Cortical.io Case Studies How a Big Four Accounting Firm Reduced Review Time of Lease Agreements by 80%

Edit This Case Study Record

	How a Big Four Accounting Firm Reduced Review Time of Lease Agreements by 80% Cortical.io

How a Big Four Accounting Firm Reduced Review Time of Lease Agreements by 80%

Cortical.io

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
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. Read More
About 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. Read More
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. Read More Log in to view content
Contents

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

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.

About 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.

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.

Impact #1	The implementation of Cortical.io Contract Intelligence enabled the firm to reduce manual review and data extraction time.
Impact #2	The solution was able to quickly provision accurate data from high volumes of leases, assisting subject matter experts in preparation of clients’ balance sheets.
Impact #3	The solution gave subject matter experts full control over improving the extraction process by verifying, correcting, and adding extraction targets.

Impact #1

The implementation of Cortical.io Contract Intelligence enabled the firm to reduce manual review and data extraction time.

Impact #2

The solution was able to quickly provision accurate data from high volumes of leases, assisting subject matter experts in preparation of clients’ balance sheets.

Impact #3

The solution gave subject matter experts full control over improving the extraction process by verifying, correcting, and adding extraction targets.

Benefit #1	Reduced manual review and data extraction time by 80%
Benefit #2	Significant reduction in costs

Benefit #1

Reduced manual review and data extraction time by 80%

Benefit #2

Significant reduction in costs

Download PDF Version

Overview

How a Big Four Accounting Firm Reduced Review Time of Lease Agreements by 80%

Operational Impact

Quantitative Benefit