Data can reveal countless patterns and insights when mined correctly – with the help of a skilled data scientist and the right technology. But the insights will only be as good as the data. Inaccurate or incomplete data can result in poor analysis, or worse, analysis that, when acted upon, could do serious damage to a law firm’s business and reputation.
According to Salesforce, poor quality data costs the average business roughly $700 billion a year – 30 percent of its revenue. And a survey of 24 companies by GS1 showed that up to 50 percent of their data was inaccurate. While these figures aren’t limited to law firms, a practice is a business, and is just as prone to error.
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