How do you turn your firm's data into valuable client intelligence?

Each day, firms are sold on a promise of a shiny new technology to make the firm more intelligent, collaborative, and more likely to accelerate growth. But the reality is that the intelligence you require already exists. You just need to harness it.

Technology companies have produced vital innovations for professional services firms. Examples range from collecting and visualizing data for specific functions such as billing systems for finance teams to report revenue; campaign automation for marketing teams to track campaign attendance; and databases for business development teams to organize opportunities and manage pitches. Still, the last mile problem exists: how can firms act on their insights if the data exists across disconnected siloes?

After hearing from hundreds of firms that are facing this daunting task, I’d like to take you through Intapp’s approach, which  allows firms to unlock their collective intelligence by unifying the client lifecycle. Let’s break this down by starting with a few definitions:

Collective intelligence

The operative word here is collective, enabling a firm to leverage a singular data point to its maximum potential. In the world of point solutions, each function at your firm will have their own technology to solve their own problems. However, the lack of interoperability prevents a rising tide from lifting all boats.

Let’s examine another world where revenue or experience data is integrated across functional groups. Client billings are used by a business development team to produce white space analysis, revealing areas of opportunity for new practice groups to start doing work for a client. Marketing leverages this data in list building, targeting contacts that have generated revenue for the firm. Practice group leaders benefit from seeing which of their clients are on track to hit their billing targets, so they can encourage their attorneys to finish strong this quarter.

Leverage billing data so BD can find new opportunities. The matrix above maps billings by practice group to operating segments to see where white space exists.

Unifying the client lifecycle

Unifying implies collaboration. Integrating data along the client lifecycle enables partners, business development (BD), and marketing teams to collaborate effectively with client feedback, risk, and research teams to drive growth.

An example for BD: unifying revenue data from your billing system, campaign engagement from marketing, and third party news and corporate tree content helps teams uncover opportunities.

Consider this: The M&A group has not billed against the firm’s key client. You can see that the general council clicked on marketing’s latest white paper on due diligence. Your London office successfully executed a transaction for a peer firm in the sector. Unification of data enables BD leaders to harness each department’s intelligence to pitch the right opportunity to clients and win work for the firm.

The dashboard above shows how BD teams can prioritize their opportunity pipeline using billing, campaign engagement and other data sources.

Marketing teams leverage unified lifecycle data to develop contact lead scores during targeting. In addition to knowing past seminar attendance, contact ROI from billing data focuses effort on attendees who are revenue positive versus cost centers. Data from risk teams can reveal contacts that are pre-cleared for conflicts to ensure you can take on new work.

Partners have the most to benefit from unification. Client feedback interviews, opportunity pipelines, and client news stories produce a health index for partners to review part of the relationship between firm and client.

The partner view above consolidates hundreds of data points across the lifecycle into a client “health score”. Making it easy to see which relationships are doing well and which ones need work.

Driving growth

Firms have reached new heights, with respect to volumes of data at their disposal. Growth for any industry arises from harnessing insights to drive execution. Professional services firms are no different. It is time to take advantage of the work across the client lifecycle to unlock the firm’s collective intelligence. Differentiating from today’s competition is not achieved through a new data set or point solution. Understanding your firm’s unique strengths and executing boldly will empower the winners of tomorrow. Learn more about using Intapp’s OnePlace solution to unify the client lifecycle.

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