2022 TECHNOLOGY REVIEW
AI in Legal Bill Review: Finding the Best Among the Rest Wolters Kluwer ELM Solutions, Inc.
With the current focus on artificial intelligence (AI) as one of the biggest trends in legal technology, it is not surprising that more companies are now touting the AI capabilities of their bill review solutions. However, building an AI solution is not a simple process. When done right, it results in best-in-class technology that delivers maximum value. When corners are cut, though, or AI is built on lesser data, the result is a solution that cannot maximize the legal department’s ROI. With the market getting more cluttered, it is important for legal technology buyers to understand the factors that separate the best from the rest. The following are three areas of experience you should look for when evaluating providers of AI-driven legal bill review solutions to ensure your choice yields the best results.
Wolters Kluwer ELM Solutions, Inc. Wolters Kluwer’s ELM Solutions provide 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 our innovative technology and end-to-end customer experience to drive worldclass business outcomes.
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Data science Data science is a discipline that uses scientific methods, processes, machine learning algorithms and systems to extract knowledge and insights from data. Any legal tech partner you are considering for AI-assisted bill review must have an experienced data science team involved in developing and continuously improving their offerings. They also need access to a large volume of detailed invoice data to benchmark against your internal data because your AI is only as good as the data that backs it. Data integrity, in addition to volume, should be a focus. If your AI model is running on incomplete, inconsistent or “dirty” data, then it won’t be positioned to yield high-quality results and may fall short of your expectations. Legal operations Just as important as the cost of a legal bill review provider’s service – if not more important – is the level of experience and expertise they have with legal operations. Vendors should be familiar with a variety of legal ops workflows and have expert-level knowledge of matter and spend management. It is critical that you work with a partner that knows your business and industry, understands your terminology for legal matters, and knows and adheres to best practices.
