What's New
The Beta version of the Vendor Suite Template has been enhanced with more features and minor enhancements have been made to the Matter Suite Template, Spend Suite Template and Smart Invoice Review dashboard. These enhanced dashboards will be released to all ELM customers on June 15th, 2024.
- The 'Blended Rate' KPI has been renamed to 'Average Rate'. The Average Rate is calculated as Total Fees divided by Total Hours, excluding Fixed Fees.
- The Spend Suite Template now supports filtering by 'Fee Arrangement', 'Timekeeper', and 'Area of Law'.
- The Vendor Suite Template now supports filtering by 'Fee Arrangement', 'Timekeeper', and 'Area of Law'.
- The 'Blended Rate' KPI has been renamed to 'Average Rate'. The Average Rate is calculated as Total Fees divided by Total Hours, excluding Fixed Fees.
- The 'Vendor/Staff Classification' chart on the Vendor Suite Template has been replaced with a 'Group by' chart, allowing grouping of TK Spend and TK Hours by Vendor, Staff Classification, Matter, Business Unit, Area of Law, and Matter Type. The 'Group by' chart and the Timekeepers chart can be used to filter each other.
- Single Vendor Dashboard - deep dive to view detailed analysis of individual vendors through tooltips on 'Vendor Comparison by' and 'Group by' charts.
- KPIs provide a quick snapshot of key vendor metrics along with monthly trends and static monthly % change. Tooltip drill-downs allows users to navigate to KPI details.
- A 12-month rolling line chart enables users to analyze Spend or Hours over Time for the top 5 or 10 values within the selected dimension.
- A donut chart shows the distribution of Spend, Hours or # of Timekeepers across different staff classifications.
- Group by chart allows analyzing TK Spend, TK Hours and provides insights about Average Rates for different groupings such as Timekeeper, Staff Classification, Area of Law, Matter, Matter Type. The tooltips can be used to navigate to underlying 'Matters by Timekeeper' Grid.
- The 'Group by' chart can be used to filter the Task Codes/Timekeepers displayed in the 'View by' chart and vice versa.
- The tooltips on the 'View by' Task Codes chart can be leveraged to drill down to Line Item details.
- Aggregation buttons show Invoice Phases and Spend amounts associated to each phase. Users can click on Spend amounts and drill down to Invoice and Line Item details.
- Vendor Comparison dashboard has an additional 'Select Metric' filter that enables comparing vendors based on selected metrics such as Spend, Hours, Avg Rates, # of Matters Billed, Errors %, Warnings % and more. The Overall Metric column shows the Avg Rates for each of the staff-classifications based on filters applied, such as particular Vendors or Area of Law. The Avg Rate for each of the Vendor can be compared with the Avg displayed in the Overall Metric to understand if the Vendor Rate is Good/Fair/Poor as compared to the Overall Metric Avg Rate. Vendor Rate is categorized as 'Good' if it is 5% or more below the Avg of comparative vendors. Vendor Rate is categorized as 'Fair' if it is 5% above or below the Avg of comparative vendors. Vendor Rate is categorized as 'Poor' if it is 5% or more above the Avg of comparative vendors. This enables leveraging the Vendor Comparison dashboard to evaluate whether the Vendor Rates align with standards of fairness and adequacy within similar Vendors.
- Invoice AI Savings dashboard has been renamed to Smart Invoice Review Savings
- Invoice AI Potential Savings dashboard has been renamed to Smart Invoice Review Potential Savings
- A filter for 'Area of Law' has been added to the Smart Invoice Review Savings and Smart Invoice Review Potential Savings dashboards.
- The Beta version of the Vendor Suite Template does not support fiscal year configuration and row-level security. These features will be added in the production ready version of the template. We are committed to delivering the production ready version of the Best Practice - Vendor Suite Template in our Fall 24 Release.