Onit has announced the general availability of InvoiceAI, which now includes both historical and real-time invoice review.
InvoiceAI debuted to Onit customers in May, with its first release focused on reviewing past invoices.
Billing rules ordinarily 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, is said to detect 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.
“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.”
You can watch the release video here: https://www.onit.com/blog/invoiceai-launch-and-video/