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Onit Debuts InvoiceAI, Artificial Intelligence for Legal Invoice Review

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HOUSTON, May 26, 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 that it has introduced InvoiceAI, an artificial intelligence offering for first-pass legal invoice review and analytics, to its customers. InvoiceAI is analyzing historical invoices to train its models, while continuously learning from invoices to identify potentially non-compliant charges against a company’s billing guidelines and spend management best practices. This provides an opportunity to guide and retrain outside counsel on the corporate customer’s billing expectations and to demonstrate immediate savings in outside spend to internal stakeholders.

After testing just a few models with a select group of Onit Fortune 100 customers, InvoiceAI uncovered an average of 6-11% of unactioned errors for invoices submitted in 2020. As these datasets were previously processed invoices, these savings surpassed what had already been found by traditional billing rules and the standard review of the invoices.

InvoiceAI from Onit will have general availability in Q3 and is available on a select basis for existing corporate legal customers. Artificial intelligence for invoice review will also be available within the SimpleLegal solution offering cost-saving technology for legal departments at every stage of maturity.

“Traditional legal invoicing and invoice review fail to show a law firm’s value or reveal the compliance and savings sought by corporate legal departments. Even when COVID-19 severely restricted travel in 2020, InvoiceAI identified an average of six figures of savings in travel-related billed time and expenses submitted to customers. It transforms the entire invoice lifecycle, lowering friction and aligning law firms and corporations on expectations and performance,” said Eric M. Elfman, Onit CEO and co-founder. “Expect more AI innovation from us this year, with further enhancements and a general availability launch for InvoiceAI coming in Q3.”

InvoiceAI represents the fourth AI offering from Onit in seven months. In November, the company introduced its AI-based platform Precedent and two AI products for contract lifecycle management, ReviewAI and ExtractAI.

AI, Invoice Review and Corporate Legal Departments

The volume and collective dollar total of invoices have challenged corporate legal departments for decades. Corporate in-house legal teams often struggle to find all the errors and violations in the influx of invoices. Beyond enforcing outside counsel guidelines, a recent poll of Onit customers revealed that some of the top invoice review issues were vague or insufficient details, block billing, improper coding of invoices and work being done by the wrong staff class. All of these issues are difficult for traditional billing rules to uncover and sort.

With corporate legal departments pressed to accomplish more in less time with fewer resources, legal professionals often lack the bandwidth to chase corrections or parse a large number of warnings. InvoiceAI uses machine learning models to find issues such as administrative tasks and improper billing for time during travel and then integrates these findings with existing rules engines for a more intelligent review that continuously learns. As a result, attorneys can quickly review invoices; legal operations can identify non-compliant billing guidelines and harvest early savings; and general counsel can gain greater visibility into law firm performance and legal spend metrics.

Complimentary Legal Invoice AI Analysis for Onit and SimpleLegal Customers

To learn more, Onit and SimpleLegal customers can reach out to their account managers for a free AI analysis of 90 days of their historical billing data.

Law departments and insurance companies that are not currently customers can learn more about InvoiceAI and how Onit continues to redefine savings and user experience expectations for legal spend management by emailing [email protected].

About Onit

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.

Media inquiries:
Melanie Brenneman
Onit
(713) 294-7857
[email protected]

GlobeNewswire is one of the world's largest newswire distribution networks, specializing in the delivery of corporate press releases financial disclosures and multimedia content to the media, investment community, individual investors and the general public.

Artificial Intelligence

NEXCOM Debuts at CommunicAsia 2024

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Bringing Its Edge AI, OT Security, and 5G Solutions to the Center Stage
TAIPEI, May 14, 2024 /PRNewswire/ — NEXCOM, a leading supplier of network solutions, is set to participate in CommunicAsia 2024, the premier event for the ICT industry in Asia taking place in Singapore from May 29 to May 31. NEXCOM will showcase its latest Edge AI, OT Security, and 5G solutions at booth 4E3-14, Hall 4.

