LawVu supercharges spend management and e-billing capabilities with AI

Legal teams implement spend management and e-billing solutions to centralize their invoices and legal spend data in one place. Ultimately this speeds up workflows and creates critical visibility over spend data, helping teams report on and control costs for the work they do with outside counsel/legal service providers (LSPs).

Now, legal teams and LSPs using LawVu can get the same critical, structured invoice and spend data into LawVu much faster and with far less effort – thanks to the new AI-powered invoice extraction feature.

Here’s how LawVu’s spend management and e-billing capabilities work with AI:

• AI-powered invoice extraction automatically extracts key invoice data from .pdf invoices and auto-populates those data points into fields within LawVu
• AI extraction goes to work immediately when a .pdf invoice is uploaded
• Because LawVu allows for multiple levels of access, uploads can be done by a member of the in-house team, or by outside counsel or LSP
• The data that is populated in LawVu then becomes instantly available for reporting, review, and other workflows.

“About 90 percent of our customers’ invoices in the system are uploaded as .pdfs,” says Senior Product Manager Cecile du Preez. “Meanwhile, 100 percent of our customers and their outside counsel and LSPs want to be able to centralize the invoice data and get more time back so they can focus on more important work. This feature is a great way to deliver more time savings and insights, and therefore more value to those who use LawVu spend management and e-billing capabilities.”

In addition to saving time on data entry, AI-powered invoice extraction delivers the following benefits:

• Reduces the risk of human error
• Makes it easier to review and edit fields quickly to speed up invoice review and ensure accuracy
• Import historical pdf invoices to populate the LawVu platform at implementation and get a more robust data set faster

LawVu leverages Microsoft Azure AI Services to deliver secure, AI-powered invoice extraction in the LawVu legal workspace 

Built on Azure, LawVu leverages the benefits of security, resilience, and Microsoft’s R&D in the Data & AI space, including use of Azure App Services, AI Search, Security Center, API Management, SQL, Blob Storage, Sentinel and OpenAI. This allows the team to deliver high value AI-powered features more quickly, while adhering to strict security standards. LawVu is ISO27001, SOC1, SOC2 certified and an HIPAA and GDPR compliant cloud platform.

For AI Invoice extraction, the LawVu team took advantage of Azure AI Services Document Intelligence Studio to deliver a valuable feature to customers quickly and securely.

“Document Intelligence Studio is an online tool to visually explore, understand, train, and integrate features into applications; leveraging these pre-built models lets us hit the ground running and deliver significant value faster for customers, with great confidence in the security and accuracy of the feature,” says Dan Young, LawVu’s VP of Product Management.

Using AI to identify, extract, and populate specific data to automate routine tasks is a common, low-risk, high-value application of AI for the legal domain, which generates and handles high volumes of data across a vast array of documents and information. With this feature, LawVu has added another AI-powered feature that saves time and helps unlock insights from legal data to its robust suite of AI capabilities across the workspace. All of these features help corporate legal teams work smarter, be more productive, and deliver more value to the business in the face of mounting pressure and higher volumes of work and information.

How to get started with AI-powered invoice extraction

For LawVu customers who utilize spend management and e-billing features, AI-powered invoice extraction is already activated by default; there’s no training or implementation required to get immediate value. If you’d like some guidance around utilizing AI-powered invoice extraction, reach out to your LawVu representative. Otherwise, request a demo to see how the LawVu legal workspace can save your team valuable time and effort and generate the data and analytics you need to communicate value and control costs.

You can learn more about LawVu spend management e-billing here.