Solution Showcase - Lease Abstraction with Botminds AI - Mobius03 December 2022
An AI-powered automation solution to abstract summaries from complex lease documents and identify risky clauses easily – how does this work? Look no further, watch Rixo Ouseph, Head of Operations - Lease Administration Services at Mobius, walkthrough an efficient way to track and manage lease document sets, using the Botminds AI Platform. Rixo will demonstrate how our cutting-edge technology can help you easily and efficiently extract key data from your leases, saving you time and money. Join us to learn more about how our solutions can benefit your business.
- Botminds AI semantic understanding capability – eliminates manual reading of long lease documents, provides summaries and highlights clauses or other parameters automatically – speeds up the process
- High degree of accuracy in extraction across document formats, templates and structured with pretrained AI models that can be easily trained further by SMEs with point-and-click actions
- Rapid onboarding in a few weeks (instead of few months)
Note: The transcript has been edited for clarity.
Lease documents are primarily more than 30-40 pages on average. We have been dealing with a lot of unstructured data from these lease documents, and these are mostly unstructured for the primary reason - the tenant is a customer. It is like an occupier or a tenant where we get to work on varied platforms and various document structures as such for a global customer. That was the major challenge that we had to face in terms of lease abstraction, and we were trying to automate that. And, with further automation and the current solution provided by Botminds we can see about 25% to 30% savings in the efforts.
Overall, you can see the different types of documents that we abstract, so one has to go through the entire document - this document is about 33 pages. There is a particular condition where you need to select - If there is tenancy where you use the premises for a long term, then you need to go and pay an additional rent amount. With the current solution, we can easily locate where the data comes from. You can see here, for the initial period it is 125% and then that comes to 150%. Similarly, there are a lot of conditions and terms of delay in rent payment, how it affects the overall payments for the customers and the interest-bearing effects of it.
All these critical elements are in big paragraphs, which we need to do through manual reading. Whereas the Botminds solution can locate and bring to us the data points that we need to extend, and we can easily approve or reject, do the edits, and make it customized for our client's delivery. This has really helped us to deliver in a much more accurate way. Second, part of it is more the amount of savings we can make in terms of training new team members.
Say, for example, we have been investing about three to four months of domain training earlier. Currently, we can complete that in about two months max. So, this has helped us leverage our internal resources, our internal training capacity, and we are able to onboard a lot of new people into the teams much faster. This is resonated across different use cases in Mobius and, primarily, in the Lease abstraction process.