Data science can unlock the value of your legal information

Legal departments that use enterprise legal management solutions collect vast amounts of data about their legal operations. Records of the legal department’s transactions, their open issues and issue history, the work of their outside counsel, and many other aspects of the department’s processes are captured by the systems they use to manage their legal business. While this data can provide critical insights that help the department operate more efficiently, cost-effectively and successfully, these insights must be unlocked. Data science is the key that can provide access to the full value of this collected data.

Why is data science important?

Data science is a field of business that uses scientific methods, processes, algorithms, and systems to extract knowledge and insights from noisy data. Data science provides the discipline and tools to deliver actual knowledge and understanding from data points. While it may sound technical, it actually empowers people to make confident, data-driven business decisions.

Artificial intelligence (AI) and machine learning are now advanced enough to provide powerful means of processing large amounts of data and providing valuable information from it. These technologies are integrated into some of the solutions that insurance claims and corporate legal departments use to support strategic decision making. The result is better visibility into legal costs, which can lead to better billing results, improved billing compliance, and more efficient and productive operations.

Legal and claims departments that use data science can significantly improve internal processes and workflows while standardizing the data they collect to base their decisions on facts instead of gut instinct.

Finding the expertise you need

The right expertise and experience is critical to using data science to activate the value of the data you collect. However, most organizations do not have a team of data scientists to build a data science center of excellence to develop AI algorithms and solve complex problems. Therefore, it is necessary for most companies to partner with a supplier that can deliver the necessary knowledge and technology.

In addition to extensive AI experience, any data science provider must have “data empathy.” Data empathy is understanding what you need from your data and the data itself. This allows them to identify any bias or other human subjectivity in data collection and account for it in data analysis. Developing data empathy requires a large amount of expertise and experience in different customer needs.

There are three key types of experts a data science provider should have on their team to successfully translate your data into actionable solutions and positive business outcomes:

  • Process design experts talk to you and your team members to find out your pain points or parts of your tasks that just aren’t working well or are difficult to accomplish. They also generate strategies to deal with these problems. These experts have a high level of empathy and are very intuitive about the requirements needed to simplify and reduce the complexity of work processes. In addition, they are masters of user interfaces and customer experience.
  • Experts in the field works closely with process design experts to develop AI model requirements. To do this, they use customer input along with their knowledge of best practices from various fields. Domain experts also label the data appropriately to facilitate building a custom AI model.
  • Data scientists translates data sets and creates an appropriate AI model with the appropriate features based on the client’s needs. It is vital for data scientists to understand the customer’s needs and not start with a preconceived one-size-fits-all AI solution. Data scientists are strategic design experts with experience in UI/UX design.

The combination of good data science and the right expertise can lead to improved productivity for all legal and claims departments. To learn more about using data science to unlock the potential value of your legal data, download our eBook Extend your legal operations with data science.

Leave a Comment