ILTACON 2019 was a blast! First of all, we want to say Thank you to everybody who visited our pretty booth #702. It was great speaking to all of you, showing you more about ayfie Inspector and ayfie Locator, but most of all, getting your valuable feedback regarding our products and having inspiring conversations.
Other highlights at ILTACON, next to all of the meetings at our booth, we launched our new ayfie's Partner Program! We also participated in two speaking slots: Our CTO Johannes Stiehler, spoke about ayfie's highlights at the Corporate Reception, and our Legal Insights Executive and Counsel, Jeanne Somma, hosted an exciting session at the ILTACON Education Hub where she highlighted the topic of “Leveraging Data Insights to Create Proactive Workflows: An Ideal State”.
For everybody who missed this session, we have compiled the highlights in this blog post. It was all about how the participants can make the data work for them and understand the insights in a meaningful and ease of use way.
Jeanne started off her session by explaining the information trifecta and the reason why it is so essential to turn data into deep understanding. Insights provide essential wisdom about your employees and or business and reveal actions you can take to:
Better your business,
Reduce your company risk and
lower your legal spend.
However, these insights cannot be obtained without analytics, and analytics is useless without data.
Given the amount of data that we are talking about for the coming years, the importance of this topic becomes very obvious. According to the 6th Edition of DOMO’s Industry report, "over 2.5 quintillion bytes of data are created every single day, and it’s only going to grow from there. By 2020, it is estimated that 1.7MB of data will be created every second for every person on earth.“
This leads to the fact that modern corporations and law firms are creating more data than ever before, so the amount of information to analyze is endless.
This data comes in all sorts and forms. There are three main types of data that are relevant for this talk:
Structured data (e.g., sales records, financial reports)
Metadata (= data that provides information about other data)
Unstructured data (e.g., email, instant messages)
Analytics is required to make sense of data. It discovers patterns and trends in your data, for instance, communication patterns, geographical analysis or activity, and timelines.
Insights are derived from data and analytics. As Somma points out in her session, you can have mountains of data, but you need to be able to digest and organize that data in a way that allows you to pull out valuable insights that are meaningful, or else it is all worthless. The best insights are actionable & prescriptive - they can be used to take immediate action that will improve your business.
The ideal state of insight extraction is holistic and predictive. Analyze past data patterns and trends to then accurately be informed about what could happen in the future. Learn from previous actions and fact-finding, note trends, then automate insight extraction in similar situations for the future.