Patent ID: 11875374
Assignee: UTIL AUDITORS, LLC
Field: IT methods for management (Electrical engineering)
Classification: CPC G | IPC G

Claim 16:
17. A non-transitory computer readable medium comprising instructions that, when executed by a processor, cause the processor to perform a method for identifying potential cost savings and making recommendations to achieve the cost savings the method comprising:
creating at least one template, wherein the at least one template is created from invoice data, wherein the at least one template is associated with at least one of a service type and a service provider;
extracting a plurality of digital data from an invoice associated with an entity, the digital data comprising a plurality of elements, the extracting comprising identifying at least one of a service provider and a service type from the digital data, selecting an appropriate template from the at least one created template based on the identified service provider and/or service type, and applying the selected template to identify the plurality of digital data;
labeling, in a database, the plurality of elements from the digital data by applying a text parsing algorithm to the extracted plurality of digital data, the text parsing algorithm identifying the plurality of elements in the extracted digital data, wherein each label is associated with a category;
selecting a first category of labeled elements from the plurality of labeled elements within the database, the first category of data including information about an entity;
applying the first category of labeled element data to at least one of an artificial intelligence algorithm, robotic processing algorithm, and a search algorithm to retrieve additional information associated with the selected first category of labeled elements, the additional information being obtained from at least one of a plurality of external sources, the additional information not being available in the extracted plurality of digital data, the retrieved additional information comprising at least one of entity industry, entity geographic location of operation, entity revenue, and a number of employees employed by the entity;
using the first category of labeled elements and the additional information to retrieve corresponding service optimization data from a service optimization database, the service optimization data comprising data associated with costs associated with at least one service;
comparing at least one of the plurality of elements from the invoice data with the service optimization data to identify at least one overage, the at least one overage comprising at least one of a cost reduction opportunity associated with the service and a billing error associated with the service;
computationally quantifying an overage amount; and
providing, via an application programming interface (API), at least one of the invoice data, the service optimization data, the identified at least one overage, and the quantified overage amount.