Over the last few years, the potential of file analytics to transform the observance of law has become very apparent to anyone within the legal sector and indeed outside it. However, up until only recently, it was extremely unclear as to whether or not organisations were utilising these new technologies. In response to this, the Coalition of Technology Resources for Lawyers otherwise known as CTRL, commissioned research into the use of data analytics within the in-house legal departments in six cases. The results of the Data Analytics in the Legal Community 2015-2016 Trends, survey were recently released. The trends discovered are not unique to the legal sector, and can highlight areas where data management needs to be increased within all companies.
Use Of File Analysis In The Corporate Sector
The study states that 28% of all in-house legal departments reported that they use data analytics in information governance strategy. Information governance is quite a new data quantifying tool for sensitive information, with a growing number of businesses utilising information governance to both protect and enhance their private data. Information governance is still a discipline in its early years, but research shows that the majority of organisations are already taking action on it. 57% of practitioners, for example, have reported that their organisations are already building the foundations to one day incorporate an information governance programme. Moreover, almost one third are already reporting that the information governance programmes currently being used by their organisation are at an intermediate maturity level, as they continue to increase and develop the framework and structure for complete information governance.
The Executive Director of the IGI said that they were surprised as to how many corporate legal departments are looking at advanced analytics other than the e-discovery context. Saying, “The promise of analytics and automation is not limited to line-of-business use cases – legal departments can and should be putting the technology to work".
The Benefits Of File Analysis
File analysis allows companies to organise and structure data efficiently, as it scrutinises the current system and data that you already have, which helps you to identify the areas you might need to improve. File Analysis software also offers insight into how data management can be improved in-house, which can help to lower costs and risks to your company and customers whose data you hold.
Not having an appropriate data protection system in place can result in legal action being taken against you, should any of that information be unlawfully exposed. Retaining data requires particular sanctions, and often it needs to be removed after a period of non-use. File analysis software can track and flag up data that needs to be deleted or processed.