Company: Onit
Company Description: 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,
Nomination Category: Product & Service Categories - Content & Content Technology Solutions
Nomination Sub Category: Semantic Technology Platform, Tools and Applications
 Nomination Title: Harnessing the Power of Cutting-Edge Artificial Intelligence in Enterprise Legal Management
- If you are providing written answers for your submission, you must provide an answer to this third question: Outline the market performance, critical reception, and customer satisfaction with the product or service to date. State monetary or unit sales figures to date, if possible, and how they compare to expectations or past performance. Provide links to laudatory product or service reviews. Include some customer testimonials, if applicable (up to 350 words):
Total 149 words used.
This cutting-edge AI invoice review solution has been demonstrated incredible results. For example, an average of $45MM of invoices reviewed over one year with this software detected:
• $900K of non-attorney by customer
• $1M in block billing
• $100K of travel-related fees
• The annual spend savings starts to add up quickly, and that’s in addition to existing ELM and bill review savings.
Savings: Using InvoiceAI it is now possible to identify an extra 11-20% in potential savings.
Marketing Success:
On the first day of the InvoiceAI product marketing launch Onit realized:
500% Increase in Daily Website Traffic
200% Increase of InvoiceAI Blog Post Visits over Onit’s
Second Highest Visited Post
1565 InvoiceAI Blog Post Visits
50% Increase in Schedule a Demo Visits
Since Product Launch:
2527 LinkedIn Impressions
17 Media Coverage Pieces by:
Artificial Lawyer, LawSites, Legal IT Insider, Pinhawk Law Tech Digest, Legal IT Professionals, Onit
- You have the option to answer this final question: Reference any attachments of supporting materials throughout this nomination and how they provide evidence of the claims you have made in this nomination (up to 250 words):
Total 90 words used.
As seen in attached collateral materials, invoice validation is a time-consuming and often manual process for any company. For legal departments, the challenge of managing, reviewing and approving invoices from outside counsel can be overwhelming. The seemingly endless volume of both paper and digital invoices means that your legal talent spends more time on tasks relating to billing and less time on identifying and mitigating risks to your company. Multiple systems designed to cut through the confusion often lead to more chaos. InvoiceAI easily and efficiently addresses all these issues.
- Which will you submit for your nomination in this category, a video of up to five (5) minutes in length about the the nominated new or new-version product or service, OR written answers to the questions for this category? (Choose one):
Written answers to the questions
- If you are submitting a video of up to five (5) minutes in length, provide the URL of the nominated video here, OR attach it to your entry via the "Add Attachments, Videos, or Links to This Entry" link above, through which you may also upload a copy of your video.
- If you are providing written answers for your submission, you must provide an answer to this first question: If this is a brand-new product, state the date on which it was released. If this is a new version of an existing product, state the date on which the update was released:
November 3, 2021
- If you are providing written answers for your submission, you must provide an answer to this second question: Describe the features, functions, and benefits of the nominated product or service (up to 350 words):
Total 257 words used.
We feel Onit’s ground-breaking AI-enabled legal software offers a compelling case for this prestigious award. InvoiceAI allows legal departments of all sizes to:
• Catch the Common Billing Errors Fast: Find improper billing practices and billing compliance issues previously missed.
• Meet ROI Objectives Quicker: Annual spend savings accumulate fast, in addition to ELM and billing review savings.
• Increased Productivity: Staff and in-house council will have more time to spend on other tasks.
• Better Insulation from Fraud: Identify discrepancies in invoices early and accurately.
The impact of this software has been beyond expectations, as one of our Fortune 500 customers can attest:
“Now, our invoice review team doesn’t have to feel like the bad guy. The machine catches these issues (and does it better) so that we can focus on the relationships and let the system drive the needed action.” - Fortune 500 Company
What makes it unique?
Our InvoiceAI software combines the power of artificial intelligence and machine learning with existing enterprise legal management rules to more accurately and efficiently process invoices. Onit’s AI modules focus on looking “between the rules” for further insights and savings. A cloud-based artificial intelligence software, InvoiceAI can review historical data to find potential missed savings, provide real-time invoice error detection, and analyze how current vendors and bill reviews are performing.
Onit's usual target audience is Fortune 500 corporate legal departments and larger global companies with revenue over $500 million, but we also wanted to reach mid-sized and smaller companies with this new, competitively priced AI-driven software solution.
| Attachments/Videos/Links: |
|---|
|
