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Use data analytics to improve your bottom line

posted by: INSZoom date: Feb 04, 2015 Money and time saving tips comments: Comments Off on Use data analytics to improve your bottom line

We live in a world of data – it's literally all around us.

Every time you log into your email, send a text or check out a social media profile, you create more data. You're also generating data every time you take on a new client, and you shouldn't let this information go to waste. How you handle your clients' cases, the amount of time each process takes and your success stories are all important data points you can use to evaluate various aspects of your practice.

What's your likelihood of success?
You know you can't guarantee your clients anything, but some cases are more likely to see the desired ending than others. By carefully tracking the outcomes of your clients' matters, over time you'll be able to see more clearly a new client's chance of success. You'll also be able to see which strategies improved the likelihood of success and which may be a waste of your time.

"Are you losing money with flat fees?"

Are your fees reflective of your services?
If you use a flat fee system, you can't truly know if you're billing your clients the appropriate amount without taking a deep look into how you handle your immigration cases. Without analyzing the data available to you, you may not be profiting on some of your flat fee matters and not even know it.

The average length of time you spend on different types of immigration matters and how long you take to perform specific tasks are all important pieces of information. Not every type of case will take the same amount of time. Certain visa applications or petitions include more steps, need more in-depth research or require additional court appearances and meetings. Since different matters take varying amounts of time and labor, each matter shouldn't cost the same. If they do, you're probably losing money on some clients.

You may not realize it but all the information you need to determine if your prices are right is safely tucked away in your immigration case management software. As long as you accurately input your schedule, tasks and time spent on each client's case into the CMS, you can generate reports on the average amount of time you spend on different types of immigration matters. This analysis will help you determine if flat fees are the best billing option for certain matters or whether your current fees are right. 

Have you weighed your time versus your fees?Have you weighed your time versus your fees?

Who is a valuable employee?
Measuring the effectiveness and value of staff members can be uncomfortable, but firms have limited resources and can only invest in employees who improve the bottom line. By tracking who performs which tasks and the time it takes them to do so in the CMS, attorneys can evaluate their staff's performance. 

Collecting and analyzing data used to be a common function in the technology industry. However, the practice has spread through businesses and in recent years, reached the legal field. The benefits of data analysis are endless and attorneys can increase insight into the effectiveness of their practice by running reports in their immigration case management system.

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