Interwoven Extends Professional Services Leadership with New Product Introductions
ECM Solutions Leader Introduces New Business Intake and Conflicts Management Products, Enabling Firms to Manage Risk and Compliance Through End-to-End Management of the Client File
NEW YORK, New York - LegalTech 2006 Conference (Booth # 2020) - January 30, 2006 - Interwoven, Inc. (Nasdaq: IWOV), provider of Enterprise Content Management (ECM) solutions for business, today announced that it has further extended its technology leadership in the professional services industry with the introduction of the Interwoven New Business Intake product. Additionally, Interwoven introduced a Conflicts Management product targeted at the law firm segment of the professional services industry. As a result, Interwoven is providing professional services firms the ability to seamlessly manage the complete client engagement lifecycle-from the time a firm establishes first contact with a potential client to the disposition of that client file-within a single solution. With these new products, professional services firms can streamline the process of taking in new business by automating complex manual processes, as well as protect the interests of the firm and its clients through a robust conflicts management solution.
With its widely-adopted Engagement/Matter-Centric Collaboration solution, Interwoven has established itself as the technology leader for professional services firms seeking to manage documents, e-mails, images, paper, and other client records in the context of a client engagement environment. The Interwoven solution provides firms with a unique, intuitive, and industry-leading paradigm to manage client-related content in the electronic world the way they have done for more than 100 years in the physical world. With the solution, firms can create the true electronic equivalent of a client file by consolidating documents, e-mails, billing, contacts, and all other relevant content for any given client or engagement/matter in a single integrated file that is accessible both internally and externally across departments and locations. With the company's new product introductions, Interwoven is extending this solution to automate the first two critical phases of a prospective client relationship: 1) New Business Intake, which enables firms to implement the relevant policies and procedures while processing a new client, and 2) Conflicts Management, which enables firms to check for and avoid potential business or ethical conflicts of interest between prospective and existing clients.
In many professional services firms today, the New Business Intake and Conflicts Management processes are often still performed manually or inconsistently, resulting in billable hours being spent on risk-laden activities. With the Interwoven New Business Intake solution, firms can reduce the new client opening process from days or even weeks to a few hours. Further, by streamlining this critical process, Interwoven is enabling firms to eliminate redundant processes, reduce risk, speed the initiation of new client relationships, and ultimately improve client service.
Interwoven's professional services customers are welcoming the new products. Said Tim Armstrong, chief information/financial officer at Vinson and Elkins: "We are very excited to see Interwoven extend its offerings to address the new business intake and conflicts management space. This is an area where we need to achieve efficiencies beyond our current processes and capabilities, and I am confident, given our long standing experience and satisfaction with Interwoven, that these new offerings will enable us to reach this objective."
Key features of the new products include:
Interwoven New Business Intake
Intuitive and Customizable Web-Based Interface-easy-to-use interface prompts users through the firm's own intake and approval procedure based on the specific type of client or matter to be opened.
Single Entry Point-single access point for all client and matter data.
Automatic Data Synchronization-client information is automatically written to accounting, time and billing, and other relevant systems, such as Elite and CMS Open, eliminating the need for data synchronization.
Task Automation-critical tasks can be automated during the intake process including creation of electronic files, paper files, client extranets, ethical walls, security, and the establishment of privacy policies.
Audit Trails-users can effectively capture and manage audit trails including records of engagement letters, client waivers, and approvals.
Interwoven Conflicts Management
Real-Time Search-time and billing, marketing, and any other designated system, can be automatically searched, eliminating the need to manually search multiple databases for conflicts. Searches can be run against the Conflicts System's database and/or in real time against time and billing or other systems.
Asynchronous Search Interface-conflicts analysts can issue multiple searches simultaneously, and be automatically notified when a search is complete.
Automation through Workflow-conflict reports can be automatically routed for review and approval to a firm's conflicts desk, designated individuals, or ethics committees.
Interactive Web-Based Conflicts Reports-conflicts reports can be presented through an intuitive Web interface, enabling conflicts analysts and end users to navigate through volumes of search results more quickly and efficiently.
Detailed Audit Trails-conflicts analysts can maintain detailed reports on conflicts searches and resolutions and approvals, including capturing digital signatures for all conflicts approvals.
Patriot Act Compliance-firms can ensure compliance with the Patriot Act requirement for searching the U.S. Treasury Department's Office of Foreign Asset Control/Specially Designated Nationals list (OFAC/SDN).
"Interwoven is focused on delivering complete solutions to our customers, and by bringing to market these new offerings, we're reinforcing our commitment to helping our customers achieve their compliance and productivity goals in the most efficient, seamless, and cost-effective manner," said Neil Araujo, vice president professional services solutions, Interwoven. "As the clear market leader for our pioneering role in creating and defining the engagement/matter-centric environment, we're looking forward to further extending this environment to meet the end-to-end needs of our customers."
Availability
Live demonstrations of the Interwoven New Business Intake and Conflicts Management products can be viewed at this week's LegalTech 2006 Conference (Interwoven booth #2020). The products will be generally available in late Q1 2006.
About Interwoven
Interwoven, Inc. (NASDAQ: IWOV) is a global leader in content management solutions. Interwoven's software and services enable organizations to maximize online business performance and organize, find, and govern business content. Interwoven solutions unlock the value of content by delivering the right content to the right person in the right context at the right time. Over 4,700 of the world's leading companies, professional services firms, and governments have chosen Interwoven, including Airbus, Amnesty International USA, Avaya, BT, Cisco, Citi, Delta Air Lines, DLA Piper, FedEx, Grant Thornton, Hilton Hotels, HKMP LLP, Hong Kong Trade and Development Council, HSBC, LexisNexis, MasterCard, Microsoft, Samsung, Shell, Sky Italia, Qantas Airways, Tesco, Virgin Mobile, and White & Case. A community of over 25,000 developers and over 300 partners enrich and extend Interwoven's offerings. To learn more about Interwoven, please visit www.interwoven.com.
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