Vincent Venturella, Associate Director of Technology Product Management, recently presented a Coffee Talk session on the Intelligent invoice Conversion offering from Wolters Kluwer’s ELM Solutions. Coffee Talks are quick, interactive online sessions that present an opportunity to learn about our offerings and how they can help you improve your legal operations. This session focused on Intelligent Invoice Conversion, an innovative service that uses artificial intelligence (AI) in combination with legal billing expertise to deliver complete visibility into your legal invoices, helping you make better decisions and supercharge your spend management program.
During the Coffee Talk, Vincent described the limitations of paper invoices – often sent in the form of PDF files by smaller outside counsel firms – that are not delivered via an organization’s e-billing platform. These invoices detract from the most efficient management of your legal spend. If your legal operations professionals enter them into the e-billing solution manually, it takes valuable time that they could spend on higher-value work. However, if these invoices aren’t entered at all, you lose visibility into the spend because it isn’t included in your reporting and analyses. You may also overspend on them because they aren’t subject to your standard bill review process.
Vincent then demonstrated how Intelligent Invoice Conversion helps avoid these pitfalls. Instead of entering a paper invoice manually, you simply submit it to our Intelligent Invoice Conversion service, where AI technology begins by analyzing the invoice and converting it to a standard LEDES format. Our experts then review the file to ensure that it is correct and, once that quality assurance step is complete, the invoice appears in your Passport® or TyMetrix® 360° billing system where it follows your usual e-billing process