4 novembre 2022

Legal Bill Analyzer

Posted by under: Non classé .

Wolters Kluwer`s ELM Solutions is the world`s leading provider of corporate legal and expense solutions, contract lifecycle management and legal analytics. We offer a full range of tools to meet the growing needs of corporate legal departments to increase operational efficiency and reduce costs. Legal and insurance services leverage our innovative technology and end-to-end customer experience to deliver world-class business results. Wolters Kluwer`s ELM solutions have been recognized as a leader in both the IDC MarketScape: Worldwide Enterprise Legal Spend Management 2020 Vendor Assessment and the IDC MarketScape: Worldwide Enterprise Matter Management 2020 Vendor Assessment. Award-winning products include Passport®, the highest-rated ELM solution in the latest Hyperion MarketView™ Legal Market Intelligence report; TyMetrix® 360°, the industry-leading SaaS solution for e-invoicing and records management; CLM Matrix, described as « high performing » in the Forrester Wave Q1 2019 CLM report; and LegalVIEW`s portfolio® of legal analytics solutions, built on the industry`s largest and most comprehensive legal spend database with invoices worth more than $140 billion. The new BillAnalyzer data service provides the AI and analytics technologies to support clients` internal review teams, with the same goal of helping them streamline their invoice verification process. « Now, we`re excited to leverage the world`s largest legal expense data repository with AI and cutting-edge technology to help an additional group of clients solve real-world problems, » Paransky said. LegalVIEW BillAnalyzer`s Unique AI Scoring Algorithms Help Corporate Legal and Claims Teams Improve Efficiency and Manage Costs « The AI algorithm that powers LegalVIEW® BillAnalyzer has benefited tremendously from five years of use by legal experts from various companies and industries, » Solomon said. « We look forward to leveraging the cutting-edge knowledge and nuances offered by our AI over the next five years and would like to thank all ELM Solutions customers and employees who have already joined us on this journey.

LegalVIEW® BillAnalyzer is offered in two service models that leverage patented AI technology. The LegalVIEW® BillAnalyzer expert service manages the entire invoice verification process through a combination of advanced technology, machine learning, and legal auditing to improve third-party compliance with billing policies while enabling clients to realize significant cost savings. The LegalVIEW® BillAnalyzer data service provides companies that have their own invoice review teams with the same world-class technological and data science expertise as the expert invoice verification team used to achieve positive results for clients. Wolters Kluwer launched LegalVIEW® BillAnalyzer in 2017 to help corporate and insurance legal departments more efficiently manage incoming invoices and improve cost management. The proprietary AI-powered automated invoice verification system is capable of providing a high level of accuracy and efficiency throughout the invoice verification process compared to non-AI-powered invoice verification processes. This unique design results in accurate, high-quality billing adjustments and cleaner billing over time. The patented AI technology uses natural language processing and several model-based predictors to power an invoice verification system that delivers the best results to customers. Jonah Paransky, executive vice president and general manager of ELM Solutions, said the amount of legal spend channeled through expert services has increased six-fold since 2018, resulting in legal cost savings of up to 10 percent and up to 20 percent improvement in billing compliance.

In addition to LegalVIEW BillAnalyzer, AI also controls ELM Solutions` LegalVIEW Predictive Insights module, which uses predictive budgets and cycle times to help legal departments select the best law firm for a particular case. Both solutions leverage data from the ELM Solutions LegalVIEW database, which is already the world`s most comprehensive legal spend database before surpassing $150 billion in invoices in 2021. Today, ELM Solutions is launching a variant of this product, the LegalVIEW BillAnalyzer Data Service, a managed service that provides AI and data analytics technology to audit teams to improve efficiency and reduce legal costs. As more law firms increase employee salaries to $200,000 in the first year and pressure continues on in-house lawyers to reduce legal fees, legal bills are under scrutiny. To help businesses` legal departments improve their billing rate, SimpleLegal is the latest legal technology company to release an AI-powered invoice verification tool. NEW YORK–(BUSINESS WIRE)–Wolters Kluwer ELM Solutions, the market-leading provider of corporate legal and expense management, contract lifecycle management and legal analysis solutions, today announced that the U.S. Patent and Trademark Office (USPTO) has granted the company patent #: 10,733,675 for the revolutionary artificial intelligence (AI) technology behind LegalVIEW® BillAnalyzer. Wolters Kluwer ELM Solutions has been recognized as a leader in both the IDC MarketScape: Worldwide Enterprise Legal Spend Management 2020 Vendor Assessment and the IDC MarketScape: Worldwide Enterprise Matter Management 2020 Vendor Assessment. The company`s award-winning products include Passport®, one of the top-rated ELM solutions in the latest Hyperion MarketView™ Legal Market Intelligence report, and TyMetrix® 360°, the industry-leading SaaS solution for e-invoicing and case management.

CLM Matrix, meanwhile, was named « high performer » in The Forrester Wave™: Contract Lifecycle Management For All Contracts, Q1 2021. ELM Solutions` LegalVIEW legal analytics portfolio is based on the industry`s largest and most comprehensive legal® spend database, with invoices worth more than $150 billion. In the podcast, Jeffrey Solomon, Head of Managed Services and Analytics at Wolters Kluwer ELM Solutions, and Abhishek Mittal, Vice President, Data & Operational Excellence for Wolters Kluwers` Governance, Risk & Compliance (GRC) division, note that in-house legal teams want to use AI to drive new efficiencies and get the data they need to facilitate more strategic decision-making. However, Solomon and Mittal stressed that legal departments should be careful to assess the « real experience » of a prospective solution. LegalVIEW BillAnalyzer, for example, was exposed to billing models spanning 225 practice areas and 20 different industries, resulting in more nuanced and accurate results. HOUSTON–(BUSINESS WIRE)–Wolters Kluwer ELM Solutions is celebrating the fifth anniversary of its AI-powered expense management solution, LegalVIEW BillAnalyzer, a milestone that has helped redefine expense management in the legal industry.

Comments are closed.