{"id":15038,"date":"2020-06-05T10:46:22","date_gmt":"2020-06-05T14:46:22","guid":{"rendered":"https:\/\/gutenberg-atl.staging.breakingmedia.com\/legal-innovation-center\/?p=15038"},"modified":"2020-06-05T10:46:22","modified_gmt":"2020-06-05T14:46:22","slug":"wolters-kluwers-elm-solutions-announces-ai-powered-legalview-predictive-insights-among-new-features-offered-in-release-of-tymetrix-360-2020-1","status":"publish","type":"post","link":"https:\/\/abovethelaw.com\/legal-innovation-center\/2020\/06\/05\/wolters-kluwers-elm-solutions-announces-ai-powered-legalview-predictive-insights-among-new-features-offered-in-release-of-tymetrix-360-2020-1\/","title":{"rendered":"Wolters Kluwer\u2019s ELM Solutions Announces AI-Powered LegalVIEW\u00ae Predictive Insights Among New Features Offered in Release of TyMetrix\u00ae 360\u00b0 2020.1"},"content":{"rendered":"<p><b>May 19, 2020 \u2013 <\/b><a href=\"https:\/\/www.wkelmsolutions.com\/\"><span style=\"font-weight: 400\">Wolters Kluwer ELM Solutions<\/span><\/a><span style=\"font-weight: 400\">, the market-leading provider of enterprise legal spend and matter management, contract lifecycle management, and legal analytics solutions today announced the release of TyMetrix\u00ae 360\u00b0 2020.1 offering enhancements to help customers make smarter, data driven decisions while increasing operational efficiencies.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">The latest release of TyMetrix 360\u00b0 offers many features that harness our proprietary LegalVIEW\u00ae database, the world\u2019s largest and most comprehensive legal spend database. These features support three critical activities of a legal operations department:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Law firm selection and matter budgeting: <\/span><b>LegalVIEW\u00ae Predictive Insights<\/b><span style=\"font-weight: 400\"> is a new module that provides customers with information they need to select the right law firm to handle each litigated matter using artificial intelligence (AI) and analytics from the LegalVIEW\u00ae database. Predictive Insights also predicts budgets and matter duration, equipping corporate legal and claims professionals with practical data to use in developing a legal strategy and budget right within their workflow. <\/span><span style=\"font-weight: 400\">The module ranks the best law firms for litigated matters using predictive budget and time data along with a customer\u2019s customized criteria, helping customers make better law firm selections and manage their budgets. To see how LegalVIEW\u00ae Predictive Insights empowers better decisions and improved efficiencies, click\u00a0<\/span><a href=\"https:\/\/vimeo.com\/370749005\"><span style=\"font-weight: 400\">here<\/span><\/a><span style=\"font-weight: 400\">.<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Rate comparison: <\/span><b>LegalVIEW\u00ae Embedded Rate Benchmarks<\/b><span style=\"font-weight: 400\"> help corporate legal and insurance claims departments determine whether an outside law firm\u2019s proposed rate is fair in comparison to other rates with similar criteria, right within the workflow. This benchmarking saves organizations money by providing real-time data to streamline rate negotiations and helps users make faster, more informed data-driven decisions.<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Invoice review: The <\/span><b>LegalVIEW\u00ae BillAnalyzer Data Service<\/b><span style=\"font-weight: 400\">, launched in February 2020, is a managed service offering that extends our success with the LegalVIEW\u00ae BillAnalyzer Expert Service by empowering in-house legal bill review teams with AI and data analytics to improve efficiency, increase compliance and reduce legal spend. It provides review teams with insights into billing practices, performance metrics and cost and compliance savings. The TyMetrix 360\u00b0 enhancements optimize the invoice review workflow for customer bill reviewers, allowing clients to drive more accurate, compliant bill review with reduced human error and greater efficiency &#8211; right within TyMetrix 360\u00b0.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400\">\u201cFor many years, Wolters Kluwer\u2019s ELM Solutions has been an important partner to our insurance claims department. We look forward to taking advantage of the capabilities included in this latest TyMetrix 360\u00b0 release to improve our legal operations. As a member of the team that co-created LegalVIEW\u00ae Predictive Insights, I am confident it will assist us in achieving better business outcomes by allowing us to leverage data to make better decisions on issues related to various workflow components including the budgeting process and our outside counsel utilization considerations,\u201d said Dan Winkler, Leader \u2013 Claims Legal, Westfield Insurance.