Recently I found a fascinating book full of very interesting statistics. Did you know that every day the amount of data created grows by 2.5 quintillion bytes? That’s 18 zero’s! Or did you know that less than 0.5% of all available data is ever analyzed and used? Referring to information of this magnitude the buzzword ‘big data’ is often used, which is simply a term to describe structured and unstructured data. However, I’m more interested in how this growth of data affects law firms.
According to the book ‘The Human Face of Big Data’, the average person now processes more data in a single day than they did throughout a whole lifetime in the Middle Ages. The majority of this data is, of course, driven by the internet and the sharing of information and creation of content associated with it. So, with the sheer volume of data and amount of stimuli we process day-to-day, what impact does this have on our lives?
On a daily basis employees, colleagues and peers are consuming incredible amounts of information in both personal and professional capacities, between which, the lines are often blurred. So while we’re taking time to process and analyze the multitude of data during our working day, it’s leaving us with less time to manage operational or administrative tasks.
Working in the real estate sector, there is a huge input and output of information generated throughout the process. All this resulting information then needs to be organized, analyzed and stored in a way that is easy to access. That’s not easy when we’re constantly processing and filtering data, so choosing a system that can help do this efficiently is imperative. Furthermore, as client expectations continue to increase, so too does the demand for a faster and more economical service, placing additional pressure upon the real estate attorney.
Nowadays we are used to technology in our personal lives that help us easily organize, analyze, store and access information. This begs the question, ‘why can’t the clever technology that I use in my personal life, be available in my work life?’, and as a busy legal professional, I hope this resonates with you.
Commonly raised data challenges in the real estate industry include filing matters, reconciling disbursements, and rekeying information for SDLT submissions or AP1 transfers. Now, the good news is that while the issues around the volume and management of information are present, there is simple, intuitive technology built to evolve how real estate lawyers manage their matters in the most efficient way possible. Choosing to use these systems means less logins and passwords to remember, eliminates the issue of lost disbursements, re-keying errors, and houses all information related to your matters in a central system, providing one source of truth. Opting for the right technology for your firm gives time back to you and your staff, creates efficiencies and minimizes risk – why would you work any other way?
By making the change to simple, enjoyable technology, you can change the way you work, store and analyze information related to your matters, and thus, take the headache out of the real estate process.