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LexisNexis Redwood Analytics Business Intelligence 5 Software Unveiled

Identifying critical business issues is one of the paradigm approaches for any business, including law firms, to flourish. Earlier, it was a time-consuming and difficult task to identify and analyze financial insights and business intelligence in law firms.

As a provider of content-enabled workflow solutions tailored for professionals in various markets, LexisNexis rolled out its latest financial analysis software, Redwood Analytics Business Intelligence 5, which can deliver tailored financial intelligence to key stakeholders.

Delivering easy-to-interpret financial intelligence, the Redwood Analytics Business Intelligence (BI) 5 provides customized financial insights to every timekeeper in the firm, thereby enabling a firm to maximize its profitability, and accelerate collections and cash flow.

Supporting better decision-making, the new BI software can not only gather accounting and other data but can also efficiently convert data into meaningful, clear information.

The Redwood Analytics Business Intelligence 5 can provide customizable reports, visual dashboards and key performance indicators, such as actual vs. goals. It can also provide role-based views that allow practice managers, billing attorneys, work attorneys and other users to see and focus on the information that is specific to their role in the firm.

Featuring a flexible profit model and cash flow analysis designed for law firms, the new Redwood Analytics Business Intelligence 5 delivers information automatically tailored to each timekeeper.

In addition, the Redwood Analytics Business Intelligence 5 also provides a wide range of distribution methods, such as interactive, dashboard-like reports and trigger-based alerts such as notification when a client exceeds $500,000 in Accounts Receivable or when attorneys do not enter time for a specified number of days.

Michael Lipps, vice president and managing director, Legal Business Software Solutions for LexisNexis (News - Alert), said in a statement, “Redwood Analytics Business Intelligence 5 is the future of law firm business intelligence. Not only does the software provide powerful analytics to identify critical business issues, it also makes it easy for users to customize and distribute these insights to all the key stakeholders in the firm in a very visual and easy-to-understand format.”

Lipps added, “Previously, it was incredibly time-consuming and difficult to analyze profit, billing and collections data for everyone in the firm, so typically that data was provided only to senior managers. Now a firm can automate the provision of this data to any timekeeper in the firm so each attorney knows exactly where to focus efforts in managing his or her individual book of business.”

The company’s latest Redwood Analytics Planning Application is a Web-based planning application that facilitates law firms to explore many pricing scenarios. Users can select a model and use the links to pull in staffing and pricing data, thereby accurately predicting the economics of staffing and pricing decisions.

According to a press release, the Redwood Analytics Business Intelligence solution currently serves over 150 law firms, including 40 percent of the AmLaw 200.

In recent news, LexisNexis had announced the addition of new Client Analysis application to its Redwood Analytics product suite, which facilitates marketers in large law firms to accelerate revenue growth by enabling more targeted business development efforts.
Jayashree Adkoli is a contributing editor for TMCnet. To read more of Jayashree's articles, please visit her columnist page.