The artificial intelligence (AI) that powers legal bill review is rapidly changing how corporate legal departments (CLDs) leverage technology to reach robust compliance and cost-savings expectations. To help them achieve their business goals, Wolters Kluwer ELM Solutions has outlined how CLDs can identify and differentiate recent AI advancements in its latest electronic book (eBook), “Not all AI is the Same – Understanding What Drives AI Leadership in Legal Bill Review.”
The eBook explores why better legal bill review with AI increases productivity, leads to more efficient workflows and positions businesses to drive better decisions overall. Additionally, ELM Solutions experts provide valuable insight into why AI still needs humans, how it helps companies navigate legal invoice challenges, and outlines key compliance program steps CLDs should make to provide maximum savings.
“CLDs want solutions that help them save capital, operate more efficiently and deliver better business results. Incorporating AI and big data are two major initiatives these companies have used – with varying levels of success – to help them secure better outcomes, cost savings and compliance improvement,” said Barry Ader, Vice President, Marketing and Product Management, ELM Solutions. “CLDs and their businesses need to be able to leverage innovative technology and expert support to help them reach their goals.”
Companies also need to understand the symbiotic relationship between good data and high-performance AI as they consider the latest legal bill solutions. Ultimately, success is contingent on reliable data and having confidence in its accuracy, completeness and consistency. Businesses must have clean data that will allow them to best position their business for the future.
“Most companies are sitting on large amounts of data, but a sizeable portion of it is erroneous or incomplete. Overall, there is not enough information to provide meaningful actions,” said Ader. “Our AI-powered solutions, like the award-winning LegalVIEW® BillAnalyzer, address these issues by extracting and leveraging the most important data from our LegalVIEW® database, which includes more than $140 billion in legal spend. Our products, backed by the information that powers them, are simply unmatched.”
With its patented AI technology, LegalVIEW® BillAnalyzer helps clients see up to a 20 percent increase in billing guideline compliance. Last year, the U.S. Patent and Trademark Office (USPTO) granted ELM Solutions patent #: 10,733,675 for the groundbreaking artificial intelligence technology behind the award-winning solution.
AI leaders working at ELM Solutions include more than 100 data scientists, 400 compliance professionals and 50 compliance experts. The company’s expert legal bill review team averages more than 13 years of paralegal and attorney experience and 200 hours of specialized training.
ELM Solutions, part of Wolters Kluwer’s Governance, Risk & Compliance division, is the market-leading global provider of enterprise legal spend and matter management, contract lifecycle management and legal analytics solutions. The company provides 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 its innovative technology and end-to-end customer experience to drive world-class business outcomes.
Wolters Kluwer ELM Solutions was named a leader in both the IDC MarketScape: Worldwide Enterprise Legal Spend Management 2020 Vendor Assessment and IDC MarketScape: Worldwide Enterprise Matter Management 2020 Vendor Assessment. The company’s award-winning products include Passport®, the highest rated ELM solution in the latest Hyperion MarketView™ Legal Market Intelligence Report and TyMetrix® 360°, the industry’s leading SaaS-based e-billing and matter management solution. CLM Matrix, meanwhile, was named a “strong performer” in The Forrester Wave™: Contract Lifecycle Management For All Contracts, Q1 2021 report. ELM Solutions’ LegalVIEW® portfolio of legal analytics solutions is based upon the industry’s largest and most comprehensive legal spend database, with more than $140 billion in invoices.
About Wolters Kluwer Governance, Risk & Compliance
Governance, Risk & Compliance is a division of Wolters Kluwer, which provides legal and banking professionals with solutions to help 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 2020 annual revenues of €4.6 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 19,200 people worldwide.