Wolters Kluwer’s ELM Solutions Introduces AI-Powered Data Service for Legal Bill Review
LegalVIEW® BillAnalyzer Data Service provides in-house legal bill review teams improved efficiency and cost management capabilities.
(February 04, 2020 - 14:30 UTC)
Wolters Kluwer’s ELM Solutions, the market-leading provider of enterprise legal spend and matter management, contract lifecycle management, and legal analytics solutions, announced the launch of LegalVIEW® BillAnalyzer Data Service, a new managed service that empowers in-house legal bill review teams with AI and data analytics to improve efficiency and reduce legal spend.
“The amount of legal spend going through our LegalVIEW® BillAnalyzer Expert Service offering has increased by six times since 2018, while providing legal cost savings up to 10% and up to 20% improvement in billing guideline compliance. Our customers with in-house legal bill review teams sought the same benefits while maintaining their current operational structure,” said Alyza Tarmohamed, Senior Director of LegalVIEW® BillAnalyzer for Wolters Kluwer’s ELM Solutions. “Now, we are thrilled to harness the largest repository of legal spend data in the world with AI and advanced technology to help an additional group of customers solve real problems.”
LegalVIEW® BillAnalyzer was introduced in 2017 to help corporate legal departments and insurance claims organizations more efficiently manage their incoming legal invoices and improve cost management. The technology has since evolved to include two service models. The LegalVIEW® BillAnalyzer Expert Service manages the entire invoice review process through a combination of advanced technology, machine learning and legal bill review expertise to improve outside firm compliance with billing guidelines, while offering clients significant cost savings. The new addition, LegalVIEW® BillAnalyzer Data Service provides companies that have their own legal bill review teams with the same world-class technology and data science expertise that the expert bill review team, has used to get positive outcomes for clients.
The LegalVIEW® BillAnalyzer Data Service allows companies to improve efficiency and outcomes of their internal bill review teams by offering AI technologies to enhance their bill review processes right within Passport® or TyMetrix® 360°. Wolters Kluwer’s Data Science Expertise allows clients to continually improve their bill review program through ongoing evolution of the AI model, and provide ongoing feedback to clients on how the AI is working and where it can be further tuned, as well as share best practices from our experience working with other similar customers.
Ryan O’Leary, Senior Research Analyst at IDC noted that, “In-house legal departments are responsible for protecting the organization from risks, litigation, sanctions, misappropriation of proprietary technology/IP, and much more. Increasingly, those tasks are technology driven and inexorably tied to corporate strategy and the health of the business. LegalVIEW® BillAnalyzer Data Service is another example of Wolters Kluwer’s ELM Solutions leveraging data to enable in-house legal departments with bill review teams to more efficiently manage the bill review process and improve outcomes.”
ELM Solutions will be at Legalweek in New York on February 4 -6, in the Americas Hall at booth 2117. On February 4, industry leaders will present Super Sessions on managing law firm relationships for corporate legal departments, using advanced technologies to improve legal operations, and contract lifecycle management technology. CLE credit will be offered for each session held in the 3rd Floor Rendezvous Trianon. Follow us on LinkedIn and Twitter, and join the conversation using #LegalWeek20.
Wolters Kluwer’s ELM Solutions is the market-leading global provider of enterprise legal spend and matter management, contract lifecycle management and legal analytics solutions. We provide a comprehensive suite of tools that address the growing needs of corporate legal operations departments to increase operational efficiency and reduce costs. Corporate legal and insurance claims departments trust our innovative technology and end-to-end customer experience to drive world-class business outcomes. The award-winning products include Passport®, the highest rated ELM solution in the latest Hyperion MarketView™ Legal Market Intelligence Report TyMetrix® 360°, the industry’s leading SaaS-based e-billing and matter management solution CLM Matrix, named a “strong performer” in the 2019 Q1 CLM Forrester Wave report; and the LegalVIEW® portfolio of legal analytics solutions based upon the industry’s largest and most comprehensive legal spend database, with more than $130 billion in invoices.About Wolters Kluwer Governance, Risk & Compliance
Governance, Risk & Compliance (GRC) is a division of Wolters Kluwer, which provides legal and banking professionals with solutions to ensure compliance with ever-changing regulatory and legal obligations, manage risk, increase efficiency, and produce better business outcomes. GRC offers a portfolio of technology-enabled expert services and solutions focused on legal entity compliance, legal operations management, banking product compliance, and banking regulatory compliance.
Wolters Kluwer (AEX: WKL) is a global leader in information services and solutions for professionals in the health, tax and accounting, risk and compliance, finance and legal sectors. Wolters Kluwer reported 2018 annual revenues of €4.3 billion. The company, headquartered in Alphen aan den Rijn, the Netherlands, serves customers in over 180 countries, maintains operations in over 40 countries and employs 18,600 people worldwide.