Case Study - Extracting critical clauses and data points from 40,000+ lease documents in 30 days12 December 2019
AI-POWERED LEASE ABSTRACTION
The client is a massive business process management company with its operations in the U.S., Canada and U.K.
They offer services in contract management, regulatory compliance, due diligence and knowledge management to their clients such as REITs, property developers, Telecom operators and law firms.
One of the largest multinational telecommunication companies, with networks in 60+ countries, was acquiring a telecom giant based in India to gain a strategic foothold in the Asian market.
They approached our client to abstract and review over 40,000 mobile tower leases within a short period of 30 days. It seemed impossible to comprehend the rights, obligations, duty and liability details from a stockpile of leases with a limited team of 500 team members. Each lease document had 700+ data points to be extracted from thousands of pages including a series of amendments.
- Using an army of lease abstractors was inconsistent, leading to lack of standardized data across the portfolio.
- Undetected risk clauses hidden in the lease documents could turn into huge problems that could seriously hurt the business outcome.
- Multiple revisions needed to be managed systematically. Even the minutest clause corrections in the amendments needed to be noticed and properly aligned with all related documents.
- The variations in document format, layout and legal language made it challenging to use a mainstream automation system.
Botminds AI helped a Business Process Management company reduce the time taken for Lease Abstraction from 12 hours to 2 hours, from abstraction to integration, find efficiency and savings through it all.