In honor of LegalVIEW BillAnalyzer’s five-year anniversary, ELM Solutions experts discuss the growth of the solution’s AI algorithm
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 embracing 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 look 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 Predicative 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.