Industry Acknowledgement Spotlights the Product’s Use of AI to Review Historical and Real-Time Legal Invoices and Find Savings beyond Billing Rules
Onit, Inc., a leading provider of enterprise workflow solutions including enterprise legal management and contract lifecycle management, announced today that its InvoiceAI has won a 2022 BIG Innovation Award. The annual business awards program acknowledges organizations, products and people worldwide that bring new ideas to life in innovative ways.
InvoiceAI uses artificial intelligence to help increase savings and reduce the time corporate legal departments spend on invoice review. Manual invoice review is time-intensive and often ineffective, especially for large Fortune 500 legal departments that receive a high volume of bills from outside counsel and vendors. Enterprise legal management eases this burden by applying billing rules to enforce outside counsel guidelines. Traditional billing rules without AI rely on words and context provided by in-house teams and an invoice that uses different descriptions or wording can evade them. InvoiceAI fills that gap.
InvoiceAI looks between the billing rules to identify potentially noncompliant charges. It can automatically adjust invoices to comply with guidelines or bring the discrepancy to the attention of reviewers. Because it is AI-based, it is always learning, improving and working 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 in large enterprises. Their AI for invoice review transforms highly repetitive and manual tasks into automated processes that optimize both legal spend and efficiency. In fact, some customers have found up to 20% in savings when using Onit’s enterprise legal management solution and InvoiceAI.
Innovation is driving the global economy across virtually all industries. Maria Jimenez, chief nominations officer of the Business Intelligence Group said they are honored to award these executives, companies and products the BIG Innovation award this year. Each has made tremendous strides at improving the lives of their community.