“Big Data” is a term that is capturing a lot of attention. Almost every industry is involved with some type of transaction that leads to mass amounts of data. These large data sets are often referred to as Big Data because they are difficult to optimize: How do you capture, store or analyze the information in a meaningful way?
Many industries see the value of analyzing this data as a way to spot trends. For example, the financial industry was an early adopter of Big Data, collecting and analyzing credit card data to better understand customer spending habits. With this information, businesses can build marketing campaigns and offer pricing plans to retain existing customers and attract like-minded customers. The result goes straight to the bottom line.
For law firms, analytical insights provide a clear understanding of their competitive advantage and offer valuable insights into what law departments are willing to pay, before negotiating rates.
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