HOUSTON, Sept. 14, 2021 (GLOBE NEWSWIRE) — Onit, Inc., a leading provider of enterprise workflow and artificial intelligence platforms and solutions, including enterprise legal management, contract lifecycle management and business process automation, today announced the general availability of InvoiceAI. InvoiceAI uses artificial intelligence to help corporate legal departments increase potential savings and reduce time reviewing invoices from outside counsel and legal vendors. Onit released the news in this video announcement.
InvoiceAI debuted to Onit customers in May, with its first release focused on reviewing past invoices. Now, InvoiceAI includes both historical and real-time invoice review to maximize time and cost savings.
“In all of my decades working with corporate legal departments, I’ve rarely heard in-house counsel say they enjoy invoice review. It’s tedious, time-consuming and an area perfectly suited for AI transformation,” said Eric M. Elfman, CEO and co-founder of Onit. “InvoiceAI combs through data for potentially noncompliant charges and integrates with billing rules for corrective action. As a result, some customers are discovering up to 20% in savings. And, more importantly, it makes invoice review easier and quicker for today’s busy law departments.”
How InvoiceAI Works
Billing rules have been a tried-and-true companion for invoice review since the introduction of e-billing and legal spend management solutions. While effective, they rely on specific descriptions and context provided or not provided by in-house professionals to evaluate line items. Invoices without the exact language or terms outlined in billing guidelines may evade review and be approved for payment.
InvoiceAI, trained on millions of legal invoice charges and integrated with Onit’s enterprise legal management solution, detects additional errors that may not be flagged by billing rules and ensures that legal spend aligns with outside counsel guidelines. It looks for common areas of overpayment and charges that typically require correction or clarification, such as nonworking travel, block billing, vague descriptions and work done by improper staff class. It can then automatically adjust an invoice to comply with guidelines or bring the discrepancy to the attention of reviewers. Since 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.
With InvoiceAI, corporate legal departments can:
- Reduce bill review time through better recommendations, efficiency and fewer manual bill review steps, allowing corporate counsel and legal professionals to focus on more strategic work.
- Review past invoices through the AI lens to see where errors and unnecessary payments have occurred historically.
- Gain insight into invoice spend trends and plan for corrective action with vendor performance scorecards and month-over-month dashboards.
- Work with Onit’s partner Sterling Analytics for third-party review, maximizing compliance while freeing even more time for in-house legal professionals.
Learn More about InvoiceAI
To learn more about what InvoiceAI can do for your legal department, schedule a demonstration or email [email protected]. Onit customers are invited to reach out to their account managers for more information.
Interested parties can also tune into this InvoiceAI podcast featuring Onit’s Matt DenOuden, Senior Vice President of Global Sales, and Mary Fuzat, Vice President of Product Management.
A History of Legal AI Excellence
Onit continues its commitment to AI innovation with this launch. In less than a year, Onit established its AI Center of Excellence and released five AI offerings for corporate legal. In late 2020, Onit introduced its AI-based platform Precedent and two AI products for contract lifecycle management, ReviewAI and ExtractAI. Onit debuted InvoiceAI in May for customers and followed it up in August with Automate NDA, an easy-to-implement, best-practice solution that uses AI to streamline and automate the entire nondisclosure agreement process.
Onit is a global leader of workflow and artificial intelligence platforms and solutions for legal, compliance, sales, IT, HR and finance departments. With Onit, companies can transform best practices into smarter workflows, better processes and operational efficiencies. With a focus on enterprise legal management, matter management, spend management, contract lifecycle management and legal holds, the company operates globally and helps transform the way Fortune 500 companies and billion-dollar corporate legal departments bridge the gap between systems of record and systems of engagement. Onit helps customers find gains in efficiency, reduce costs and automate transactions faster. For more information, visit www.onit.com or call 1-800-281-1330.
A video accompanying this announcement is available at: https://www.globenewswire.com/NewsRoom/AttachmentNg/9515c59a-0139-484f-801a-6aa3159647bc