Encompass industry advisor Karen Lee’s article was published by the Australasian Legal Practice Management Association.
“The modern day law practice has entered into a new age and applies equally to practitioners working in-house to those in private practice. Thriving and surviving in today’s legal landscape is determined by our ability to utilise and manage data and information as well as embrace and adopt technology.”
Three things you should know about commercial information management:
1. Conversion from data to information to knowledge is key
Data needs to be converted, first into information and subsequently into knowledge, otherwise its use is limited. Commercial information management aids this conversion and deliver a real and measurable return on information.
2. Commercial information management is data agnostic
Data agnosticism refers to the ability of data to work with various systems. The message here is that commercial information management does not need to be customised for a single system only. In fact, it can be quite flexible.
3. Commercial information management is linked to competitive advantage
The ability to generate useful commercial information (which impacts on the ability to create new knowledge), and properly manage that process is at the heart of an organisation’s competitive advantage.If we can have the ability to extract and analyse data which can potentially be converted into insights, and then present this knowledge in a format that enables decision makers within the our organisation or firm to act, and we can do this better than others in the market. This presents a real competitive advantage.
Click here for the rest of Karen Lee’s blog and read the benefits of commercial information management for legal practices.