Everyone is talking about data analytics and the evolving role of KM in conducting analytics. In this podcast, we will discuss where do you start, what tools are needed, what skill sets are required, how do you avoid stepping on the toes of others in the firm, such as the marketing or finance team and who may also be doing analysis of data?
Questions Carolyn will ask Bobbi:
1. Traditionally KM has been about developing standards, templates and taxonomies to locate knowledge and expertise within the organization. But, now, we are starting to see the evolving “role of data” in providing actionable information as part of knowledge management. Bobbi, does this resonate with you?
2. DA Investments/Efforts/Initiatives: a. The increasing interest in data analytics – used to be fairly focused on financials and LPM, but now seeing analytics around diversity and retention, legal process improvement – is that consistent with what you are seeing in firms? b. Is the push to do more with data analytics coming from clients or from within firms themselves as they strive to find ways to improve efficiencies and profitability?
3. Building Capabilities (Hiring Trends/Roles) a. A few years ago there was a trend to hire data scientists and data analysts – is this trend continuing? b. How are you seeing that KM’s role is evolving to support data analytics capabilities?
4. Where to Start (Demonstrating Value/Low Hanging Fruit). A What is the low hanging fruit? B What would be the advice you’d give the person who wants to show the value of data analytics as applied in the “real world” of a practicing law firm