<\/span><\/p>\n<p><span style=\"font-weight: 400\">\u201cAt Wolters Kluwer, we deliver game changing tools like Predictive Insights that use AI to leverage powerful data to improve business outcomes for our corporate legal and insurance claims department customers,\u201d said<\/span><a href=\"https:\/\/www.wkelmsolutions.com\/about-us\/management-team\/jonah-paransky\"><span style=\"font-weight: 400\">\u00a0<\/span><span style=\"font-weight: 400\">Jonah Paransky<\/span><\/a><span style=\"font-weight: 400\">, Executive Vice President and General Manager at Wolters Kluwer\u2019s ELM Solutions<\/span><span style=\"font-weight: 400\">. \u201cThis latest TyMetrix 360\u00b0 release demonstrates our leadership in helping customers improve their legal operations with our portfolio of solutions that marry innovation and our unmatched volume of legal performance data. \u201c\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">TyMetrix 360\u00b0 2020.1 1 also includes refinements to the Legal Holds module, giving users more flexibility to capture the data they need. Additional enhancements include updates to our Budgeting and Dynamic reporting capabilities.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Wolters Kluwer\u2019s ELM Solutions is the market-leading global provider of enterprise legal spend and matter management, contract lifecycle management and legal analytics solutions. We 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 world-class business outcomes. The award-winning products include\u00a0<\/span><a href=\"https:\/\/www.wkelmsolutions.com\/products\/passport\"><span style=\"font-weight: 400\">Passport\u00ae<\/span><\/a><span style=\"font-weight: 400\">,<\/span> <span style=\"font-weight: 400\">the highest rated ELM solution in the latest Hyperion MarketView<\/span><span style=\"font-weight: 400\">\u2122 <\/span><span style=\"font-weight: 400\">Legal Market Intelligence Report;\u00a0<\/span><a href=\"https:\/\/www.wkelmsolutions.com\/products\/T360\"><span style=\"font-weight: 400\">TyMetrix\u00ae 360\u00b0<\/span><\/a><span style=\"font-weight: 400\">,<\/span> <span style=\"font-weight: 400\">the industry\u2019s leading SaaS-based e-billing and matter management solution;\u00a0<\/span><a href=\"https:\/\/www.wkelmsolutions.com\/contract-lifecycle-management\"><span style=\"font-weight: 400\">CLM Matrix<\/span><\/a><span style=\"font-weight: 400\">, named a \u201cstrong performer\u201d in the 2019 Q1 CLM Forrester Wave report; and the\u00a0<\/span><a href=\"https:\/\/www.wkelmsolutions.com\/products\/legalview-analytics-offerings\"><span style=\"font-weight: 400\">LegalVIEW\u00ae<\/span><\/a><span style=\"font-weight: 400\">\u00a0portfolio of legal analytics solutions based upon the industry\u2019s largest and most comprehensive legal spend database, with more than $130 billion in invoices.<\/span><\/p>\n<hr \/>\n<p><em><b>About Wolters Kluwer Governance, Risk &amp; Compliance <\/b><b><br \/>\n<\/b><span style=\"font-weight: 400\">Governance, Risk &amp; Compliance (GRC) is a division of<\/span> <a href=\"http:\/\/www.wolterskluwer.com\/\"><span style=\"font-weight: 400\">Wolters Kluwer<\/span><\/a><span style=\"font-weight: 400\">,<\/span><span style=\"font-weight: 400\">\u00a0<\/span><span style=\"font-weight: 400\">which provides legal and banking professionals with solutions to ensure compliance with ever-changing regulatory and legal obligations, manage risk, increase efficiency, and produce better business outcomes. GRC offers a portfolio of technology-enabled expert services and solutions focused on legal entity compliance, legal operations management, banking product compliance, and banking regulatory compliance.\u00a0<\/span><\/em><\/p>\n<p><em><span style=\"font-weight: 400\">Wolters Kluwer (AEX: WKL) is a global leader in information services and solutions for professionals in the health, tax and accounting, risk and compliance, finance and legal sectors. Wolters Kluwer reported 2019 annual revenues of \u20ac4.6 billion. The company, headquartered in Alphen aan den Rijn, the Netherlands, serves customers in over 180 countries, maintains operations in over 40 countries and employs 19,000 people worldwide.<\/span><\/em><\/p>\n<p><em><b>Media Contact<\/b><\/em><br \/>\n<em><span style=\"font-weight: 400\">Erica Glass<br \/>\n<span style=\"font-weight: 400\">Director, Global Corporate Communications \u2013 Legal Solutions<br \/>\n<span style=\"font-weight: 400\">Wolters Kluwer<br \/>\n<span style=\"font-weight: 400\">Governance, Risk &amp; Compliance<br \/>\n<span style=\"font-weight: 400\">212-894-8425<br \/>\n<a href=\"mailto:Erica.glass@wolterskluwer.com\"><span style=\"font-weight: 400\">Erica.glass@wolterskluwer.com<\/span><\/a><\/span><\/span><\/span><\/span><\/span><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p class=\"summary\">Industry Leading SaaS-based e-Billing and Matter Management Platform Delivers Intuitive New Tools that Empower Customers to Make Smarter Decisions on Legal Matters <\/p>\n","protected":false},"author":88988,"featured_media":2243,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[3637,5055],"tags":[7166,2659,3833,3036,7715,238],"class_list":["post-15038","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-member-content","category-press-release","tag-elm-solutions","tag-matter-management","tag-member-content","tag-press-release","tag-tymetrix","tag-wolters-kluwer"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Wolters Kluwer\u2019s ELM Solutions Announces AI-Powered LegalVIEW\u00ae Predictive Insights Among New Features Offered in Release of TyMetrix\u00ae 360\u00b0 2020.1 - Above The Law&#039;s Legal Tech Non-Event<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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