Discover What NEXCOM Has in Store for CommunicAsia 2024:
Edge AI Leveraging the power of AI at the edge, NEXCOM’s solutions empower organizations to process data closer to its source, reducing latency and enabling real-time insights.
OT Security NEXCOM’s OT Security solutions provide robust protection against cyber threats, ensuring the integrity, availability, and confidentiality of industrial networks and critical assets.
FWA over 5G uCPE From high-speed wireless connectivity to low-latency communication, NEXCOM’s FWA over 5G uCPE solutions offer unprecedented speed, reliability, and capacity.
In today’s interconnected world, the importance of Edge AI, OT Security, and 5G technologies cannot be overstated. Recent advancements in these technologies have compelled industries towards greater efficiency, productivity, and resilience in response to digital challenges, driving innovation and transformative change across various vertical markets.
Throughout the event, NEXCOM’s team of experts will be available to engage and demonstrate the capabilities of its solutions. Don’t miss the opportunity to discover the future of intelligent solutions with NEXCOM at CommunicAsia 2024, Hall 4, booth 4E3-14 from May 29 to May 31.
About NEXCOM
Founded in 1992 and headquartered in Taipei, Taiwan, NEXCOM integrates its diverse capabilities and operates six global businesses, including the Network and Communication Solutions (NCS) unit. NCS focuses on the latest network technology and helps to build reliable network infrastructure, by delivering professional design and manufacturing services for customers all over the world. NCS’s network application platform is widely adopted in Cyber Security, Load Balancing, 5G uCPE, SD-WAN, SASE, Edge Computing, OT Security, Storage, NVR, and other network applications for businesses of all sizes.
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IDTechEx Forecasts Durable, Engineered CO2 Removals Will Reach 630 Mt by 2044

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BOSTON, May 13, 2024 /PRNewswire/ — Carbon dioxide removal (CDR) will be needed to reach any international net zero emission targets and avoid global warming beyond 1.5-2°C. Negative emissions technologies (NETs), especially those that go beyond nature-based approaches to provide long-lasting scalable CO2 removals, have therefore been receiving increased support through government policy and voluntary carbon credit purchases from corporations with ambitious climate goals. IDTechEx predicts that by 2044, the world’s capacity for such durable, engineered CO2 removals will exceed 630 megatonnes per annum.

