Data is the new currency for legal departments

Data is the new currency for legal departments
11th February 2020
Show all

Data is the new currency for legal departments

Global IT analysts, Gartner, has published research that shows that over the next three years, 40% of corporate legal departments intend to increase spending on legal IT systems or software by 10% or more.

This is excellent news. It has been our experience that legal departments remain the least digitally transformed.

What is a little more startling is that the report goes on to say: “Despite the clear opportunities to automate, and the intent to do so, most legal departments simply don’t have the staff for legal analytics…just one in five report having a technology or innovation counsel or access to a data analyst.”

This seems like a real opportunity lost. Not only is analytics the cornerstone of digital progress, but data has become the currency of good business. The wonderful thing about data is that it tells a story. It gives us insight into the customer (client) journey and helps us better service them in future. What we also love about data is that it is an absolute. There is only one version of the truth and this is evidenced by immutable data.

When it comes to disputed claims – the very thing our NuvaODR and NuvaInteract products addresses – we are presented with two sides to a story. It is the job of dispute resolution, whether by human adjudicator, or machine learning, to come to one version of the truth. A version that allows us to reach resolution and to settle disputes.

The importance of data scientists, data analysts and data architects in the journey to getting to this One Version of the Truth is clear. If, as the Gartner report suggests, companies are under-skilled in data analysis, working with a company, such as ours, where legal protocols rely on data to arrive at a single version of events is more important than ever.

 

Leave a Reply

Your email address will not be published. Required fields are marked *