To quantify the cost benefits of predictive coding and technology-assisted review, Catalyst Repository Systems, Inc., the leader in secure, cloud-based e-discovery software that simplifies e-discovery for corporate counsel and law firms, today announced the release of its Predictive Ranking ROI Calculator. The free, web-based calculator gives corporate and law firm counsel greater cost predictability by estimating how much time and money they will save from using Insight Predict, a Predictive RankingSM tool, instead of linear review or first generation predictive coding tools.
The Catalyst Predictive Ranking ROI Calculator analyzes the entire scope of a review project—such as the total number of documents, the percentage of responsive documents, estimated target recall, and hourly rates for first-pass and second-pass or privilege reviewers—to provide a detailed accounting of the estimated savings in dollars and hours. Results appear immediately, with a yield curve showing the percentage of documents that counsel would need to review to achieve their target recall—i.e. the percentage of responsive documents they target to identify.
“Insight Predict revolutionized the way corporate legal departments and law firms approach the entire review process by offering a tool that works with rolling collections to accommodate real-world workflows,” said John Tredennick, CEO of Catalyst. “In response to client feedback, we developed the ROI Calculator to help GCs and other legal professionals quantify the benefits of Insight Predict versus traditional review."
The Catalyst Predictive Ranking ROI Calculator analyzes the entire scope of a review project—such as the total number of documents, the percentage of responsive documents, estimated target recall, and hourly rates for first-pass and second-pass or privilege reviewers—to provide a detailed accounting of the estimated savings in dollars and hours. Results appear immediately, with a yield curve showing the percentage of documents that counsel would need to review to achieve their target recall—i.e. the percentage of responsive documents they target to identify.
“Insight Predict revolutionized the way corporate legal departments and law firms approach the entire review process by offering a tool that works with rolling collections to accommodate real-world workflows,” said John Tredennick, CEO of Catalyst. “In response to client feedback, we developed the ROI Calculator to help GCs and other legal professionals quantify the benefits of Insight Predict versus traditional review."
Tredennick continues, “Legal teams already know that Insight Predict enables a more efficient, less expensive process—with smarter searches, more accurate and consistent tagging, and the ability to identify key legal issues. Now, with the ROI Calculator, they have a tool to assess exposure and potential savings much earlier in the process.”
About Catalyst Repository Systems
Founded in 1998, Catalyst is a leader in delivering secure, cloud-based e-eiscovery software for corporations and law firms. Catalyst simplifies the electronic discovery (e-discovery) process in response to litigation, regulatory inquiries and internal investigations, by ensuring repeatable, defensible and measurable business processes that significantly reduce e-discovery cost, risk and time. The Catalyst Insight E-Discovery Platform and Insight Predict enable customers to succeed with a single matter and seamlessly migrate to multi-matter within the same software platform. Catalyst pioneered the use of global language e-discovery, advanced search and analytics methodologies, predictive ranking and big data e-discovery. Catalyst has served many of the largest companies and law firms in the world. For more information, please visit Catalyst at www.catalystsecure.com or follow us on Twitter at: http://twitter.com/catalystsecure.
About Catalyst Insight Predict
Insight Predict helps corporations save time and money while mitigating risk. It is based on more than four years of intensive experience using and testing predictive coding techniques. It uses artificial intelligence and machine learning to offer significant advantages over human review:
Insight Predict helps corporations save time and money while mitigating risk. It is based on more than four years of intensive experience using and testing predictive coding techniques. It uses artificial intelligence and machine learning to offer significant advantages over human review:
- Contextual diversity sampling and other statistical techniques are used to create a sample, or “seed set,” from a larger population of documents. Review experts can then review the sample, rank documents for relevance and feed that information back into the program, thereby “training” it to calculate the relevance of documents on its own.
- Insight Predict was designed specifically to work dynamically with rolling data input, which aligns closely with typical review workflows.
- Catalyst’s proprietary self-correcting process—Predictive Ranking—feeds additional samples to the expert to test or validate their relevance and to progressively improve the accuracy and precision of its rankings.
Founded in 1998, Catalyst is a leader in delivering secure, cloud-based e-eiscovery software for corporations and law firms. Catalyst simplifies the electronic discovery (e-discovery) process in response to litigation, regulatory inquiries and internal investigations, by ensuring repeatable, defensible and measurable business processes that significantly reduce e-discovery cost, risk and time. The Catalyst Insight E-Discovery Platform and Insight Predict enable customers to succeed with a single matter and seamlessly migrate to multi-matter within the same software platform. Catalyst pioneered the use of global language e-discovery, advanced search and analytics methodologies, predictive ranking and big data e-discovery. Catalyst has served many of the largest companies and law firms in the world. For more information, please visit Catalyst at www.catalystsecure.com or follow us on Twitter at: http://twitter.com/catalystsecure.
