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Get a better view of your firm’s profitability
Two kinds of people control the profitability picture at your practice: those who bring in money and those who spend it. Of course, that’s essentially everyone at the firm. Now, how many of those earners and spenders – other than the CFO – really understand the numbers enough to actually know what’s going on?
Analytics software solutions can change that scenario. Think of Analytics as a comprehensive performance enhancement suite that helps the right people at your firm run the business of law in a better, smarter, more intelligent way.
Every practice has a wealth of financial data and metrics streaming in from multiple accounting and tracking systems, including the general ledger, billings, payroll, human resources, and other key areas. Analytics software converts that data into usable information and insightful assessments about profitability, firm trends, client segments and productivity. Then it distributes that financial and performance intelligence to the right people through dashboard displays, predictive insights, reports and alerts that build understanding and encourage action that will mitigate risk or enhance performance.
The sophistication and advanced features found in Analytics provide attorneys with unprecedented flexibility to understand the drivers of performance among clients and in their practice areas. At the same time, the flexible tools allow business and financial leaders to analyze key performance measurements of the firm by drilling down into the cause and effect details behind results.
Gain a better understanding of what drives financial performance.
In the legal profession, a “by the numbers” approach won’t do much to help you win cases or clients. In the business of law, a “by the numbers” approach is a smart way to guide your firm to growth and profitability. The right approach to bring these two perspectives into alignment is Redwood Analytics® Business Intelligence software.
Now your firm can avoid the numbers game and equip key managers and attorneys with the financial intelligence and insights that lead to sound business decisions by clarifying both business opportunities and potential risks. Across the board, Redwood Analytics Business Intelligence software builds understanding of the drivers behind better financial performance, and a detailed awareness of:
Instead of generic spreadsheets, partners and business leaders receive highlight reports, dashboard displays and alerts that pinpoint the key performance measurements that are most meaningful to their role. These leading-indicator insights are packaged in the formats each recipient prefers, with the contents and details tailored to each individual.
With information delivered right to their desktops, decision makers can quickly spot any areas of concern in profitability, billings, collections, costs, changes in client performance, or productivity and utilization. They can then easily drill down to discover the metrics and numbers behind the results.
Taking full advantage of the predictive analytical capabilities of the Business Intelligence software, leaders can assess alternative scenarios and calculate the likely financial results and outcomes of different approaches. These what-if explorations are a powerful decision-making tool that guides firm managers to take the appropriate actions that support the profitability and growth objectives of the firm.
With Redwood Analytics Business Intelligence software, every individual can play a more direct role in improving the firm’s business performance and uncovering hidden risks. The software has the flexibility to compile customized reports, segment details for the right audiences, and automate the distribution process for a standard cycle or when critical thresholds are reached. In other words, it makes certain the right information is shared in the right format with the right individuals at the right time.
Look at your numbers in an entirely different way and leverage the collective knowledge and talents of key personnel in your own firm with Redwood Analytics. Our Business Intelligence consultants can show you how.
We can help identify a solution that’s just right.
Contact Aderant anytime to find the product or solution that’s right for your firm and we’ll get you all the information you need to evaluate your options.
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