The new IDTechEx report, “Carbon Dioxide Removal (CDR) 2024-2044: Carbon Credit Markets, Technologies, Players, and Forecasts”, provides a comprehensive outlook of the emerging CDR industry and carbon credit markets, with an in-depth analysis of the technological, economic, regulatory, and environmental aspects that are shaping this market. In it, IDTechEx focuses on technologies that actively draw CO₂ from the atmosphere and sequester it into carbon sinks, namely:
Direct air carbon capture and storage (DACCS), which leverages chemical processes to capture CO₂ directly from the air and sequester it in geologic formations or durable products.Biomass with carbon removal and storage (BiCRS), which involves strategies that use biomass to remove CO2 from the atmosphere and store it underground or in long-lived products. It includes approaches such as BECCS (bioenergy with carbon capture and storage), biochar, biomass burial, and bio-oil underground injection.Nature-based CDR methods that leverage biological processes to increase carbon stocks in soils, forests, and other terrestrial ecosystems, i.e., afforestation/reforestation and soil carbon sequestration techniques.Mineralization NETs that enhance natural mineral processes that permanently bind CO₂ from the atmosphere with rocks through enhanced rock weathering, carbonation of mineral wastes, and oxide looping.Ocean-based CDR methods that strengthen the ocean carbon pump through ocean alkalinity enhancement, direct ocean capture, artificial upwelling/downwelling, coastal blue carbon, algae cultivation/marine seaweed sinking, and ocean fertilization.TRL (technology readiness level) chart of carbon dioxide removal technologies covered in the IDTechEx report. Source: IDTechEx
These CDR technologies are at vastly different stages of readiness. Some are nearly ready for large-scale deployment, while others require basic scientific research and further field trials.
Durable, engineered removals versus nature-based CDR solutions
Afforestation/reforestation solutions have historically dominated the supply of CDR due to their low cost and high maturity. However, demand for this type of removal carbon credit has been dropping in voluntary markets over the past few years due to several high-profile scandals and the low durability/permanence associated with nature-based CDR. Instead, corporate buyers have increasingly turned towards highly durable, engineered carbon removal credits generated from approaches such as DACCS and BECCS. These removals offer credible climate action but have a high price tag and are in short supply. Most durable engineered approaches are yet to be included in compliance markets and, therefore, rely on pre-purchases from corporate buyers for early-stage commercial development.
The new IDTechEx report, “Carbon Dioxide Removal (CDR) 2024-2044: Carbon Credit Markets, Technologies, Players, and Forecasts”, provides insights into the most promising technologies being developed in CDR, highlighting the pros and cons of each method, examining key drivers and barriers for growth, and comparing the removal potential, capture cost, and durability of all technologies. Despite capacity currently being limited, there has been much interest in DACCS as a solution to permanently remove CO₂ from the atmosphere and reverse climate change. DACCS is immediate, measurable, allows for permanent storage, can be located practically anywhere, is likely to cause minimal ecosystem impacts, and can achieve large-scale removals.
However, the rate at which DACCS can be scaled up is likely a limiting factor. The challenges of deploying DACCS include the large energy inputs (requiring substantial low-carbon energy resources), the high cost, and the sorbent requirements. The industry is aiming for the ambitious target of gigatonne-scale of DACCS removals by 2050. To make this happen, corporate action, investments, policy shapers, and regulatory guidelines need to come together to bring down the costs.
Although BECCS is currently the most mature and widely deployed durable engineered CDR technology, scale-up has historically been slow, and planned capacity is modest. Despite the technologies behind BECCS being relatively mature, there is a risk that using biomass for CO₂ removal and storage may compete with agricultural land and water or negatively impact biodiversity and conservation. IDTechEx analysis has indicated that BECCS has a large potential to contribute to climate change mitigation, though not at the scale assumed in some models due to economic and environmental risk factors. 
Comprehensive analysis and market forecasts
IDTechEx’s “Carbon Dioxide Removal (CDR) 2024-2044: Carbon Credit Markets, Technologies, Players, and Forecasts” report assesses the CDR carbon credit market in detail, evaluating the different technologies, latest advancements, and potential adoption drivers and barriers. The report also includes a granular forecast until 2044 for the deployment of nine NET categories (DACCS, BECCS, biochar, biomass burial, direct ocean capture, ocean alkalinity enhancement, seaweed sinking, enhanced rock weathering, and carbonation of minerals) alongside exclusive analysis and interview-based company profiles.
Some of the key questions answered in this report:
What are the requirements (energy, land, water, feedstocks, supply chain) for the deployment of CDR methods?What is the climate impact of implementing CDR on a large scale?Which gaps (technological, regulatory, business model) need to be addressed to enable each NET?What is the status of CDR within compliance markets and voluntary carbon credit markets, and what is the market potential?What are the key drivers and hurdles for CDR market growth?How much do CDR solutions cost today and may cost in the future?Who are the key players in the CDR space?What is needed to further develop the CDR sector?To find out more about this report, including downloadable sample pages, please visit www.IDTechEx.com/CDR.
For the full portfolio of energy and decarbonization market research from IDTechEx, please see www.IDTechEx.com/Research/Energy.
Upcoming free-to-attend webinar
Carbon Credit Markets: The Rise of Durable, Engineered, Carbon Dioxide Removal Technologies
Eve Pope, Technology Analyst at IDTechEx and author of this article, will be presenting a free-to-attend webinar on the topic on Wednesday 5 June 2024 – Carbon Credit Markets: The Rise of Durable, Engineered, Carbon Dioxide Removal Technologies.
This webinar will reveal insights into the CDR space, and its content includes:
Importance of carbon dioxide removal in reaching global net-zero emissions targets.Overview of all negative emission technologies (NETs): Direct air carbon capture and storage (DACCS), Biomass with carbon removal and storage (BiCRS), Nature-based CDR methods, Mineralization NETs, and ocean-based CDR approachesContextualization of CDR within carbon markets and how voluntary carbon credits are accelerating NETs in the short-termIdentifying the key factors driving the market pivot from nature-based solutions such as afforestation/reforestation to durable, engineered, CDR approachesDiscussion of environmental, technical, and economic drivers/barriers for DACCS and BECCSPlease click here to check timings and register for your specific time zone.
If you are unable to make the date, please register anyway to receive the links to the on-demand recording (available for a limited time) and webinar slides as soon as they are available.
About IDTechEx:IDTechEx provides trusted independent research on emerging technologies and their markets. Since 1999, we have been helping our clients to understand new technologies, their supply chains, market requirements, opportunities and forecasts. For more information, contact [email protected] or visit www.IDTechEx.com. 
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Media Contact:Lucy RogersSales and Marketing [email protected] +44(0)1223 812300
Social Media Links:Twitter: www.twitter.com/IDTechExLinkedIn: www.linkedin.com/company/IDTechEx
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Department of Health – Abu Dhabi Unveils ‘Declaration of Principles’ on Bioconvergence to Enhance Global Healthcare Outcomes

