HOUSTON–(BUSINESS WIRE)–Wolters Kluwer ELM Solutions is celebrating the five-year anniversary of its AI-powered LegalVIEW BillAnalyzer spend management solution, a milestone that has helped to redefine spend management in the legal industry. A recent installment of ELM Solutions’ Legal Leaders Exchange Podcast examines how time has advanced LegalVIEW BillAnalyzer’s underlying AI algorithm and why today’s corporate law departments are emracing spend management tools.
In the podcast, Jeffrey Solomon, Head of Managed Services and Analytics at Wolters Kluwer ELM Solutions, and Abhishek Mittal, VP, Data & Operational Excellence for Wolters Kluwer’s Governance, Risk & Compliance division (GRC) note that in-house legal teams are eager to leverage AI in the service of generating new efficiencies and deriving the data they need to facilitate more strategic decision-making. However, Solomon and Mittal stressed that law departments should take care to evaluate a prospective solution’s “real experience.” LegalVIEW BillAnalyzer, for example, has been exposed to billing patterns spanning 225 practice areas and 20 different industries, creating more nuanced and accurate outputs.
“The AI algorithm powering LegalVIEW BillAnalyzer has benefitted enormously from five years of use by legal experts spanning a number of different enterprises and industries,” Solomon says. “We are looking forward to expanding the market-leading insights and nuance offered by our AI even further over the next five years to come and would like to thank all of the clients and ELM Solutions employees who have already joined us on this journey.”
In addition to LegalVIEW BillAnalyzer, AI also drives ELM Solutions’ LegalVIEW Predictive Insights module, which uses predictive budgets and cycle times to help legal departments select the best law firm for a given matter. Both solutions leverage data from ELM Solutions LegalVIEW database, already the most comprehensive legal spend database in the world before crossing the threshold of more than $150 billion in invoices in 2021.
ELM Solutions, part of Wolters Kluwer GRC, 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. The other legal solutions business of Wolters Kluwer GRC is CT Corporation.
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®one of the highest rated ELM solutions 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 $150 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 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 (WKL) is a global leader in professional information, software solutions, and services for the healthcare; tax and accounting; governance, risk and compliance; and legal and regulatory sectors. We help our customers make critical decisions every day by providing expert solutions that combine deep domain knowledge with specialized technology and services. Wolters Kluwer reported 2021 annual revenues of €4.8 billion. The group serves customers in over 180 countries, maintains operations in over 40 countries, and employs approximately 19,800 people worldwide. The company is headquartered in Alphen aan den Rijn, the Netherlands.