A Business Intelligence (BI) system extracts information from your accounting and other systems, refines and transforms it where necessary and finally aggregates it into a flexible format useful for making strategic business decisions.
BI answers questions like:
- How profitable are my firm’s practice groups, offices, timekeepers, clients and matters?
- Which practice groups have a high profit margin but low billing volume and vice versa?
- How can I determine realization differences between practice groups?
- How can I get supporting information when determining partner allocation and compensation?
- What are the underlying billing and collection lag differences across billing partners?
- What are the firms carrying costs by billing timekeeper?