Wolters Kluwer reimagines business processes
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INDUSTRY
- Communications, Media and Information Services
Going Beyond: CMI to Focus on Personalized Experiences for Growth
Highlights
- Wolters Kluwer’s enterprise legal management solutions business unit provides legal spend and matter management, contract lifecycle management, and legal analytics solutions.
- It wanted to streamline the legal invoice operations to make them fast, accurate, and tailored to customers’ policies.
- TCS helped Wolters Kluwer deploy a neural-network-based DML model to ensure high-quality, efficient, and consistent extraction of all key data elements.
In this article
Overview: High volume of invoices for insurance claims
Wolters Kluwer, a Dutch information services company, operates in over 150 countries
The company serves legal, business, tax, accounting, finance, audit, risk, compliance, and healthcare markets.
Wolters Kluwer’s enterprise legal management solutions business unit provides legal spend and matter management, contract lifecycle management, and legal analytics solutions. They receive a high volume of legal and insuranceclaim invoices; paper invoices can account for 3-5% of customers’ total legal spend.
The challenge: Speeding up legal invoice operations
There was a lack of a standard file format for invoices, which then had to be manually processed; the entire process was time-consuming, cumbersome, and resulted in inaccuracies.
To overcome these challenges, the client was looking to streamline invoicing.
The solution: Smart e-billing solution with DML
TCS helped Wolters Kluwer deploy a neural-network-based DML model, a part of TCS’ Cognitive Computing Suite (CCS), to derive better insights.
Underpinned by natural language and digital image processing, TCS’ neural network pre-processes and enhances structured and unstructured data from all invoice formats. The solution involves stitching the gap between human parsing experts and DML (deep machine learning) algorithms with a workflow. This combination ensures high quality, efficient, and consistent extraction of all key data elements. Unformatted raw pdfs across thousands of formats are transitioned into a LEDES-formatted data feed, which is integrated directly into an enterprise legal management spend system.
The benefit: Intelligent invoice conversion, new opportunities
The DML-based e-billing solution made the invoice processing task efficient, thus improving savings.
It also helped the company address new opportunities and provide clients with a comprehensive look into their legal spends. Wolters Kluwer now offers intelligent invoice conversion with DML.
Wolters Kluwer is excited about pioneering the industry’s first e-billing solution with deep machine learning capabilities, which are powered by TCS’ cutting-edge cognitive technologies
What Made it happen
Know how TCS HOBS™ can help organizations transition to subscription business models, data monetization, and device management for growth.
TCS TwinX combined with Enterprise Digital Twin technology powered by AI/ML provides solutions to help customers overcome & outperform challenges. Read more.
TCS Contexify, a Dynamic Orchestrator, uses contexts linked to purposes to drive personalized interventions (Next Best Action) & simplify customer engagement.
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