New Brightflag Budgeting & Forecasting Features Help Legal Teams Tighten Cost Control
Broader budget controls and AI-powered forecasts lead latest round of Brightflag product innovations.
(June 4, 2020) Brightflag, the AI-powered legal spend management platform, today launched a new financial budgeting and forecasting module that applies advanced machine learning to improve the way legal departments track, predict, and control outside counsel spend. These enhancements come as corporate legal and finance leaders face extraordinary pressure to reduce expenses.
Setting effective budgets is the first line of defense against unnecessary costs. In addition to existing matter- and phase-level budgeting features, Brightflag customers can now employ a top-down approach that sets budgets by fiscal year, business department, matter group, legal vendor, and more.
“This is the proactive stance legal leaders need and want to adopt,” said Yi Lin Pei, Senior Product Marketing Manager at Brightflag. “With detailed budgeting as frontline defense, and AI-assisted invoice review as backline defense, Brightflag is now an even more comprehensive solution for legal cost control.”
Brightflag’s latest product update also aims to improve the accuracy of legal spend forecasts. As the machine learning engine at the heart of Brightflag’s platform analyzes the individual and collective spending patterns of customers, it provides increasingly accurate predictions of the expenses likely to be incurred under each budget. As a result, this sophisticated technology provides the kind of financial predictability that has eluded in-house legal teams for decades.
An expanded explanation and a visual tour of Brightflag’s new financial budgeting and forecasting features can be found here.
Brightflag enables organizations to take control of their legal spend with AI-powered software that’s easy to use and backed by proactive customer support. Brightflag processes billions of dollars of legal spend annually on behalf of its customers, resulting in hundreds of millions of dollars in savings and tens of thousands of hours in avoided administrative work. Founded in 2014, Brightflag serves a global community of in-house legal teams and their vendors from its offices in Dublin, New York, and Sydney.