We don’t profess to be experts on this sort of thing .. here’s the press release. As always it’s a process of reading between the lines to see what they are actually talking about..
LexisNexis ( www.lexisnexis.com ), a leading global provider of content-enabled workflow solutions, today announced the launch of LexisNexis(R) Redwood Analytics(R) Business Intelligence 5, a new generation of financial analysis software designed specifically for law firms. Redwood Analytics Business Intelligence 5 moves business intelligence beyond the power users by delivering tailored, easy to understand financial insights to every timekeeper in the firm, in support of a firm’s efforts to maximize profitability and accelerate collections and cash flow.
"Redwood Analytics Business Intelligence 5 is the future of law firm business intelligence. Not only does the software provide powerful analytics to identify critical business issues, it also makes it easy for users to customize and distribute these insights to all the key stakeholders in the firm in a very visual and easy to understand format," said Michael Lipps, vice president and managing director, Legal Business Software Solutions for LexisNexis. "Previously, it was incredibly time-consuming and difficult to analyze profit, billing and collections data for everyone in the firm, so typically that data was provided only to senior managers. Now a firm can automate the provision of this data to any timekeeper in the firm so each attorney knows exactly where to focus efforts in managing his or her individual book of business."
Selected new features of Redwood Analytics Business Intelligence 5 include:
— Easy to interpret financial intelligence: Customizable reports, visual dashboards and key performance indicators, including actual vs. goals, that are easy for anyone in the firm to interpret
— Information automatically tailored to each timekeeper: Role-based views that allow practice managers, billing attorneys, work attorneys and other users to see and focus on the information that is specific to their role in the firm
— Flexible distribution options: A wide range of distribution methods, including interactive, dashboard-like reports and trigger-based alerts (e.g. notification when a client exceeds $500k in Accounts Receivable or when attorneys do not enter time for a specified number of days)
— Robust profit and cash flow model: Updated, flexible profit model and cash flow analysis tailored to the specific needs of each firms
Redwood Analytics Business Intelligence currently serves more than 150 law firms, including 40 percent of the AmLaw 200.
For more information about Redwood Analytics Business Intelligence 5, visit http://www.lexisnexis.com/redwood-analytics/ .
