than being diagnostic. In most cases the very same data sources used to analyse financial KPIs can be used to predict outcomes that can be game-changing when it comes to increasing efficiencies and being more productive. Being able to predict the outcomes of matters that suits both parties can save millions in wasted time and pay-outs. Data models are being created to do this, and at the same time giving law firms the option of choosing to use a different data model if variables change, all designed to increase profitability. Artificial intelligence should not be seen as a tool to reduce manpower. Rather it should be used to enhance what data experts can deliver within organisations. Stepping into data science requires an investment in people and technology. Catalyst is ready to help with the technology without having to hire an army of data scientists.

In a 2020 IDC InfoBrief, sponsored by Qlik – Transformative data through leadership survey – highlights included that:

• 76% of executives noted an improvement in operational efficiency.

• 75% of business decision-makers said that revenue had increased.

• 74% of executives reported profit had increased.

The Qlik Active Intelligence Platform delivers real-time information and drives action, accelerating business value.

For further information, visit: catalyst-bi.co.uk/legal