Uncover the benefits of leveraging structured data and AI-enabled technology for more accurate data and higher savings.
Unlocking Efficiency in Legal Spend Management: Your Guide to AI-Driven Managed Bill Review (MBR)
The marriage between Artificial Intelligence (AI) and Enterprise Legal Management (ELM) is reshaping how law firms operate. According to a recent AdvanceLaw survey in Summer 2023, a staggering 90% of law firms are actively evaluating Generative AI (genAI) tools, with half already in testing and over 10% already deploying these cutting-edge solutions.
But exactly how do you leverage these tools to streamline legal operations, enhance transparency, and drive efficiency? That’s precisely what our ebook, “AI in Legal Spend Management: Maximizing Efficiency with Managed Bill Review (MBR),” unveils.
Discover the Future of Legal Operations with AI-Driven ELM Technology
Get a detailed breakdown of the latest innovations in legal spend management technology (including managed invoice review), complete with insights, best practices, and peer-tested use cases surrounding:
- 7 ways traditional ELM technology falls short with managed bill review (and how you can overcome them!)
- The power of actionable intelligence in managing outside counsel spend
- What you can achieve by combining AI-driven technology with legal spend expertise (like faster payment cycles, AI-enabled analysis, and more!)
By integrating AI-enabled MBR with your matter management system, you can save valuable time and gather actionable analytics to inform tomorrow’s decisions — all while driving hard cost savings.
The integration of structured data and AI can help you gain 2-3x the ROI by effectively tracking, reviewing, and analyzing expenses related to legal matters, invoices, and time entries.
AI Investment Meets ELM Technology
Enterprise legal management (ELM) technology stands out as a key area where emerging technologies are reshaping operational workflows. ELM solutions offer a comprehensive suite of tools that streamline legal processes, covering matters like spend management, document and contract management, compliance tracking, and more. At the core of this technology is the aim to foster collaboration, enhance transparency, and improve efficiency within legal teams.
In the realm of spend management, AI-driven technologies have made significant strides, particularly when it comes to managing legal expenses, invoices, and time entries. This shift is catalyzed by innovations like Managed Bill Review (MBR), a powerful tool that combines the expertise of legal professionals with AI-enabled capabilities for a comprehensive understanding of legal spend.
What You Will Learn (and Earn):
What can you achieve by combining AI-driven technology with legal spend expertise?
- Faster payment cycles for you and your law firms
- AI-enabled analysis and categorization of legal spend
- Fully-integrated, centralized managed bill review, e-billing, matter management, and legal spend analytics
- Low-value work eliminated for attorneys and managers, especially as it relates to legal bill review
- Incremental savings on total legal spend over life of the program
- Uniformity in the processing and application of billing data
- Benchmarking data across billions of dollars and millions of time entries
- Scalability on demand
- Law firm compliance
- Detailed insights to inform critical outside counsel resourcing decisions
Bringing It Home: The Benefits of Integrated MBR Technology
Leveraging managed bill review helps streamline billing processes, reduce time spent on manual tasks, and ensure timely payments. eBilling technologies enable corporate legal departments to generate reports, analyze data, and maximize the value of their outside counsel legal spend.
The value derived from exceptional ELM + MBR experiences includes:
- Real-time monitoring and tracking of legal bills
- Compliance with billing guidelines and requirements
- Greater transparency and control over costs
- Automation of billing processes for review and approval
- Streamlined processes for billing and payment administration
- Reduction of time spent on manual processes, ensuring timely payment processing
- Easily reportable data to better understand and manage outside counsel legal spend
- Informed strategic decisions about legal spend, work allocation, and maximizing value for investments in outside firms
Some ML & AI-powered line item categorization (like Mitratech’s Managed Bill Review) can assign proprietary, common-language task codes to every invoice line item at 97% predictive accuracy.
Meet Mitratech’s Managed Bill Review
Mitratech introduces the Managed Bill Review (MBR) platform, a first-of-its-kind spend management and analytics software leveraging technology and subject matter experts for more reliable, accurate, and actionable legal spend insights.
How It Works
Mitratech’s MBR proactively drives compliance within your organization, mitigates risks, and ensures adherence to regulatory requirements. Our hand-curated approach means that even nuanced, non-compliant invoice line items are captured, giving you the full picture of your legal spend. By providing clear visibility into your operations, Mitratech equips you with the tools to make informed decisions that yield significant savings over the long term.
Harnessing AI-Driven MBR for Enhanced Efficiency and Strategic Decision-Making
In the pursuit of better data management and improved decision-making, leveraging AI-driven tools like Mitratech’s MBR becomes a solution for sustained savings, proactive compliance, and enhanced visibility. Integrating AI-enabled MBR into your matter management system allows in-house teams to save valuable time and gather actionable analytics for informed decisions, ultimately driving hard cost savings.
Structured Data and AI Through Managed Bill Review Webinar
Explore the insights from our recent webinar with Mitratech’s Misty Price and David Garber. Learn how AI-driven line item categorization and human expertise have helped customers gain 2-3x ROI, and discover how your organization can achieve the same.
Equip yourself with the knowledge and tools needed to integrate structured data and AI-enabled technology for more accurate data and higher levels of savings.
Learn how AI in legal spend management (especially when it comes to managed bill review) can maximize efficiency and transform the way you manage your legal operations. Don’t miss out on the opportunity to drive significant cost savings and enhance decision-making in your legal department.
Take the first step toward a more efficient legal spend management strategy today.
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