With the large volume of data, more and more software has been used with the purpose of observing patterns within the legal area, for example, observing which clients are likely to cancel the mandate or the types of court decisions. This analysis is called Data Mining.
Let's check out some tips on how to apply this practice:
- Extracting knowledge from data to solve legal issues. Having the knowledge of the issue to be solved within your company is something fundamental, as it provides a framework for data analysis. For example, in practice you see analytical "solutions" that are not based on careful analysis. Structured knowledge about analytics emphasises these often under-appreciated aspects of supporting manager decision making.
- From a large volume of data or Big Data, information technology can be used to find the patterns, according to the information of actions, customers or entities of interest. In this case, a customer/company would be an entity of interest, and each customer can be described
by a large amount of information, such as share history and many other factors.
But how do we gather this information and observe patterns? The answer to this question is to find variables that "relate" to what you want to analyse. And alternatively, applying information technology and task automation.
- About Tuning a Dataset. Data mining techniques are very important if you know how to use and avoid overfitting. It is nothing more than checking the database and filtering it, and to do this type of task we count on software like Legal Metrics.
- Formulating data mining solutions and evaluating the results involves thinking carefully about the context in which they will be used. If the goal is the extraction of useful knowledge, how can we formulate that usefulness?
And as said before, the application itself depends on the legal issues. To manage the information one must keep in mind the 4 tips above, in addition to knowing how to choose the software for extracting and predicting legal data.
So, more generally, the standard leads to better decisions than just relying on guesswork. Facts and results represented through numbers are the pinnacle of advantage that a firm or company is aiming for. How would a firm fare with a smart "standard" alternative? Have you ever asked yourself this question?
So if you've ever wondered, you know that data is a source that can be strategically exploited. In that sense, it's worth keeping an eye on the tips and solving legal issues through standards!