Data mining and predictive analytics capabilities conquer complexities of legal business intelligence and big data to deliver enhanced decision support
HOUSTON, Oct. 1, 2012 /CNW/ - Datacert, Inc., the premier global provider of enterprise legal management solutions, announces today the launch of the Passport® BI Solutions Suite, a new line of innovative business intelligence offerings for organizations that require advanced decision support to manage legal, risk, and compliance activities. Built on Passport, Datacert's patent-pending technology platform, the suite delivers in-depth reporting and analysis capabilities such as decision tree analysis, predictive analytics, historical data mining, and data consolidation. The suite's first two offerings are:
- The Passport Litigation Decision Analysis and Optimization Module, a patent-pending solution that mines historical matter data and combines it with predictive analytics and decision tree analysis to inform case strategy, improving litigation outcomes.
- The Passport Data Warehouse, which brings new visibility and insight into the management of matters, risk, and spend through high-speed data analysis and the ability to unite disparate sources of data.
"More than ever before, legal professionals are turning to business intelligence tools to provide enhanced decision support. The introduction of the Passport BI Solutions Suite answers this need and underscores Datacert's commitment to providing advanced tools that help legal departments mine their data to gain deeper insight, improve results, and better anticipate the future," said Bennetta Trahan, vice president of business intelligence solutions, Datacert. "Traditionally, these tools were leveraged to help legal departments improve business operations. With the Litigation Decision Analysis and Optimization Module, we're now extending business intelligence beyond operations and into counsel's development of case strategy itself. This is a first in the enterprise legal management space."
Recognizing the increasing importance of these types of solutions in the era of big data, earlier this year Datacert restructured its product management department to sharpen its focus on the development of advanced business intelligence products. The resulting team, led by Trahan, concentrates exclusively on research and development of business intelligence solutions and the delivery of legal business intelligence consulting services. This move has accelerated the company's ability to deliver innovative business intelligence products, which Datacert will exploit as it expands the Passport BI Solutions Suite with additional offerings.
Datacert's Passport Litigation Decision Analysis and Optimization Module is the first of its kind to integrate historical matter management data with decision tree analysis and predictive modeling tools to enable counsel to answer settlement negotiation and litigation strategy questions such as "How much is this case likely to cost?," "What's the likelihood of winning or losing?," "Should we settle or go to trial?," or "How much should we offer to settle?" The module generates a completed decision tree and expected case value that inform the optimal case strategy to pursue, and enables counsel to more effectively quantify, predict, and control litigation costs.
The module was developed in consultation with Marc B. Victor, Esq., president of Litigation Risk Analysis, Inc. and the nationally recognized leader in applying decision tree analysis to assist counsel in determining settlement value and planning pre-trial and trial strategy. As a member of the Datacert Partner Program, he is available to clients to design customized decision tree templates for use with the new module.
"Decision tree analysis has long been a valuable tool for litigators, but one that was difficult for most companies to implement on a regular basis. Now Datacert has crossed that hurdle by integrating it with the Passport Legal Matter & Spend Management solution," said Victor. "With the help of this module, as clients develop a database of completed decision trees for similar matters, they will be able to leverage that data in predicting the probability of success and identifying the best case strategy for new matters. I believe this to be unique in the industry."
The Passport Data Warehouse is designed for legal departments that require precise, high-speed data analysis and the ability to consolidate and report across data from the legal enterprise and beyond. The solution reduces the cost and complexity of reporting across systems by providing a centralized repository and single toolset for mining and analyzing data from multiple sources, including the Passport ecosystem, which can include Passport applications and other legal and enterprise systems, plus additional sources such as industry or market data or other data warehouses. The Passport Data Warehouse is dynamic, with tools that enable client-side resources to add custom fields, objects, and data sources, allowing for rapid enhancement and customization of reporting and analytics to keep pace with the legal department's changing business needs.
"Due to disparate systems and databases, legal departments are often data rich and information poor. The Passport Data Warehouse eliminates this problem by simplifying reporting across all data sources. Legal departments can now leverage their own big data or even external sources of data, such as benchmarking or industry studies, to better understand their businesses, guide their decisions, and more strategically manage their departments," commented Trahan.
Datacert will be demoing the Passport Litigation Decision Analysis and Optimization Module in booth #209 at the Association of Corporate Counsel (ACC) Annual Meeting, Sept. 30 – Oct.3 in Orlando, FL.
To learn more about the Passport Litigation Decision Analysis and Optimization Module and the Passport Data Warehouse, please contact Datacert at 800-780-3681 or e-mail [email protected] (North American inquiries) or [email protected] (international inquiries).
About Datacert, Inc.
Datacert is a global technology innovator and the premier provider of enterprise legal management software and services that empower corporate legal departments and claims organizations to operate more efficiently, support changing business needs and global workforces, collaborate with legal suppliers, and make strategic business decisions. Datacert's offerings include its patent-pending technology platform, Passport®, and solutions to manage legal matters, mitigate risk, and control legal and claims spend. Datacert solutions are relied upon by Fortune® 500 corporations, Fortune® Global 500 corporations, 100 percent of the AmLaw 200, and thousands of legal suppliers around the world. Headquartered in Houston, Texas with offices throughout North America, EMEA, and APAC, Datacert has law firm, vendor, and agent connections in more than 150 countries. Visit www.datacert.com for more information and follow us on Twitter for real-time updates http://twitter.com/Datacert.
SOURCE: Datacert, Inc.
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