Outsourced Data Aggregation and Analysis Services

Law Firm Data Aggregation, Spend Association and Claims Analysis Services

e-Invoicing Vendor Analysis and Selection Services

Claims Management Vendor Analysis and Selection Services

Matter Management Vendor Analysis and Selection Services

RFP/RFI Generation and Evaluation Services

Vendor Transition, Cancellation and In-House Migration Project Management Services

Vendor Technology Maturity Assessments

Vendor Security & Audit Compliance Assessments (Sarbanes-Oxley and HIPPA)

Frequently Asked Questions

Q: I already pay my current e-invoicing and matter management vendors hundreds of thousands of dollars, if not millions each year. Now you’re telling me I need to spend more to get the advanced business analytics and metrics performance reports they said they could offer me?

A: There has been an unfortunate movement in the technology industry away from client-driven and customized solutions towards “commoditization” for several reasons. The differences between the e-invoicing vendors and the manner in which they process law firm invoices are no longer major differentiating factors. They all support UTMBS task codes, they all support LEDES98/2000 and every law firm submits their electronic invoices to these e-invoicing vendors the exact same way.

Yet it is not at all uncommon to find one company paying $1,000,000+ to have their law firm invoices processed in the exact same manner as another company paying only $250,000 or less - even between two companies using the same e-invoicing vendor!

SpectoWise firmly believes that any company currently paying in excess of $200,000 per year for e-invoice processing needs to ask a question:

“What part of our annual invoice processing fee are we paying to have our invoices processed, as opposed to the business analytics and metrics reporting they promised that they could provide on our processed invoice data, but have yet to deliver?”

Additionally, claims and matter management systems can cost millions of dollars and take well a year to implement, and years before any meaningful and positive return is realized.

SpectoWise is different.

SpectoWise uses new technologies to very quickly and effectively aggregate, associate and analyze ALL of a corporation’s or insurance carrier’s data on an enterprise level. Not just processed invoices; not just open cases and pending claims, not just a subset of litigation, not just some outside counsel law firms - everything. Regardless of who created the data and regardless of where it is stored. SpectoWise can also provide immediate value by using a client’s own internal database to begin analyzing historical data immediately - SpectoWise is not limited by the need to use data generated within its own system, as the SpectoWise system does not process or generate any new data.

e-invoicing and claims/matter management vendors and their systems are simply not able to do this.

The majority of them are using very dated technology platforms designed solely to process invoices and capture keyed-in matter and claims data on an operational level. They do not have the ability to mass import large volumes of pre-existing client data into their systems as SpectoWise can. They’re also quickly moving away from client customization towards a “one box fits all” delivery models and do not and can not afford to provide the level of data analysis, intellectual know-how and domain expertise SpectoWise can.

With SpectoWise, corporations and insurance carriers can realize an almost immediate return-on-investment and pay for SpectoWise by simply using the margin lost on other vendors and their failure to deliver on their promises.

SpectoWise is priced based on an all-inclusive “pay as you go” quarterly subscription model. Clients pay only for the level of services they use. This pricing can be readily adjusted based on your own company’s individual needs and requirements as required. The cost of entry is low and the cost of exit is low.

Q: Don’t many e-invoicing vendors already have business analytics reporting software such as Hyperion, Cognos, MicroStrategy and Business Objects? My current vendor already supplies me with reports…

A: The very best, most powerful and latest technology tools do not a custom and client-focused solution make. They are rendered useless in the hands of personnel who don’t know your business and how to best use these powerful new data aggregation and analysis technologies. Over the course of the past year, SpectoWise has spoken with many companies who have told us the same story: “We use business intelligence software and we have mounstains of reports - but we have no idea what they mean or how to utilize them - can you help us make sense of all this information?”

Four of the six existing e-invoicing companies have business intelligence software in their product offerings. Yet simply supplying advanced business intelligence software and the reports they generate is not enough.

Knowing how to aggregate large volumes of disparate financial data; how to properly analyze and associate this data based on each individual client’s unqiue criteria; and offering advisory expertise and brainpower to act on the results – is the power of SpectoWise and why SpectoWise is very different from what current technology vendors provide.

Q: My current e-invoicing vendor can supply me with custom reports… it just takes them a while sometimes.

A: The e-invoicing industry is currently in a state of substantial disruption and turmoil caused by several recent and major mergers and acquisitions. Once privately-held technology companies are being quickly absorbed by much larger entities and global publishing houses whose entire goal and focus is to turn e-invoicing into a commodity and to lower price points to expand the marketplace.

In order to go down-market, many vendors are shifting away from client-focused and customized delivery models towards “one box fits all solutions.” As a result, they lost very experienced professional services staff and changed their internal focus away from client-customized solutions towards generic, commodity-sales and “market driven” products.

While many of these companies can generate custom reports, the quality of these reports is questionable as these companies have either never had or have lost the personnel required to provide true advisory and consultative services to clients to help them make use of analytical reporting and to truly manage the business of law.

SpectoWise is different.

SpectoWise does not sell canned products or technologies. SpectoWise offers data aggregation and analysis services which are completely customized for each individual client. Each client gets their own dedicated data analysis server designed to be used with their own internal data. The results are nearly immediate with ready access to data analysis and enteprise level data associations made according to each client’s own business criteria and segmentation. This can be can be done in days and weeks, not weeks and months. Nothing needs to be manually entered and data can be quickly imported into a client’s own customized and fully secured data cube, en masse.

SpectoWise is solely managed and operated by experienced former legal technologists, claims executives, law firm managers and corporate legal experts who know how to use advanced technologies for positive change. The technologies SpectoWise is utilizing to deliver its services are some of the newest and most powerful on the marketplace, but these tools are useless in the hands of inexperience operators. SpectoWise personnel know how to use these technologies and hide the complexity and simply provide and offer clients the power of the application of advanced business intelligence applied to their own data.

SpectoWise intends to remain privately held and has no hidden agendas or outside influences to contend with.

Have other questions? Want to learn more? Why not get in touch.