Press Release Summary:
As component of TeamConnect Legal Suite, Collaborative Spend Management includes features that facilitate electronic invoicing, invoice approval workflow, and vendor management. Reporting and benchmarking tools, along with vendor scorecards, provide in-house legal departments with information needed to retain most cost-effective law firms.
Original Press Release:
Mitratech Releases Collaborative Spend Management®, an Integral Component of the TeamConnect Legal® Suite, to Help In-House Counsel Reduce Legal Costs and Improve Vendor Relationships
Collaborative Spend Management Extends the TeamConnect Legal Operating System to Include Electronic Invoicing, Invoice Approval Workflow, and Vendor Management
LOS ANGELES, Nov. 30 / - Mitratech, a leading provider of software solutions for legal departments to manage matters, risks, and ensure compliance, today announced the release of Collaborative Spend Management as an essential feature of the TeamConnect Legal Suite. The enhanced solution combines TeamConnect's award-winning matter management technology with sophisticated electronic invoicing, invoice approval workflow, and vendor management capabilities.
In-house legal departments dramatically reduce legal costs and improve vendor relations with greater visibility into performance. Advanced reporting, benchmarks, and vendor scorecards provide senior management with the meaningful information needed to retain the most cost-effective law firms.
Mitratech's single application solution allows information and business processes, such as invoice reviews and approvals, to flow seamlessly across legal management functions and on to outside counsel. TeamConnect users benefit from consistent workflows, processes, and user interfaces. They are able to generate comprehensive reports across matter, vendor, and spend capabilities and never need to switch between multiple applications to search for critical data.
"Spend Management is a critical responsibility for any legal department seeking to reduce cost and increase effectiveness, and the fact that TeamConnect integrates such tools into its robust matter management system is a major plus," said Catherine Stempien, Duke Energy Vice President and General Counsel.
The fused system eliminates the cost and complexity of multiple point solutions and unburdens IT resources from integration, support, and implementation issues. It has lower deployment and maintenance costs, and a faster time to market.
"Listening to our clients, we understood the challenges they were facing in using multiple solutions for electronic invoicing and matter management," said Afshin Behnia, President and CEO of Mitratech. "They had to manage different software providers, switch between applications, and develop some sophisticated and costly integrations. Difficulties in reporting across solutions also really hurt departments who needed to understand their legal spend and control costs. We committed ourselves to eliminating those unnecessary headaches and built Collaborative Spend Management right in to TeamConnect."
In response to the challenges corporate legal departments have had in getting law firms to use ebilling systems, Mitratech has implemented a unique pricing strategy to ensure 100% vendor participation. Law firms are invited to use Mitratech's secure, easy-to-use Web-based portal called Collaborati(TM) to submit invoices free of charge. This strategy eliminates hidden charge backs and helps ensure vendor buy-in.
Collaborative Spend Management does not require any integrations or modifications to corporate firewall security. The solution is developed as an integral component of TeamConnect and is simply activated on a subscription basis.
Since 1987, Mitratech has provided matter management, compliance, and security solutions to the world's largest organizations. With direct access to financial, performance, and exposure data, our clients have better aligned departmental management strategies with corporate and budgetary objectives. Beyond operational efficiency gains, Mitratech clients use TeamConnect to collaborate with business partners, provide superior service, and realize tangible cost savings. For more information, please visit www.mitratech.com.
Shirin Behnia of Mitratech,
Web site: www.mitratech.com/