Industry Receipt Spotlight on the Use of AI Product to Review Historical and Real-Time Legal Invoices and Find Savings Beyond Billing Terms
Leading provider of enterprise workflow solutions, including Onit, Inc., Enterprise Legal Management and Contract Life Cycle Management, today announced the winning of its Invoice AI 2022 Big Innovation Award. The annual Business Awards program recognizes companies, products and individuals around the world who bring new ideas to life in innovative ways.
Invoice AI uses Artificial Intelligence to increase savings and help corporate legal entities reduce the time spent on invoice review. Manual invoice review is timely and often useless, especially for large Fortune 500 legal entities that receive large sums of bills from outside attorneys and vendors. Enterprise Legal Management reduces this burden by applying billing rules to enforce external lawyer guidelines. Traditional billing rules without AI depend on the wording and context provided by the internal teams and invoices using different interpretations or terms can avoid them. Invoice AI fills that gap.
Invoice looks to identify potential charges between AI billing rules. It automatically adjusts the invoices according to the guidelines or brings the discrepancy to the attention of the reviewers. Because it is AI based, it is always learning, improving and working tirelessly to reduce the size of invoices required for review and to identify unnecessary costs.
The Big Innovation Award for Invoice AI further confirms the positive impact of AI for legal operations teams in large organizations. Their AI for invoice review converts highly repetitive and manual tasks into automated processes that optimize both legal cost and efficiency. In fact, some customers have found savings of up to 20% when using Onit’s Enterprise Legal Management Solution and Invoice AI.
Innovation is driving the global economy in almost all industries. Maria Jimenez, chief nomination officer for Business Intelligence Group, said it was an honor to present this year’s Big Innovation Award to these executives, companies and products. Everyone has made amazing progress in improving their community lives.
Learn more about InvoiceAI here or by watching this video. You can schedule a presentation or contact email@example.com for more information.