"The pioneering solutions that Wolters Kluwer and TCS are bringing to the market, like the Intelligent Invoice Conversion, are not only solving problems of today but anticipating problems of tomorrow and helping our customers rethink the future of their professions."
Wolters Kluwer is a 185-year old global leader in information services and solutions for professionals in the health, tax and accounting, risk and compliance, finance, and legal sectors. Corporate legal operations and insurance claims departments rely on Wolters Kluwer ELM Solutions, part of Wolters Kluwer’s Governance, Risk & Compliance division, for their enterprise legal spend and matter management, contract lifecycle management and legal analytics solutions. This includes reviewing high volumes of legal and insurance claim invoices that come in various formats, including paper. These invoices were traditionally processed manually by the industry, which was time consuming, cumbersome, and resulted in inaccuracy.
Tata Consultancy Services (TCS) is a longstanding growth and transformation partner for Wolters Kluwer, so it turned to TCS to transform the e-billing process. TCS engineered a solution using a neural-network-based model that stitches the gap between human parsing experts and deep machine learning (DML) algorithms in the workflow. This combination ensures high quality, efficient, and consistent extraction of all key data elements, while also delivering better insight from historical invoice formats. Wolters Kluwer ELM Solutions now offers Intelligent Invoice Conversion, the industry’s first DML-based invoice conversion solution, which reduces manual effort by 67%, expedites the process from hours to minutes, and provides its clients with a comprehensive look into their legal spends.