Case Study — 22 Apr, 2024
A Law Firm Taps into Extensive Data Solutions to Create a Powerful CRM System
THE CLIENT:
A U.S. regional law firm
USER:
Chief data and innovation officer
Clean data and automated workflows can make the difference between success and failure for organizations of all sizes, especially when it comes to client information. Customer Relationship Management (CRM) systems help support the collection, organization and management of important details on clients, providing access to one centralized location to view and access the information. While CRMs are powerful applications for prospecting and enhancing the client experience, it’s essential to populate these systems with the right data.
The Chief Data and Innovation Officer at this regional U.S. law firm had just subscribed to a CRM system popular with professional services firms. Her vision was to centralize data and provide easy access to fully connect client, lawyer, and third-party profiles to improve efficiencies and create a data-driven approach to strategic decision-making. Now the system needed relevant information to address important questions, such as:
- What type of companies make up the business and account for significant revenue streams?
- How do companies describe their businesses, and what are their main product lines and revenue streams?
- Where has there been significant growth, and what services does this represent?
A reputable third-party information provider was needed to gain access to a wide range of intelligence.
Pain Points
The Chief Data and Innovation Officer recognized the importance of keeping the CRM system up to date with high-quality information that can deliver insights, help uncover trends and keep the firm focused on the most attractive growthopportunities. She wanted to find an information provider that could deliver:
- A wide range of trusteddata to better understand the business operations of current and prospective clients and their needs for different services.
- The most up-to-date data to be able to quickly respond to current and emerging client business needs.
- Efficient data delivery to their CRM system.
S&P Global Market Intelligence ("Market intelligence") has been working with many professional services companies and word has quickly spread throughout the industry about the firm's capabilities. The Chief Data and Innovation Officer reached out to learn more.
There has been a drive towards data-driven strategies at law firms to make informed decisions based on facts versus anecdotal evidence to uncover opportunities and support better decision-making.
The Solution
Specialists from Market Intelligence discussed the firm'sextensive data assets and how the team could help the law firm realize its CRM vision. They also mentioned Kensho Link that could help clean up the existing internal data in the CRM system. Kensho Link uses advanced Machine Learning to map internal data to S&P Global company IDs and global identifiers, reducing time and effort to connect to the S&P Global data universe. Together, these solutions would provide the ability to:
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Understand a client's business |
Company Intelligence provides profiles of public and private firms worldwide, including company contact information, competitors, financial auditors and summary or detailed-level business descriptions. |
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Assess a company's current and historical financial peformance |
S&P Capital IQ Financials provides standardized financial data on an annual, quarterly, semi-annual, last twelve month and year-to-date basis. It includes:
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Research key individuals at companies |
Professionals includes 15 million profiles of key people, including their biography, contact data, education, compensation, affiliations, and corporate board memberships, each linked to a person ID. |
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Gain insights on ongoing transactions |
Transactions profiles approximately 2 million transactions captured across the globe within 24 hours of disclosure, including:
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Understand hierarchies and potential conflicts of interest |
The S&P Capital IQ Company Relationships package is a global database of all relationships that exist between companies in the S&P Capital IQ universe. Relationship types include acquisitions, investments, investment arms, lenders, affiliates, index providers and more. Each relationship is categorized as current, prior, pending or canceled. This can be used to build a corporate family tree, determine the ultimate parent of a company, identify private equity sponsors and find current and prior investors in a company. |
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Select the data delivery mechanism of choice |
Data can be delivered via multiple means, including Xpressfeed ™, S&P Global's powerful data feed management solution, Snowflake, a cloud-based offering, and APIs ― all for fast on-demand access. |
Key Benefits
The Chief Data and Innovation Officer immediately saw the value of forming a relationship with Market Intelligence and subscribed to the services discussed. The firm is now benefiting from having:
- A highly usable CRM system containing reliable and up-to-date information.
- Details on a client’s business operations and transaction activity to pinpoint areas of opportunity for legal services.
- An understanding of new clients coming on board and their needs to target other non-clients with similar profiles.
- Improved efficiencies and enhanced client experience with a centralized, easy-to-use capability with the information that matters.
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