Corporate legal departments have external and internal objectives that can be addressed with knowledge:
•Deliver data-driven Key Performance Indicators (KPIs) to executives, boards of directors and business units
•Optimize legal processes and reduce costs while still mitigating risk and delivering results
These objectives require the conversion of data into knowledge. However, the challenge is that information is often siloed in various departments, databases and software.
When legal departments can merge historical data into a unified system, they begin to harness the value in their data, gaining visibility into the entire legal enterprise to make informed decisions and more accurate predictions about their operational future.