Industry Recognition Highlights Product’s Use of AI to Review Historical and Real-Time Legal Invoices and Find Savings Beyond Invoicing Rules
Onit, Inc., a leading provider of enterprise workflow solutions, including enterprise legal management and contract lifecycle management, today announced that its InvoiceAI has won a BIG Innovation Award 2022. The annual business awards program recognizes organizations, products and people around the world who bring new ideas to life in innovative ways.
InvoiceAI uses artificial intelligence to increase savings and reduce the time corporate legal departments spend reviewing invoices. Manual invoice review is time-consuming and often inefficient, especially for large Fortune 500 legal departments that receive a high volume of invoices from outside attorneys and vendors. The company’s legal management alleviates this burden by enforcing billing rules to enforce the guidelines of outside attorneys. Traditional invoicing rules without AI rely on words and context provided by internal teams and an invoice that uses different descriptions or wordings may escape them. InvoiceAI fills this gap.
InvoiceAI reviews billing rules to identify potentially non-compliant charges. It can automatically adjust invoices to comply with guidelines or bring the discrepancy to the attention of reviewers. Because it’s AI-based, it learns, improves, and works tirelessly to reduce the volume of invoices needed for review and identify unnecessary expenses.
The BIG Innovation Award for InvoiceAI further validates the positive impact of AI for legal operations teams at large enterprises. Their AI for Invoice Review transforms highly repetitive, manual tasks into automated processes that optimize both legal spend and efficiency. In fact, some clients have realized savings of up to 20% using Onit’s corporate legal management solution and InvoiceAI.
Innovation drives the global economy in virtually every industry. Maria Jimenez, Director of Nominations for the Business Intelligence Group, said she was honored to award these leaders, companies and products this year with the BIG Innovation award. Each has made tremendous strides in improving the lives of their community.
Learn more about InvoiceAI here or by watching this video. You can also schedule a demo or contact firstname.lastname@example.org for more information.