Lock-up and Work In Progress (WIP) are vital financial aspects for law firms, significantly affecting cash flow and profits. A business intelligence solution will simplify their management by collecting, analysing and generating insights from various data sources like time recording, billing and case management systems. Such insights can uncover trends and pinpoint matters with long lock-up periods or lawyers with excessive WIP. Accordingly, firms can negotiate better payment terms or allocate additional resources, enhancing efficiency. Automating this process reduces errors and improves transparency, ultimately boosting the firm’s profitability.

Business Intelligence is a transformative solution for project management which enables proactive risk reduction. By aggregating and analysing data from diverse sources, a BI solution will identify potential risk factors like delays, budget overruns or resource inefficiencies. This empowers project managers to implement timely corrective actions, enhancing project outcomes, reducing the likelihood of claims, and safeguarding the organisation’s reputation and bottom line