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ABU DHABI, UAE, May 13, 2024 /PRNewswire/ — An an outcome of the Health Leaders Forum (HLF) organised during Abu Dhabi Global Healthcare Week (ADGHW), the Department of Health – Abu Dhabi (DoH), the regulator of the healthcare sector in the Emirate, unveiled a Declaration of Principles on Bioconvergence, to transform healthcare, improve human health and well-being. As a first-of-its-kind initiative, the Declaration outlines global principles covering guidance on transparency, accountability, and bias mitigation, as well as research ethics and ethical decision-making in the field of Bioconvergence.

Bioconvergence has been recognised as the latest technological trend of the 21st century for the healthcare sector. It is a transdisciplinary field that merges engineering and life sciences, and is set to revolutionise the health-tech industry. Bioconvergence fuses life sciences with a vast number of technologies from fields such as mathematics, engineering, and physical and computational sciences.
The Declaration of Principles will witness leading local and global entities collaborate with DoH including Amazon, Microsoft, UAE University (UAEU), Mohammad Bin Zayed University for AI (MBZUAI), Core 42 and Masdar City. Segmented into six strategic pillars, the principles aim to advance Bioconvergence research and development, encourage investment in the field to address urgent healthcare challenges, establish international cooperation frameworks, prioritise research areas in public health and personalised medicine, and promote the adoption of advanced technologies such as Artificial Intelligence (AI) and nanomedicine.
Dr. Asma Ibrahim Al Mannaei, the Executive Director of the Research and Innovation Centre at the Department of Health – Abu Dhabi (DoH): “In the intricacies of Bioconvergence, establishing fundamental principles is not merely a choice, but a collective responsibility. These principles serve as a beacon of transparency, guardians of accountability and shields against any form of bias. With the ever-evolving intersection of health and technology, integrity and diligence remain guiding threads for the Department of Health – Abu Dhabi. Reinforcing Abu Dhabi’s position as a leading destination for innovation in healthcare, the unique Declaration serves as a testament to the Department’s continued efforts to build a healthier world and shape the future of healthcare for generations to come.”
Moreover, upholding ethical standards and responsible practices involve raising awareness on the benefits and risks of Bioconvergence technologies, establishing ethical guidelines, and ensuring accessibility and affordability for all. Investment in education and workforce development entails supporting skill development, integrating Bioconvergence into relevant curricula, fostering interdisciplinary collaboration, and promoting diversity in the field.
Additionally, fostering collaboration and the exchange of knowledge among stakeholders, advocating for supportive policies and regulations, and engaging the community through awareness campaigns and transparent communication are crucial steps in advancing Bioconvergence research and innovation while maintaining community’s trust and support. These key pillars will support accelerating the future of healthcare and life sciences by making quality health a global priority.
Held under the patronage of His Highness Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Chairman of Abu Dhabi Executive Council, Abu Dhabi Global Healthcare Week is a major government initiative taking place between 13 and 15 May 2024. ADGHW seeks to accelerate collaboration, innovation, and investment, and bring together researchers, policymakers, healthcare specialists, investors, and entrepreneurs across the global healthcare and life science ecosystem.
For more information please visit: https://www.adghw.com/
About Department of Health – Abu Dhabi (DoH):
The DoH is the regulatory body of the healthcare sector at the Emirate of Abu Dhabi and ensures excellence in healthcare by monitoring the health status of the population. DoH defines the strategy for the health system, monitors and analyses the health status of the population and performance of the system. In addition, DoH shapes the regulatory framework for the health system, inspects against regulations, enforce standards, and encourages adoption of world-class best practices and performance targets by all healthcare service providers in the Emirate. DoH also drives programmes to increase awareness and adoption of healthy living standards among the residents of the Emirate of Abu Dhabi in addition to regulating scope of services, premiums and reimbursement rates of the health system.
For further information on DoH, visit https://www.doh.gov.ae/ and follow on X, Instagram, Facebook, LinkedIn and YouTube.
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