Effective reporting is one of the most powerful tools legal departments have for both communicating their value and driving great decision-making. At the Wolters Kluwer 2024 ELM Amplify User Conference, the “Optimizing a Legal Department Reporting Program for Deep Impact” session provided valuable insights into establishing and maintaining beneficial reporting that caters to stakeholder needs.
Here are a few of the key takeaways from the session.
Define reporting requirements and objectives
Effective reporting starts with gathering clear requirements from stakeholders. Documenting these requirements, whether digitally or on paper, helps avoid confusion and ensures that reports are tailored to meet the specific needs of different departments. Engaging stakeholders by providing them with actionable reports that demonstrate the value of the data can help in decisions like forecasting expenses and evaluating legal strategies. This engagement also highlights the importance of accurate data entry.
In addition to gathering a list of requirements, speak to the audience that will consume the reports to understand exactly how they will use the information. Defining clear objectives is a crucial component of this step because it ensures that the reports you design will successfully serve specific purposes and provide the necessary insights. Without clear objectives, reports can become unfocused and less useful.
Normalize your data
Another foundational step in generating meaningful reports is normalizing data. This process involves reorganizing data to standardize it and/or make it more logical, as well as removing any redundant or unstructured data. Taking these measures ensures that data you may have collected from different sources is consistent and comparable.
Maintain communication between finance and legal functions
Collaboration between the finance and legal departments is important for aligning reporting efforts with organizational goals. Regular communication ensures that the reports being generated continue to meet the evolving needs of these key departments. This ongoing collaboration helps in creating reports that are not only accurate but also relevant to the current business environment, helping to support decisions that lead to desired business and legal outcomes.
Keep data accurate and timely
Data that is both accurate and up-to-date is essential for generating meaningful reports. It is important to ensure that there is a plan in place for data entry and continuous updates to ensure that reports always reflect the current state. Accurate data is vital for making informed decisions based on reports, and continuous data entry helps maintain the integrity of the reporting system.
Utilize dashboards
Dashboards are powerful tools for visualizing complex data sets. They provide immediate insights into various metrics, making it easier for stakeholders to grasp trends and performance indicators. Tools like Power BI are favored by many for their ability to create comprehensive and user-friendly dashboards tailored to the specific needs of the audience.
Demonstrating value and gaining buy-in
Sharing reports with stakeholders throughout the organization, including upper management, can help demonstrate the value of the reporting system and the legal operations function as a whole. When informed about the actionable insights and data-driven recommendations made possible by the reporting program, stakeholders are more likely to support initiatives aimed at improving data quality and reporting practices. They are also more able to see the ways that the law department and legal ops team are actively adding value to the organization. This buy-in is crucial for the success of any reporting program.
Visit our website to learn how ELM Solutions’ LegalVIEW Analytics can help you build a robust and impactful reporting program to meet your organization’s needs.
