Being data literate means going beyond just understanding big data and new technologies, such as cloud computing, artificial intelligence (AI), or machine learning (ML). It means understanding the data the organization has and knowing how best to leverage it with new technologies. Our recent checklist stresses the importance of understanding and incorporating these technologies into legal workflows.
One of the most significant trends is the increasing use of big data analytics. Corporate legal departments are now able to collect and analyze vast amounts of data from a variety of sources, including case law, court records, and legal documents. This data is then used to develop insights into case strategy, client behavior, and legal trends, allowing legal professionals to make better-informed decisions.
Another major trend is the increasing use of automation and artificial intelligence. Robotic process automation (RPA) is being used to streamline administrative tasks and reduce costs, while AI-powered chatbots are helping to improve client service and reduce response times. Machine learning algorithms are also being used to develop more accurate legal research tools and identify potential legal risks.
In addition, the adoption of cloud computing is transforming the legal industry. Cloud-based systems are enabling law firms and legal departments to store and access vast amounts of data more efficiently and cost-effectively. Cloud-based systems are also improving collaboration and innovation, as legal professionals can now work more easily with partners and third-party developers to create new products and services.
As the legal industry continues to evolve, legal departments that embrace these new technologies will be best positioned to succeed in the years ahead. By leveraging data literacy and adopting a data-first approach, legal professionals can deliver better service to their clients, improve efficiency, and reduce costs.
If you are interested in learning more about why being data literate is essential in today’s legal operations, download our checklist here.
