Meet InvoiceAI: Onit’s New Artificial Intelligence Offering for Legal Invoice Review By Onit May 26, 2021 AI/ML,Business Process Management,ELM 3 Minute Read Legal invoice review is a necessary process for corporate legal departments and also notoriously complex and time-consuming – even with business rules applied. Nevertheless, legal departments spend countless dollars every year for in-house counsel and other professionals to manually inspect invoices, whether flagged or not. That’s time wasted on administrative tasks that in-house professionals can reallocate to higher-value work and strategies. That’s all about to change. Today, Onit announced the debut of InvoiceAI for its customers. The artificial intelligence offering for first-pass legal invoice review and analytics decreases the burden of invoice review while providing insights into spend analytics. An Intelligent Review The sheer volume of legal invoices has pummeled Fortune 500 corporate legal departments for years, challenging corporate counsels’ ability to understand and control legal spend and build productive partnerships with law firms. Even with flagged invoices, corporate counsel can face a large number of line items on each invoice to reconcile and miss noted issues or errors. Enforcing outside counsel guidelines is complicated even further with issues like vague or incomplete invoices, improper block billing, incorrect coding and more. InvoiceAI builds off Onit’s existing billing rules engine, enhancing the invoice review process by incorporating machine learning and natural language processing to more accurately and efficiently identify invoice issues that need further review. Our machine learning models identify potentially problematic billing issues like administrative tasks or travel and integrate with existing eBilling, legal spend management and enterprise legal management technologies. What you get is an intelligent review that learns more as you process more invoices, plus all the advantages of our configurable rules engine – the best of both worlds when it comes to understanding legal spend. AI-Powered Invoice Review Leads to Significant Cost Savings While InvoiceAI’s models continue their training, the offering is already used to analyze past invoices and identify potentially non-compliant charges under company billing guidelines and legal spend management best practices. A select group of Onit Fortune 100 customers ran InvoiceAI through historical bills with significant results. InvoiceAI uncovered on average of 6-11% unactioned errors for invoices submitted in 2020, above and beyond the savings that Onit’s rules-based invoice review tools had already found. For example, even though 2020 was a notably slow year for travel, InvoiceAI identified travel charges in the high six-figure range that should not have been billed. On top of better invoice review, you also get powerful analytics. The results generated by InvoiceAI can serve as a learning tool for outside counsel, giving them a clear report on the core commercial expectations of the companies they represent. The reports are also beneficial for demonstrating immediate savings in outside spend to internal stakeholders. The Future of Legal Invoice Review, Ready Now for Customers InvoiceAI is available to Onit customers now and will be generally available to the public in the fall. AI-enabled invoice review from SimpleLegal, Onit’s subsidiary, will launch this summer, with availability open now for select existing corporate legal customers. If you’re currently an Onit or SimpleLegal customer and you want a complimentary AI analysis of the last 90 days of your billings, contact your account manager today. If you’re not currently a customer but want to learn more about how InvoiceAI can improve your legal invoice review and legal spend management, contact [email protected] today. Today's Popular Post Business Process Management Leveraging AI-Enabled Dashboards and System Integrations to Simplify Contract Management Read More Business Process Management Embracing the Paradigm Shift: Enterprise Legal Management and AI Read More CLM A New Approach to Contract Management Read More Subscribe Today Sign up for updates on new posts from our blog. Related Readings Business Process Management Leveraging AI-Enabled Dashboards and System Integrations to Simplify Contract Management Read More Business Process Management Embracing the Paradigm Shift: Enterprise Legal Management and AI Read More CLM A New Approach to Contract Management Read More Thank you for subscribing!