How a Big Four Accounting Firm Reduced Review Time of Lease Agreements by 80%
Company Size
1,000+
Country
- United States
Product
- Cortical.io Contract Intelligence
Tech Stack
- Optical Character Recognition (OCR)
Implementation Scale
- Enterprise-wide Deployment
Impact Metrics
- Cost Savings
- Productivity Improvements
Technology Category
- Analytics & Modeling - Data-as-a-Service
Applicable Industries
- Finance & Insurance
Applicable Functions
- Business Operation
Use Cases
- Leasing Finance Automation
- Regulatory Compliance Monitoring
Services
- Data Science Services
About The Customer
The customer is a major audit and management consulting company. The company is part of the Big Four accounting firms and provides a wide range of services to its clients, including audit, tax, consulting, and financial advisory services. The company's clients are mostly large enterprises that have thousands of lease agreements. These agreements need to be reviewed and relevant information extracted due to changes in both international and US regulations. The company was looking for a solution to automate this process and make it more efficient.
The Challenge
The company needed to help its customers disclose all leases on the balance sheet due to changes in both international and US regulations. The company’s customers, mostly large enterprises, have thousands of lease agreements, which must be scoured for relevant information. The task was difficult to automate because lease agreements are not standardized and because the same type of information can be expressed using many different terms, causing poor results from keyword-based systems.
The Solution
The company implemented Cortical.io Contract Intelligence into their contract-processing workflow. Extraction models were quickly trained by the company’s subject matter experts annotating as few as 50 sample lease agreements. The solution automatically extracted and classified relevant information from the lease agreements quickly and at a precision level that was difficult to achieve at scale with manual labor. The solution also gave subject matter experts full control over improving the extraction process by verifying, correcting, and adding extraction targets.
Operational Impact
Quantitative Benefit
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