The Legal Ops ACCELLERATE webinar series recently featured two Coffee Talks – 30-minutes sessions designed to quickly deliver all the key information on a particular Wolters Kluwer’s ELM Solutions offering – about the TyMetrix® 360° Predictive Insights module and CLM Matrix version 17 Spring ‘20 Release. Both sessions are now available to watch on demand.
Predictive Insights for TyMetrix 360°
The Predictive Insights module of TyMetrix 360° uses your KPIs, your historical data, and your particular priorities – along with our artificial intelligence (AI) algorithms – to generate predictions for specific matters. Making decisions without data has a cost. There are inflection points during the life of any matter when important decisions are made, for example: when selecting outside counsel, setting a budget, and understanding how long a case will take. If the best decisions are not made at these moments, it could mean significantly higher matter spend.
Predictive Insights uses AI and data to empower the people making these decisions so that they don’t have to rely on their own direct experience and can access recommendations based on all of the knowledge captured in your department. Mobilizing this knowledge has been challenging, historically. Reports can be outdated or be difficult or time-consuming to run. Users typically need to go to a separate tool to get the necessary information. But Predictive Insights brings all of the pertinent information into TyMetrix 360° at the point where users are making important decisions about counsel, budget approvals and how long a case is likely to take.
The module presents you with firm rankings that recommend the best law firm partners for you to choose. There is no universal definition of “best” in this context. Each organization has their own definition of quality based on what they value most. Examples include effective communication, proper staffing, submitting accurate budgets, and compliant invoices. Both quantitative and qualitative data are fed into the algorithm to determine what defines a good law firm partner.
Form more on how Predictive Analytics helps TyMetrix 360° users make the best decisions, and to see a demo of the module in action, watch the on-demand recording of this session.
CLM Matrix Spring ’20 Release
CLM Matrix is a contract lifecycle management (CLM) solution that helps companies manage their end-to-end contract processes efficiently and securely to drive better business outcomes. It supports the entire contract lifecycle starting with contract requests, all the way through to obligation management, compliance, and renewals. With the Spring ‘20 release, CLM Matrix builds on a great foundation and improves it for an even better user experience.
The Spring ’20 release features a redesigned UI that is more modern and intuitive, making the solution even easier to use. The added integration with Adobe Sign also increases the options for easily including e-signatures in contracts. In addition, we have reimagined the CLM Matrix administrative functions to minimize change management challenges, improve workflow visibility, and increase efficiency.
In addition to a description of the changes in the release, this session includes a helpful demo of CLM Matrix, showing examples of both simple and more complex contract creation, as well as the review and approval process. Administration screens are included to show how simply administrators can manage workflows, forms, the clause library, and other elements. Watch the on-demand recording of this session for details on the how the Spring ’20 release makes CLM Matrix an even better solution for every phase of contract management.
Watch the on-demand Coffee Talks Predictive Insights for TyMetrix 360° and CLM Matrix Spring’20 Release. You can also access additional recordings and other resources on the Legal Ops ACCELERATE page, as well as register for upcoming webinars.