Market Intelligence, Competitive Intelligence, Business Intelligence – big names that at the most fundamental level represent the act of generating a comprehensive understanding of the internal and external factors affecting one’s business. But what might seem like a simple act can become a confused, convoluted mess if not approached strategically. So how does a firm go about generating the best intelligence?
In his recently published article in Law Journal Newsletter Marketing the Law Firm titled, “Getting to Insights and Acting on Those Insights – That’s All That Matters” Manzama’s very own CEO and Co-Founder, Peter Ozolin, shares some strategic best practices and outlines a simple process that can help you and your firm simplify the process of generating intelligence from the mass of information online today to ultimately make it easier to deliver timely and actionable insights to key individuals within your firm.
If you have a subscription to Law Journal Newsletters through ALM, you can view the full article here, otherwise continue reading to see a brief summary of the strategic best practices and processes outlined in Peter’s article.
Peter’s Tips for Generating Valuable Intelligence
Make it Actionable – At the end of the day, the goal of any intelligence initiative should be to deliver insights that are actionable and help inform strategy and executive decision making. The action doesn’t need to be immediate, as not all intelligence or information is required to have immediate short term impact. However, every intelligence initiative should strive towards finding information that will ultimately help better the firm’s strategic direction.
Keep it Focused – There’s a myriad of news and information available to the busy professional and often times this can result in a lack of focus and attention on the information that matters most. There are effectively two categories of information that can really make a difference and cause action: Information that presents either a risk or an opportunity. Everything else is just noise. This may sound simplistic, but the real challenge is knowing what is a risk or an opportunity, and secondly getting a busy professional to believe in the information and take action. By grouping intelligence into these buckets, users will have a better contextual understanding of why and how they should take action.
Who is the Recipient of the Information? – Ultimately, intelligence needs to be contextually relevant to the audience using it. Having an understanding of and defining what end users consider to be risks and opportunities is critical to delivering truly actionable intelligence.
Always Look for Ways to Better the Process – Creating solid BI, CI, etc. is not a one size fits all approach. It’s also not a rigid process as what is true today may not be true tomorrow. Legal pros are going to continue to demand new forms of intelligence and new methods for acquiring and processing it. Systems and tools make a huge difference in effectively getting to insights, but when selecting them, one should be mindful of their longevity and flexibility for delivering intelligence into the future. Even if a firm is only trying to accomplish one objective today, that same firm, if successful in achieving that objective, will inevitably ask more of that system, as well as the personnel of that technology provider going forward. In short, always be on the lookout for ways to improve processes and better tools that can add incremental value.
At Manzama, we believe that with the delivery of focused, actionable intelligence lawyers and legal professionals alike can truly differentiate their firm and the services and value that they provide to their clients. If you’d like to learn more about the Manzama Intelligence Platform, contact us and we’ll be happy to demonstrate Manzama’s power and value firsthand. In the meantime, we hope the above tips will better your firm’s intelligence initiatives.