TL;DR:
- Flex collaborates with Wolters Kluwer ELM Solutions for advanced legal bill review.
- Utilizes LegalVIEW BillAnalyzer’s AI algorithm and invoice review team.
- Aims to enhance cost savings and compliance across platforms and spend management systems.
- Flex seeks comprehensive control over outside counsel legal expenditure.
- BillAnalyzer’s AI algorithm is refined through exposure to diverse billing patterns.
- The solution reviews over $4 billion in annual client spend.
- Access to real legal invoice data from ELM Solutions’ LegalVIEW database.
- ELM Solutions receives recognition for BillAnalyzer’s innovative contributions.
Main AI News:
In a strategic move towards optimizing its legal expenditure management, multinational manufacturing giant Flex has forged a collaboration with Wolters Kluwer ELM Solutions. This partnership introduces the newly expanded LegalVIEW BillAnalyzer service to Flex’s arsenal, leveraging its cutting-edge AI algorithm and adept invoice review team. Notably, this collaboration spans both Wolters Kluwer’s platforms and a diversified portfolio of spend management systems.
Demonstrating an unswerving commitment to client satisfaction, Wolters Kluwer places innovation at the heart of its approach. Jeffrey Solomon, VP & General Manager of LegalVIEW BillAnalyzer at Wolters Kluwer ELM Solutions, affirms, “Every innovation we introduce is meticulously crafted to address our clients’ needs. BillAnalyzer, with its exceptional AI algorithm, has proven instrumental in catalyzing cost efficiencies and strengthening collaborations with external legal advisors for corporate legal departments across diverse industries.”
Flex’s extensive presence across more than 30 countries prompted its engagement with ELM Solutions, driven by the desire to gain comprehensive oversight and influence over its legal expenditure with external legal advisors. At the core of BillAnalyzer’s capabilities lies its sophisticated AI algorithm, a product of meticulous refinement through exposure to billing patterns encompassing 225 practice areas and spanning 20 distinct industries.
Melissa Zujkowski, Vice President, Corporate Legal at Flex, emphasizes, “Integrating LegalVIEW BillAnalyzer into our existing legal workflows enriches our approach and adds valuable dimensions to managing our legal expenditures.” This sentiment highlights Flex’s anticipation of harnessing AI’s capabilities in tandem with ELM Solutions’ proficient bill review team to amplify its legal expenditure management program.
Presently, BillAnalyzer is orchestrating the review of over $4 billion in annual client expenditure, offering a strategic conduit to fulfilling financial goals while ensuring compliance with billing guidelines. A defining aspect of the solution is its unmatched nuance and acumen, rooted in access to a trove of real legal invoice data exceeding $160 billion sourced from ELM Solutions’ comprehensive LegalVIEW database.
ELM Solutions, an integral facet of Wolters Kluwer Legal & Regulatory, stands distinguished with over 20 accolades that celebrate its AI-driven innovations, including the esteemed BillAnalyzer. The recent accolade of a Gold Globee in the 2023 Golden Bridge Awards’ Business-to-Business Services category stands as a testament to BillAnalyzer’s profound impact and innovation in the realm of legal expenditure management.
Conclusion:
Flex’s collaboration with Wolters Kluwer ELM Solutions signifies a strategic move towards utilizing AI-driven technology to optimize legal expenditure management. By embracing LegalVIEW BillAnalyzer’s capabilities, Flex aims to achieve substantial cost savings, compliance improvements, and deeper insights into outside counsel spending. This partnership reflects a broader trend in the market where businesses are leveraging AI algorithms and data-driven solutions to enhance operational efficiency and financial control in the legal domain.
