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,” according to a company statement. 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.
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.
Earlier this month ELM Solutions announced it had been named Legal Company of the Year – one of four bronze 2021 Stevie® Awards it received – as part of the 19th Annual American Business Awards. The judges praised the business for its technology innovation, domain expertise, and its commitment to helping the communities it serves.
ELM Solutions also garnered an award for LegalVIEW® BillAnalyzer, which has received several notable awards in the last two years, was recognized in the Business to Business Services category. The award judges gave the innovative solution high marks for its ability to “reduce legal spending and giving corporate legal professionals more time and resources to focus on high-priority work.”
Angie Ball, Technical Customer Service Director, ELM Solutions, was named Woman of the Year in the Business Products Industries category. The judges commented that they were impressed with Ball’s time dedicated to team building. “She is a great example of how to show care and compassion for the team members you lead,” they wrote.
Lisa Garcia, Lead User Experience Engineer, ELM Solutions, meanwhile, was recognized as Product Developer of the Year for her contributions to the continued improvements to the overall ELM Solutions user experience. Judges noted that Garcia has “amazing product development skills” and “is a consistent performer.”
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.
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